Innovation

Businesses rise and fall based on many factors but customers’ perceptions of products and services are chief among them. In an increasingly competitive economic environment, it is vital to find meaningful points of differentiation for products and services that will resonate with customers. Investing in innovation to provide customers with the best possible products and services is a way to make this differentiation. Pursuing this approach has many benefits, and in a broad sense, tends to lift customer’s perceptions of a brand. This further strengthens a company’s success.

In a recent Design Council study of UK businesses where innovation has a central role, 84% say that their competitiveness has increased. And when looking at companies that compete on innovation as opposed to price alone, research has shown that 45% of firms not investing in innovation compete mainly on price as compared to only 21% of firms that do.(1)

Many companies choose to compete on price as a way of distinguishing products and services but this leads to a cycle of decreasing prices and lower profits. Combined with increasing resource costs, this is not a good strategy for growth. Innovation provides the best return on investment for sustained results over the long haul.

(1) Design Council (2005) “National Survey of Firms.” London: Design Council

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