In incremental innovation, known technologies, products, services, business models or processes are further developed, but the core remains the same. Incremental innovation is designed for a manageable timeframe of one to two years. The aim is to strengthen the company’s competitive position in the short term and achieve rapid profits. The development of new ideas serves to adapt products to market trends, ensure their quality and make processes more effective.
From the customer’s perspective, a new edition of a product is an improved version of the predecessor model. The distribution channels and customer benefits remain almost the same. The unique selling propositions in comparison to similar products of the competition are very low. The market participants within an industry are essentially identical.
Incremental innovation can be developed in the company with existing thought and trade patterns and from the knowledge and experience of one’s own employees.