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Insight of the Day: How Businesses Prioritise Innovation in 2024

Key Findings:

  • Innovation Investment: Most businesses are maintaining or increasing investment in innovation in 2024.

  • Focus on Price and Value: Companies are prioritizing innovation around pricing and value to meet changing consumer demands.

  • European Focus: European companies are particularly emphasizing value for money in their innovation efforts.

  • Value Beyond Price: While price is important, consumers also seek added value in terms of features and experiences.

  • Creative Value Propositions: Brands are exploring partnerships, social platforms, and unique business models to enhance value propositions.

  • Importance of Consumer Research: Thoroughly understanding consumer preferences is crucial for effective innovation.

  • Inspiration from Consumer Trends: Consumer trend analysis is a major source of inspiration for new product development.

Key Takeaways:

  • Value is Key: Businesses need to innovate around both price and value to meet consumer demands in 2024.

  • Beyond Affordability: Value for money doesn't always mean the cheapest option; it can also mean added features and experiences.

  • Understand Your Consumers: In-depth consumer research is essential for identifying opportunities and tailoring products to meet needs.

  • Consumer Trends as Inspiration: Analyzing consumer trends can provide valuable insights for developing new and innovative products.

Trend:

The trend is towards a greater focus on value in business innovation, with companies looking to provide consumers with the best possible experience and return on investment. This includes not only offering affordable options but also adding premium features and unique experiences to products and services.

Conclusions:

In the current economic climate, businesses must innovate to stay competitive. This means focusing on providing value to consumers in both price and overall experience. To achieve this, companies need to deeply understand their consumers and stay abreast of emerging trends.

Implications for Brands:

  • Prioritize Value: Focus on creating products and services that offer the best value for money, whether through affordability, premium features, or unique experiences.

  • Invest in Consumer Research: Conduct thorough research to understand evolving consumer preferences and identify white space opportunities.

  • Embrace Creativity: Explore new partnerships, platforms, and business models to enhance value propositions and engage consumers.

  • Monitor Trends: Stay informed about consumer trends and leverage them as inspiration for innovative product development.

  • Data-Driven Decision Making: Utilize data and analytics to inform innovation strategies and measure the impact of new offerings.

By implementing these recommendations, brands can position themselves for success in a rapidly changing market and ensure they are meeting the evolving needs of their customers.

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