Tapping into consumer insights to drive growth
|Innovative is a word that is used in almost every annual report from organizations that sell products for the consumer’s end use. Everyone talks about innovation or innovative thinking, but, few organizations focus on the idea, specifically when it comes to developing a new product. Instead, many consumer-facing organizations stay focused on risk-averse actions that satisfy the expectations for slow-but-steady growth. They have moved away from the very innovative, but frequently costlier, “market making” products. Because such fixed corporate strategies don’t excite consumers, growth paths for many of those organizations remain about as uninspired as their new product strategies.|
True innovation is key
While many executives recognize this failing, they also acknowledge that true innovation is still a critical path to their long-term success, even for the mature sectors within the consumer products sector. As a result, the mindsets of companies are gradually changing: more organizations are now beginning to leverage the widespread social and technological changes that allow them to move ahead their traditional product innovation approaches.
This Deloitte report outlines the six components that should be considered by your company in its efforts to become more externally focused in its innovation processes.
How can you become more effective in your use of consumer insights to discover, design and deliver successful new products to the marketplace? How can you improve your ability to create products that not only meet, but exceed, consumers’ expectation?
To help you answer these questions and move ahead, download Consumer centric innovation – Tapping into consumer insights to drive growth.
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