Survey finds businesses work to balance cost, value

Posted on Jul 5, 2010 :: Insight on Business, Web Exclusive.
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Posted by of Insight Publications

Despite the current economic situation, organizations are focusing on delivering value with the right balance between enhanced end user benefits, improved customer experience and managing total cost.

That’s the findings of a new Innovation Industry Pulse Poll by Innovationedge, a leading strategic consulting firm based in Neenah.

The Innovation Industry Pulse Poll is based on a highly-targeted survey of executive and management-level professionals from global organizations. The survey captured the current pulse across industries on innovation leadership, measurement and strategy.

In the survey, respondents stated that their company’s innovation strategy is focused on enhanced benefits (65 percent) and customer experience (56 percent) to differentiate themselves from competitors. To that end, 86 percent of survey respondents also agreed their company communicates a strong belief in the value of innovation to create a competitive advantage in the marketplace.

Only 12 percent surveyed stated that their strategy is focused on differentiating their products by cost alone.

“Companies are striving to better understand how to deliver top-line growth and deliver innovation in today’s tough business climate. The key lies in understanding that true demand for innovation originates with the end user, their expectations and habits which are evolving in response to the current economic climate,” says Cheryl Perkins, president and founder of Innovationedge. “Companies must deliver improved or equivalent functionality and performance and generally at a competitive price to satisfy the end user’s needs and expectations. Satisfying these needs and expectations is a proven strategy for success.”

Innovation is key to driving the economy forward – it’s good to see so many businesses agree that it’s essential to their growth, too.

–By MaryBeth Matzek