Product Innovation Roadmap Template – Know Where Your Company is Going

Product Innovation Roadmap Template Know Where Your Company is Going

Despite maintaining a solid performance record during the recent economic downturn, many companies are in the process of developing, evaluating and launching new products to help them grow their bottom line. That being said, if your team is coming up with great ideas for new products or services, you need to decide if it is the right time to turn your ideas into action.

The need for a Product Innovation Roadmap Template

The most important thing to do before you start investing money in the development of a new product or service is to make sure that it really answers a need in your market segment. Although it might make perfect sense to you, it's important to make sure that your target audience agrees with you. Without a streamlined process for documenting your market's needs and the ways that new products will fill them, you might find that you're turning around in circles trying to decide whether a new product is really a good use of your time and money.

What is a Product Innovation Roadmap Template?

If you haven't faced the prospect of identifying market segments and matching them with possible produce innovations from your company before, it can be helpful to utilize a ready-made template tool to help guide the process. The Product Innovation Roadmap Template is a Microsoft Excel-based document that will allow you to start identifying market segment needs, analyzing trends, matching products with audience needs, and predicting the technology required to produce market-driven products.

In a matter of minutes, you can have this template downloaded from the internet and ready to customize using your existing Microsoft Office software. The first column on the left will allow you to fill in identifying information about your existing market segments, including whether they are B2B or B2C relationships. Next, you'll be able to identify how much revenue is represented by each of these markets, so that you can prioritize which ones should receive the majority of your product innovation attention. Moving on through the document, you'll be prompted to identify market/technology trends and future customer needs within this segment. Finally, you'll be ready to start identifying products that will successfully meet these needs.

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