Innovation and Creating Shared Value: The Highly Effective Habits of Innovative Organizations. (May 2016)

• Record Type: Journal Article
• Authors: Drummond-Dunn, Denyse
• Is Part Of: Journal of creating value. Volume 2:Number 1(2016)
• Page Start: 40
• Page End: 55
• Publication Date: 2016-05
• Subjects: Customer satisfaction -- innovation -- co-creation -- NPD -- shared value; Customer services -- Periodicals; Customer relations -- Management -- Periodicals; Consumer satisfaction -- Periodicals; 658.812
• DOI: 10.1177/2394964316628925
• Languages: English
• ISSNs: 2394-9643

Abstract

Innovation is vital to the continued success of any business. Customers no longer stay satisfied for long. They are looking to be surprised and delighted by most, if not all, of the products and services they buy. Today's challenge is to find ways to better and more quickly satisfy these ever-increasing demands of our customers. Adopting the three highly effective habits laid out in this article provide a clear roadmap. These include setting stretch targets for every new launch, regular connection with and observation of customers, and the expansion of idea generation to greater input from both internal and external sources. These are the three essential elements that make innovation of increased value to both customers and companies. Customers get more of what they want, need and sometimes what they have only dreamed of having. Organizations see greater loyalty and satisfaction, easier acceptance of price increases and a better understanding of both the current market and the future potential of new categories. In summary, this article shows that successful innovation and creating shared value go hand-in-hand in today's connected world.