Innovation is talked about so often, in so many different ways, that the word itself has become overused. But these days, innovation actually takes on even more meaning and significance, with consumers looking for something “better” with real value to break the tie between a NEED versus WANT purchase. Businesses that don’t innovate could suffer.
It’s not just revolutionary newness or huge technological changes that constitutes innovation. It can mean a more emotional benefit. A better packaging design. More relevant claims. Or even a brand re-positioning to engender stronger brand-loyalty in a value-oriented economy.
When applied correctly, the “innovation” label has more meaning – for businesses and their consumers. It’s taking advantage of the opportunity for innovation that’s key. Because when businesses find that intersection of innovation with the right consumer insights and the right products at the right time, they can truly break through the clutter.
Liza Babcock is the Director of Operations at Ideas To Go, a company that develops customer-centered innovation for Fortune 500 companies.