When it comes to product innovation, starting off in the wrong direction can be tragic for a brand—and expensive. So when it’s time to get started, it’s no surprise that companies looking to innovate often turn to their consumer research departments for direction. But what’s the impact of that research on the bottom line?
Globally, more than six-in-10 respondents (63%) say they like when manufacturers offer new products. But while consumers across the globe are enthusiastic about new products, their purchasing patterns vary widely.
Innovation matters. In the consumer product realm, it can drive profitability and growth, and it can help companies succeed—even during tough economic times. On the opposite side of the sales counter, consumers have a strong appetite for innovation, but they’re increasingly demanding and expect more choice than ever before.