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- Step 1: Research Current Audience
- Step 2: Research Competition and Opportunity
- Step 3: Extrapolate Market Trends
- Step 4: Evolution Via Inspiration
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Step 3: Extrapolate Market Trends
Step 3: Extrapolate Market Trends
In order to be truly innovative, stakeholders should extend the trends of the current market to define future trends. For example, toll-free 1-800 numbers can now be replaced by Skype voice chats, which are free. This will allow users to connect with the company over the Internet and decrease operation costs. Extrapolating market trends require understanding of the market and comparing it with historic trends.