Innovators focus on benefits, customer experience

Posted on Aug 12, 2010 :: Insight on Business, Web Exclusive.
Avatar
Posted by of Insight Publications

When it comes to innovation, companies are focusing on
providing enhanced benefits and customer experience. That’s the findings of the
new Innovation Industry Pulse Poll, which was released this week by
Neenah-based Innovationedge.

The survey, which is done quarterly, targets executive and
management-level professionals from global organizations. The survey captured
the current pulse across industries on innovation leadership, measurement and
strategy.

Sixty-five percent of company leaders say their innovation
strategy is focused on enhanced benefits while 56 percent take a hard look at
customer experience to differentiate themselves from competitors. A total of 86
percent of companies believe 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.

In the survey, 88 percent of respondents with centralized
innovation structures said their long-term innovation efforts were focused on
“changing the game,” as opposed to only 43 percent of respondents who work with
decentralized systems. About one-third of respondents had a combination of
centralized and decentralized approaches. However, in response to a combined
approach, one respondent indicated that, “strategic direction and development
is mostly centralized.”

“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.”

–By MaryBeth Matzek