Innovation is one of the main drivers of business success. With global competition becoming increasingly intense, innovation no longer is the domain of big multinational corporations (MNCs), as more firms of different sizes recognize the need for innovation as a means of product differentiation.Businesses understand that they need more than just a good product to survive. Innovative processes and management have become imperative owing to the fact that they drive down costs and improve productivity. Earlier organizations have been able to survive even with very limited amounts of innovation. But businesses have realized that a strong innovation-led approach is critical to the long-term success of a company.
Innovation is what sets apart the best consumer companies from the average ones in the long term. Consumer expectations also drive the amount of innovation in the market. Customers are used in products that continually improve and make their life easier. Consumers these days are more informed and have more options in terms of what they buy and who they buy it from. And, customers won't accept mediocrity because they know they can always go somewhere else.
Innovation helps your business in facing the new trends happening now. There is no denying that there is a strong competition between companies that sell the same products and it has become essential to innovate to sustain the market. Take Dove for example. Half a century ago it was a beautiful bar offering a revolutionary new formula containing 1/4 cleansing cream. Its latest campaign sets out to widen and redefine the perception of beauty, to make a positive contribution to women's self-esteem all over the world. It went beyond being a mere "soap" to enhance a woman's beauty. Today it is a global masterbrand with its expansion into other beauty products like body wash, deodorant, shampoo and advanced forms of skin care like nutrient creams and facial foams. After exploring ways to expand, Dove came up with a fresh, modern and impactful products with strong advertisements to retain its share of customers in the market.
Although innovation can be a very risky venture for any business, It needs to be done properly, as the benefits are crucial to the future running of the company. To continue their growth and to attain newer heights, firms need to recognize the importance of 'innovation' for maintaining the competitive edge and fuelling further growth. Organizations need successful idea management solutions that can help them to manage ideas from its inception all the way through development and implementation. The ability to renew existing solutions and modify them to match the current market trends can ensure business sustenance and profitability .
Innovation is what sets apart the best consumer companies from the average ones in the long term. Consumer expectations also drive the amount of innovation in the market. Customers are used in products that continually improve and make their life easier. Consumers these days are more informed and have more options in terms of what they buy and who they buy it from. And, customers won't accept mediocrity because they know they can always go somewhere else.
Innovation helps your business in facing the new trends happening now. There is no denying that there is a strong competition between companies that sell the same products and it has become essential to innovate to sustain the market. Take Dove for example. Half a century ago it was a beautiful bar offering a revolutionary new formula containing 1/4 cleansing cream. Its latest campaign sets out to widen and redefine the perception of beauty, to make a positive contribution to women's self-esteem all over the world. It went beyond being a mere "soap" to enhance a woman's beauty. Today it is a global masterbrand with its expansion into other beauty products like body wash, deodorant, shampoo and advanced forms of skin care like nutrient creams and facial foams. After exploring ways to expand, Dove came up with a fresh, modern and impactful products with strong advertisements to retain its share of customers in the market.
Although innovation can be a very risky venture for any business, It needs to be done properly, as the benefits are crucial to the future running of the company. To continue their growth and to attain newer heights, firms need to recognize the importance of 'innovation' for maintaining the competitive edge and fuelling further growth. Organizations need successful idea management solutions that can help them to manage ideas from its inception all the way through development and implementation. The ability to renew existing solutions and modify them to match the current market trends can ensure business sustenance and profitability .