Examples of Product Innovations
To understand product innovation more, here are some other examples:
We may have used Spotify’s subscription service as an example of financial innovation above. However, Spotify has also done product innovation, which means that one company is capable of doing various innovations when given the right time and resources to do so.
Not so long ago, Spotify disrupted the market by offering a freemium-based music streaming service. But now, Spotify has added podcasts into their product line, which are audio programs or a series of audio episodes centred on a specific topic.
Today, the most popular influencers, celebrities, and public figures use podcasts as a method of reaching out to their audiences.
Uber used to be a taxi service alone. However, 5 years after its operations, the company introduced Uber Eats into its list of services.
Uber Eats is a food delivery app where people can order their favourite dishes and cravings from their desired local restaurants and have it delivered right into their homes.
Now, Uber Eats has grown into one of the most popular food delivery platforms. According to statistics, Uber Eats has 81 million users in its 6,000 serviceable cities throughout the world. And gross bookings increased to $51.6 billion in 2021, up from $30.2 billion in 2020.
Hubspot started in 2006 as a marketing platform. But in 2014, it expanded as a CRM and Sales tool with an intent to offer a new suite of mechanisms that could help their clients expand their businesses quicker.
However, noticing that their clients’ businesses have grown, they decided to update their sales software HubSpot’s Sales Professional, providing the capabilities that expanding sales teams require to build stronger relationships and complete more deals.
The improved HubSpot Sales Professional adds extra functionality to the HubSpot Sales Hub, enabling sales leaders and managers to:
- Work smarter via sophisticated email templates, document monitoring, and scheduling
- Engage with ideal prospects by leveraging web chat, automated lead scoring, and email sequencing
- Effectively handle their organization’s sales process through a series of extensive deal and task automation capabilities, with elements for comprehensive team management
- Determine sales methods that work via bespoke dashboards and reporting options that monitor and evaluate sales success
From its emergence in 1975, Microsoft has come a long way from its first product — an interpreter for basic programming language — to the creation of operating systems, software, and in 2016, Microsoft Teams, a cloud-based collaboration tool for organizations.
Then, from its launching of Microsoft Teams in 2016, Microsoft went further by integrating various products into what was once known as just a collaboration tool.
Other than its latest product features, MS Teams is now integrated with LinkedIn, a collaboration that allows its users to see someone else’s LinkedIn profiles in one-on-one chats. You can also share audio systems now over calls, or enable live transcription during conversations.
Of course, we can never talk about product innovation without Apple, which is known for its high-class products and premium ecosystem. In terms of product innovation, the good thing about Apple is this:
For years, Apple has taken the lead in the tech industry by gradually introducing new products and making them work together through a seamless ecosystem.
It’s not even just the iPhone, or the iPad, or the iWatch — it’s the fact that in comparison to its rivals, Apple devices frequently have additional functions when linked with other Apple items, a system that’s clearly designed to keep its users from leaving.
With Apple, each of its products is good on its own. But when used together, new experiences unfold, like transferring of large files via Airdrop, airpods synching on all apple devices with one-time pairing, Safari syncing passwords on all devices, and many more.