Unlock New Breakthrough Sales Opportunities
Understanding the Consumer behavior, needs and wants the aim is to “exploit the innovation ideas” by giving the consumers more reasons to buy company brands more-often at higher prices and in more quantities being preferred above the competitor brand product and service offer.
Status quo over long-time will result in the matured brand products will weaken in pulling sale. Therefore, Marketers must constantly come up with new rationale to innovate. Status quo must always be challenged. The majority of innovations are incremental improvements of the brand and service offer – adding values to the offer, when the consumers interact with the brand products. The innovations do not necessarily have to be complex expensive technological transformations to make a breakthrough. Consumer and market understanding, creativity and focus can produce great results. The continuous question is how is it possible to add more value to the brand and service offer? Moreover, to unlock new consumer information, it is significant to understand the importance of performing all the necessary studies and tests previously introduced in this book. It generally is difficult to innovate effectively unless having the big picture of the market, the competitors offer, brand performances and consumer insight information.
In the Encarta Dictionary innovation is defined as:
1. Origination, the act or process of inventing or introducing something new.
2. New idea or method, a new invention or way of doing something.
Innovation does not happen by itself and there are many sources of information that drive the need to innovate. Moreover, development of organizational readiness strength is crucial to foster breakthrough innovations. Innovation is so highly important because it generally aims at adding more values to consumer experiences resulting in higher consumer satisfaction, competitive advantages and increased revenues and profits.