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SPEED OF INNOVATION
Companies increasingly need to
make the stark choice of accepting a rapid decrease in market share or to
become better informed so that they can respond to customers increasing
appetite for new and better solutions.
As a result of increased global competition, products and markets that
remain without change are very rapidly becoming commoditised. It is the
intense competition that drives commoditisation and downward pressure on the
profit margins.
In many companies the only way to make a healthy profit margin is to
continually innovate and bring customers new experiences and benefits. For
this they can enjoy an “early mover” premium. As business cycles continue to
speed up and therefore the life-cycles of products get shorter,
organisations have to be more agile and able to continuously innovate to
respond to new changes in customers needs and perceptions.
What do market research managers need to think about when it comes to
innovation?
Market research managers are a critical link in any innovative value chain
and their ability to support and work with their colleagues in the design
and delivery of new products and services is becoming increasingly
important. In particular, their ability to respond fast and reliably is
often crucial to business success. What matters is being first past the
post, and runners-up end up with nothing.
Market research managers need fast research methods, but ones that are
reliable so that they can support making the right decisions in terms of
which products to develop and how to take them to market. This can have a
major impact on the success or failure of new product launches and
subsequently a major impact on the bottom line.
In addition, in this faster market they need to understand their competitive
positioning and how much of a premium they can charge. In other words, to be
the eyes and ears of the organisation.
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In response to demand in this area, KnowledgePartners are creating 3
offerings in the area of Innovation. If you are interested in taking part in
any of these, then please contact Nick Truch on +44 (0)7771 866618.
 Syndicate
study - shared-cost market
research project for a number of
subscribing organisations on a
current topic or new technology
Innovation
Assessment - innovation survey
across different sections of the
business with detailed assessment by
innovation experts delivered through
insights workshop
Benchmark
- a free innovation benchmark
based on KnowledgePartners
innovation database with executive
summary and self-assessment tool
learn more
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"Innovate or Die" was the stark
title of a recent IOD convention. As customers (consumers) are increasingly
better informed and competition to gain their business grows ever stronger,
the ability to rapidly respond and innovate is one of the key success
factors of tomorrow's company.
learn more
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