Companies that are focused on innovation typically have front-end processes in place such as ideation and tech scouting to help bring some structure to these efforts.
However, companies often pay scant attention to post-launch innovation efforts to ensure that lessons have been learned and applied and to better align forecast expectations with results. But there are numerous ways that innovation team members can use analytics to identify opportunities for strengthening post-launch efforts.
For instance, let’s say a product development team for a consumer packaged goods (CPG) company develops and launches a new type of household cleanser that’s primarily intended for use in kitchens and bathrooms.
During product testing with a set of households, analytics that are applied against feedback from end users gathered from test groups reveals that the product contains properties that also make it extremely useful for removing stains from carpets and fabrics.
Members of the product team can use these insights with analytics to determine the potential for repackaging the product or a variation of the product as a carpet and fabric cleaner or as an all-in-one cleaning product.
Members of a company’s innovation team can also use big data and analytics to examine competitor responses to a new product the company has just launched.
For example, a sporting goods manufacturer has designed a new type of grip for tennis rackets that’s intended to absorb sweat and prevent players from losing control of their rackets when they’re playing. In retaliation, a top competitor quickly slashes prices on its wrist bands. Marketers can use analytics to examine and mitigate any threats generated by the competitor’s price war.