A survey by Lab42 , a market research firm from Chicago, revealed just how important innovation is to customers. Lab42 found that consumers factor innovation in when deciding which brands and companies they will use , with three key areas of interest.

The first, that perception of innovation is extremely important when making purchasing decisions. The second, that they are willing to pay more for goods and services that they class as ‘innovative’. Thirdly, that over half of consumers have said that they bought a new product without fully understanding what it did or how it worked just because they thought it was ‘cool’ and innovative.

 

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The survey revealed that consumers prefer innovative companies. 84% of those surveyed said that it is ‘somewhat or very important’ that a company that they buy from is innovative. 51% responded by saying that they had bought a product without fully understanding what it did simply because they had heard that it was ‘cool’ or innovative, with a further 34% agreeing that they used products and services just because they thought that it made them look innovative to others. Consumers care about innovation. Are you doing everything that you can to make sure that your customers know that you do too?

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In addition to the survey revealing that consumers prefer innovative brands, it also showed that they are willing to pay more for the innovation. The over-whelming majority of respondents said that they were willing to pay more for innovative products (see chart below for details), with a significant percentage saying that they would pay up to 40% more.

*Chart reflects the percentage of those surveyed who preferred innovative products in the specific industry

*Chart reflects the percentage of those surveyed who preferred innovative products in the specific industry

This was true across sectors and industries. Customers will pay more for innovation. How are you making sure that your customers perceive your brand as being innovative? How are you providing them with the innovations that they want?

The survey also revealed that consumers feel that innovation is driven by companies listening to customers. How are you listening your customers? Do they feel like they have a voice? The  Braineet platform allows customers to suggest ideas to their favorite brands. Lab42 revealed just how valuable innovation can be to a company; Braineet will help you to add that value.

With Braineet , not only do you have the chance to turn your customers into a resource for idea generation , but by implementing the platform you leave them with no doubt that you value innovation and their opinion. For more information about Braineet, click here.


* Http: //customerthink.com/new-study-reveals-importance-of-innovation-to-consumers/