Product innovation consultants are an integral part of the modern business landscape. Whether it is the development of a new product or the improvement of an existing one, companies often turn to these experts to help them navigate the often-complex paths of innovation. However, as with any professional partnership, there are essential factors to consider before embarking on a journey with a product innovation consultant.

• Diverse Expertise: Product innovation consultants are expected to have a wide breadth of knowledge across various domains, including design, technology, marketing, and business strategy. Understanding this expectation enables companies to leverage the consultant's expertise holistically and derive maximum benefit.
• Proven Track Record: A consultant's past work can be a strong indication of their capabilities. Requesting case studies, references, and checking the consultant's LinkedIn profile can provide critical insights into their work history and success rate.
• Alignment with Vision: It is paramount that the consultant's approach aligns with the company's vision and values. Mismatched expectations can lead to friction, which can jeopardize the implementation of the innovation strategy.
• Effective Communication: Clear and regular communication is a crucial aspect of the consultant-client relationship. Consulting is not merely about providing advice, but also about building and nurturing a professional relationship based on mutual respect and understanding.
• Intellectual Property: Intellectual property rights can be a contentious issue when working with a consultant. Ensure to establish upfront who will own the rights to any intellectual property that is created during the consulting engagement.
• Realistic Expectations: Consultants can provide expert guidance and insights, but they are not magicians. Companies must set practical and achievable expectations to ensure a fruitful relationship.
• Costs: Consulting fees can vary significantly, and companies must ensure that the consultant's fees align with their budget. A clear understanding of the fee structure can prevent conflicts down the line.
• Agile Methodology: In today's fast-paced business environment, it is essential for consultants to be well-versed in agile methodologies. This approach allows for flexibility and speed, both of which are critical when it comes to product innovation.
• Technological Competence: The world of product innovation is heavily reliant on technology. A competent consultant should have a solid understanding of relevant technologies and their application in the business context.
• Confidentiality: Confidentiality is of utmost importance when working with a consultant. Companies must ensure that the consultant is willing to sign a non-disclosure agreement to safeguard sensitive information.
• Time commitment: The process of product innovation is not an overnight endeavor. It requires time and dedication from all parties involved. Companies must ensure that the consultant is available and committed to seeing the project through to its completion.
• Post-project Support: The consultant's role should not end once the product is launched. Post-launch support, in terms of troubleshooting and fine-tuning the product based on customer feedback, is equally important.

In conclusion, the decision to hire a product innovation consultant must be made with great care and consideration. Being aware of these factors can not only aid in making a well-informed decision but also pave the way for a successful product innovation journey. As Theodore Levitt, a Harvard Business School professor, once said, "Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity". With the right consultant by your side, you too can seize the opportunities that innovation presents.