July 15, 2015
Posted by: Maggie Ashworth
In the age of technology, businesses can no longer afford to solely base projected growth and development off of patterns from the past.
While change can be scary and intimidating, the reality is that we live in a world with rapidly changing Google algorithms, social media modifications, and never-ending device and software upgrades. Although this can certainly seem daunting, it is simply our here and now—and by making the most of it, we can also generate success like never before.
We must accept the truth that technology is going to continue to grow and evolve, and if we want our businesses to do the same, we must learn to embrace this truth with open arms, open eyes and most importantly, open minds.
This is where innovation comes into play. By welcoming this perpetual cycle of development and taking a firm hold of it with innovation and deciphering what that means for your company, these constant changes can be used to the best advantage.
Anthony J. James, Chief Innovation & Growth Officer of DDB Group Asia Pacific, said it best when he wrote the following: “Innovation should be transformative and build new connections. Innovation is inspiring and exciting when it helps change the way a business operates, and when both companies and their customers get more from the exchanges. It helps build productivity, and it makes companies great to work with. Most importantly, innovation should lead to growth.”
James is right—innovation should provide value to both a business and its consumers, and in order to get this right a company must have a significant understanding the general meaning of innovation and even more importantly, it must understand what innovation means to its consumers.
According to Ketchum’s 2015 Innovation Kernel Study, "a true understanding of how consumers define, perceive and value innovation affords companies and brands the chance to directly and positively impact brand reputation and purchasing behaviors."
Ketchum’s survey then went on to explain that a consumer’s perception of a company’s innovation is most heavily weighed on the company’s performance history and products that have not failed to meet their satisfactions. The survey also revealed “nearly half of respondents expect new products to be launched when they are meaningful advancements, and not based on a yearly schedule.” This is good news, as it shows that consumers are beginning to determine innovation value based on a product’s quality and purpose, not the amount of updated products that a company can produce over a short amount of time.
In conclusion, as technology evolves it is critical to focus on what innovation means to your consumers. After all, they do hold the key to your success.