Monday, December 2, 2013

Innovation vs Renovation- Whether You Should Start From Scratch or Not

Most people believe that all you need to do to have a successful product is to think of something so new and innovative that no one has ever thought of before. You might want to think again. Lately, there has been a lot of buzz in the market about new products that aren't exactly new, just reinvented. 
Take the "Cronut" for example. A cross between both a croissant and a doughnut. I'm sure most people have consumed both a doughnut as well as a crossaint in their lifetime, but Dominique Ansel Bakery has come out with this new product. They're the only bakery who makes this product and the Cronut has sure gained a ton of attention. 

For example, how about the new Ramen burger that just hit the market? This is a typical burger but instead of a bread bun, Ramen noodles are fried to a crisp and create a noodle bun instead. Once again, two popular products are used and reinvented to create a new product to be marketed to a new audience. This burger has also received a ton of attention as well. 

Last but not least, there has been a recent trend in trying to eat healthier in the 21st century. When people think of healthy, they almost immediately think of eating vegetables or salads. Skinny Eats just unveiled a new product called "Whipped Salad Dressing." This dressing contains only a mere 15 calories per serving made with real dressing. Skinny Eats unveiled a colorful product line and thought of a fun way to promote healthy eating.

Here is a video that explains how important it is to improvise on current products rather than trying to completely think of a new idea to present to your market.