It is essential to be innovative in the dynamic market environment irrespective of market share or popularity of product. Consumer needs, demand and preferences keep changing rapidly. In order to meet consumer expectations, company needs to have sustainable product innovation strategy. Consumers are inclined towards companies that favour them with innovative products on continual basis.
In order to grow/retain the market share, companies spend large amount of money and time on innovating products but it turns out to be a futile exercise for many companies. A Harvard estimate suggest that 9 out of 10 products that hit the market fail. And the failures are almost routine despite adoption of innovation initiatives, the successful products find it hard to sustain the momentum and often the blame is laid on execution whereas root cause lies in absence of innovation strategy. Let us recall the products those not only lost market share rapidly but also reached on the verge of getting extinguished; Nokia, Polaroid, Ambassador Car, Onida TV and Kodak to name a few.
Getting regular feedback from the end-users about the frustrations and needs of the consumers about the products and working on the issues to solve it rather than creating new products.
Companies building a data base of highly engaged, techno savvy and vigilant end-users to form a community of consumers, which could provide practical, focused and actionable thoughts/ideas.
An enterprise wide strategy of Customer Relationship Management (CRM) would help Company in getting loyalty & engagement of its consumers. Their feedback should get translated into actionable in order to build the trust of consumers.
Formation of a large loyal community of consumers/end-users with whom every step in innovation cycle could be shared for course correction.
Data analytics plays a vital role in analyzing the buying behaviour of consumers, accordingly, products could be offered based on business intelligence. Coordination of Production, Sales, Marketing, Operations, Finance and R & D is essential when formulating business strategies and aligning them with innovative efforts. Alignment among diverse divisions within the company not only build synergy but also create conducive environment for meeting mutually reinforcing specific competitive goals.
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