Innovation must focus on delivering new value and responding to consumer needs

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 23, 2019, 6:27 AM UTC

It goes beyond piloting new technologies.

This article states that businesses need to redefine innovation while they continue to make incremental improvements. Innovation is crucial for brands looking to reinvent themselves and even for established brands that risk becoming irrelevant due to evolving delivery and operating models and changing consumer expectations.

Broadly, innovation should deliver new value to consumers. This could range from improving existing products and services to launching new ones. However, the author clarifies that innovation must not be thought of as only about piloting emerging technologies.

Insights from emerging technologies (that are part of an innovation process) can only be impactful when they take consumer needs and interaction preferences into account. The author notes that for innovation to be profitable, brands need to invest in customer research, experience design, new product teams among other areas.

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