Innovation In A Recession by Research International
Do you feel that everyone is telling you that you need to innovate in a recession but no one is telling you how you need to innovate?
If you are feeling that way, it is not surprising...
Since the world economy started to slide into recession, there have been a huge number of articles reminding marketers that companies that continue to invest in innovation during a recession find themselves well placed to benefit from the economic upturn when it happens. However, in recessionary times there are also huge pressures on marketing and R&D budgets and pressure from retailers to cut prices. So a key question facing many marketers is how to innovate successfully in a recession.
Research International have analysed their huge database of over 40,000 innovations to identify key success criteria for driving successful innovation in a recession. Of all the measures that we know drive success in innovation, we have found that the need for your innovation to be both relevant and exciting becomes even more important during recession.
Successful innovation is all about hitting the sweet spot where well understood needs collide with a relevantly designed product or service. In a recession understanding needs becomes even more important than usual; this is not a time for whimsy, it is imperative that the start point for your innovation is consumer needs and understanding how they are changing. If you can then design a product to meet those needs you will generate the excitement that will both cause consumers to overcome their own barriers to purchase and also to recommend the product to others.Download the full report
(pdf, 1150 kb)