Answer:
Product Innovation
Product innovation is a challenge no matter what industry you’re in. The road is fraught with detours and roadblocks. The crash-and-burn stories are legendary. And the fear of failure can haunt even the most intrepid of enterprises.
And that’s just the development side. On the demand side, the proliferation of more consumer choice than ever before spurred by a multitude of digital channels is resulting in constantly changing customer expectations. This, in turn, is fueling a demand for greater personalization, or the ability to market, advertise to, and even develop products or services that suit individual consumer preferences.
These shifts and pressures continue to throw companies off their game — driving uncertainty and reactivity rather than deep understanding and responsiveness.
But somewhere on the horizon, there is a true customer need for which there is also an actual solution. Finding that customer need and then developing the best solution for it can be a substantial boon to your business in a number of important ways. And of course, how you innovate — your mindset, processes, and methodologies — makes a huge difference not only in accelerating time to profitability of your new or revamped product or service, but in the long-term adoption of it in the market.
To summarize, in a complicated, fast-moving world where brands no longer dominate the conversation and consumers now hold enormous sway, innovation matters because it’s the common language you and your customers still speak.
Explanation:
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