Innovation and Consumer Behaviour
What has been the greatest innovation that you have seen or are most excited about?
There has been so many brilliant products and services that have been developed over the last few years it isn’t easy to pick just one.
So maybe we ask the question a different way.
What problem has been solved by innovation that you have benefited from the most?
It is still pretty tricky to pick just one.
Innovation is the result of solving problems of necessity, lifestyle choices, social changes or environmental implications. With the fast pace of technological advancements and political expectations, companies are adapting on both a large and small scale.
As we innovate or adapt innovation how do we measure the impact on our customers? Does our core offering change and if so does it help us retain our customer base, grow a new customer base or ideally both?
The innovation journey
Before we start the innovation journey, it is really helpful to ask a few questions to ensure the changes benefit our business in the best possible way.
- Are our customers asking for this? Where is the demand coming from and who else is experiencing the same problem?
- Is there another company already solving this problem and if so, how are they doing it?
- What are the emerging trends in the market and how will our solution be better?
- What does our market research tell us:
- What has happened in the market in the past?
- What is the current state of the market?
- Who else is currently supplying the market?
- How innovative are the competition?
- Is there something that aligns with our current skillset in another sector?
- Can we sell our product in another sector?
- How does this innovation help us make our customers lives better?
- Do we still have the same USP?
Our USP (Unique Selling Point) is what makes our business valuable to our target market. It answers the question of â€œHow does our business benefit our clients better than anyone else can?â€ It’s important to remember that it’s not about what we sell, it’s what our customers buyâ€.
Coupling our USP with innovation is a win for our business and a win for our customers.
If you would like more information about how Business Doctors can help your business, get in touch
…And how does it differ from Customer Satisfaction? What makes a customer happy? A product that’s exactly what they wanted?...
Do you know what your customers are saying about your products and services?
Here's five tips to help you define and integrate your USP