Finding new high-growth markets to compete and win customers in happens when new product development teams capitalize on the intersection of their most valuable product strengths and best-known customer needs. As intuitive as this sounds, it’s a challenge for nearly every manufacturer to make this a core aspect of their new product development process. Any company’s most valuable product strengths fluctuate over time. And customer needs and preferences change even faster. Staying at the intersection of product strength and customer needs has never been more challenging.
What separates the manufacturers who use product intelligence to out-innovate competitors?
The following are a few of the many ways manufacturers turning product intelligence into a competitive strength:
- Having a well-defined business case for turning product intelligence into revenue on a per product-line and per-roadmap basis is a must have. 69% of enterprise executives who responded to the PwC Innovation Benchmark 2017 Report say sales growth is by far the most important metric to measure innovation. Customer satisfaction was a distant second, 26% below sales growth. Indexing innovation to sales growth will get any organization out of the rut of just competing on price alone. The world’s most innovative products often are the most profitable too as the PwC study shows.