Improve innovation with market research

New Ideas in MarketingEssential news for marketers, summarised by YouGov
August 10, 2021, 12:18 PM UTC

Assess consumers’ sentiments to gather insights on customer experience and drive innovation.

Develop product innovation strategies to bridge the gap between shoppers’ wants and needs, stay ahead of competitors and boost sales. When implementing innovation strategies to improve the quality of products and services, businesses must consider variables such as sales, marketing, R&D, quality control, consumer service, and more.

Differentiate product features from its predecessor and competitors to highlight its unique selling proposition and its relevance to consumers, while innovating new products. Brands can augment product innovation by tracking market trends, evaluating competitors' strategies, and collecting consumer feedback via sentiment analysis and social listening.

Conducting market research helps in identifying market gaps or "uncontested market space," as well as allocate funds for innovation appropriately. Encourage new ideas and uncertainty within the organisation and collaborate with employees and other stakeholders to develop unique product concepts.

Read the original article

[5 minute read]