According to a recent study by Accenture, 65% of high-growth companies plan to collaborate with customers during the innovation process, compared to 54% of other companies. This trend is likely because high-growth companies understand the importance of customer feedback in product development.
Research and development teams collaborating with customers during the innovation process can create products that better meet the needs of their target market. In addition, by involving customers in the product development process, high-growth companies can build loyalty and goodwill among their customer base.
The Benefits of Collaborating with Customers
There are many benefits to collaborating with customers during the innovation process. But perhaps the most crucial advantage is that it allows you to gather feedback from your target market and use that feedback to improve your product.
Involving customers in the product development process also positively affects your brand image. When customers feel involved in creating a product, they are more likely to be loyal to that product and brand. In addition, goodwill among customers can lead to word-of-mouth marketing, which is one of the most effective forms of marketing.
Finally, collaborating with customers can help you save time and money. By getting feedback from customers early on in the product development process, you can avoid making costly mistakes that would require extensive revisions.
Based on the Accenture study, it’s clear that high-growth companies understand the importance of collaborating with customers during the innovation process. R&D teams that take advantage of customer feedback can create better products that meet the needs of their target market while building goodwill among their customer base. In addition, collaborating with customers can help save time and money by avoiding costly mistakes down the line.