Although most companies claim they embrace new business innovation in their core strategies and centre their corporate culture around it, statistics show that a relatively small percentage of them are effective innovators and, in fact, one in three executives admit to having a tough time maintaining an innovative edge. Organisations that constantly try to identify the needs driving innovation prove to be the most successful in the long term.
Who helps them identify these needs? It is not the leadership team, although the team has complete understanding of the company`s needs and goals. It is true that executives share opinions with their employees and learn how to anticipate areas of need for innovation. There are also many successful examples of employee-driven innovation. However, the real identifiers of needs for innovation are the consumers themselves.
Companies that engage their customers and involve them in the idea generation process are more competitive and successful than others. Highly successful companies like Apple and Procter & Gamble apply this user-end understanding to help them develop new products and services
Constant interaction with the target audience guarantees prompt feedback on strengths and weaknesses. Constructive criticism regarding existing products and services not only ensures fixing imperfections but also helps companies learn from past flaws and make their next product better and more sophisticated. Business creativity and innovation can thrive when businesses keep their finger on the pulse of their markets.
Users of a particular product are also well aware of the market because they have similar past experience. Successful companies even seek feedback from their target audience before releasing their products on the market. Practical feedback gives them an idea how successful the actual product will be. Therefore, they make necessary changes to products` features, promotional strategies and internal branding in order to match their customers` preferences. As a result of flawless communication with their customers, companies also improve significantly their internal communication.
Idea management enables companies to interact effectively with everyone within an organisation and to continuously improve the working process. Innovation Software is at the forefront of new business innovation as it offers a common platform where everyone is invited to come up with a new idea or challenge. Ideas are voted for and the successful ones are implemented. One of the three major challenges for new businesses is altering their business mode to accommodate innovation. Idea management software can help you do that.
If you are new to idea management and innovation, our eBook: Guide To Idea Management For Business is the perfect starting point.