Tapping into consumer insights to drive growth
Innovation. It’s a word that appears in just about every annual report of consumer products companies. Although everyone talks about it, very few companies think innovatively about the concept, especially when it comes to new product development. Instead, many consumer-facing organizations remain focused on risk-averse activities aimed at slow-but-steady growth.
To be successful, companies will need to engage consumers in dialogue and leverage their insights to create nationally recognized brands that are worthy of their price. Consumer-Centric Innovation (CCI) can often be the path to this outcome as it can help create products that capture the customer’s imagination, provide entertaining brand experiences, or offer solutions to previously unmet needs.
In this report, “Consumer-centric innovation: Tapping into consumer insights to drive growth,” Deloitte's Pat Conroy and Art Ash discuss six key action steps that companies should consider to help make their innovation efforts more consumer centric. These components provide companies with a new way of thinking about innovation that often can yield favorable long-term results.
In a time when consumers are increasingly bypassing companies and creating their own products or solutions and sharing them with others, the power and potential of consumer-centric innovation is too important to ignore.
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