The days of relying solely on past experiences and knowledge to make sound innovation decisions are gone. Analytical intelligence alone isn’t cut out for innovations previously unseen and unexperienced by the market. Thus, innovative market intelligence is fundamental for a new product’s success.
Often, companies have ground-breaking ideas but lack the organizational structure to get them off the ground. The more strategic and methodic your innovation and decision-making process, the higher the chances of the innovation thriving in the market.
Effective decision-making is… hard. Add in complex innovation projects with multiple players, stakeholders and risks, and the pressure to make good decisions can become critical — and overwhelming.
The goal of any company is simple: get and retain customers. While Research & Development (R&D) and marketing teams share this same vision, they often work worlds apart. When R&D and marketing teams work side by side instead of back to back, they can complement each other in advantageous ways.
Innovation is probably key for any company wanting to make their mark in their industry. Many have created teams, events, and initiatives to stimulate innovation in their company. But innovation can’t simply be summed up in a single declaration. Innovation for innovation’s sake alone serves no purpose.
Market insights are a valuable tool for any product or service hitting the market, but they’re critical for innovations yet to be experienced in the market. Keep reading to find out why.