In 2008, the top 1000 innovation companies spent USD 532 billion only on R&D (Booz Allen, 2009). However, success rates of new products have been dramatically low for years – less than 10% meet ROI targets (Business Week, 2005). The majority of new products withdraw from the market within a few years. Companies seem to create products that customers don’t want. Hard to accept? We thought so too.
That’s why we apply a methodology with practical tools to put the customer first during the whole innovation process – from idea generation to commercialization. It uncovers what customers want by combining market research with frameworks from innovation theory and perceptional psychology. Many large companies from different sectors were able to increase their success rates in innovation by using our method.
Interested how you could apply it to your success? Contact us.