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All new products are created with the intention of offering value to consumers, and an economic return to the companies who produce them.

The fact is, however, that most product launches fail in the market. Percentages are high, but vary depending on the source. Professor Clayton Christensen of Harvard Business School, for example, estimates 95% of new products are failures.

It is often said that, to innovate, organizations should not be afraid of failure, but it also seems clear that they should not always throw caution to the wind: data shows that, most often, caution can be a good idea.

Client feedback: a guarantee for innovation

It seems reasonable to think that, when we innovate, we do so to solve real, existing needs. And when we think of the market, knowing those needs provides organizations with a degree of certainty in their innovation.

An increasing number of companies include the consumer’s voice in their innovation strategy.

And therefore, more and more organizations include consumer and client feedback as one more part of their innovation process.

Thanks to technology, it is easier today to obtain this information on a large scale, giving rise to predictions that are increasingly proven and trustworthy.

In addition, digitization also allows organizations to include consumers not only in that first phase of gathering insights, but also as active actors in the co-creation of new products and services.

Consumers: one more stakeholder in the innovation process

Opening up to views from third parties, either to obtain feedback regarding uncertainties and challenges, or to contrast hypotheses, allows an organization to expand its perspectives on innovation.

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“Keys to capture insights and co-create with consumers”.

Most companies care about the opinion of their consumers. Also about that of their employees, who are largely responsible for their success, and because, they themselves, are also consumers.

Large-scale feedback to reach the summit through innovation.

95% of consumers believe that companies have more capacity to innovate if they are open to listening to their opinions, according to recent data gathered by Survey Monkey.

In this respect, introducing consumers as another actor in a company’s process of innovation gives rise to proven innovations, with better acceptance in the market.

In this respect, introducing consumers as another actor in a company’s process of innovation gives rise to proven innovations, with better acceptance in the market.

According to the same source, when companies are asked about the issue, almost half of them respond that “listening and understanding consumersis a necessary first step in innovation.

On the other hand, when consumers are asked about the issue, they claim that, for them, the least valuable innovation is that which “forces them to change their habits and practices”.

Everything seems to suggest that innovation and client needs go hand in hand: consumers demand companies to create innovative solutions for their needs, not to create new ones.

Listen to insights and ideas in your market.
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