This week we looked at some new research about the impact consumers are making on product innovation; why CMO’s should build digital relationships with customers; and three lessons about how customer insights can lead to product differentiation and increased demand.
The Age of the Consumer-Innovator
By: Eric von Hippel, Susumu Ogawa and Jeroen P.J. de Jong, MIT Sloan Management Review
Recent research shows that consumers collectively generate massive amounts of product innovation. These findings are a wake-up call for both companies and consumers — and have significant implications for our understanding of new product development.
CMOs: Build Digital Relationships or Die
By: James L. McQuivey, Harvard Business Review Blog
Unfortunately, most organizations don’t know what it means to have a relationship with a customer, even though they have a customer list, an email database, or even a loyalty program. In order to succeed, CMOs must build direct digital relationships with their customers.
Do Customers Want Your Big Idea?
By: Amy Radin, Kevin McDermott and Daryl Twitchell, The Huffington Post
In order for companies to achieve transformational innovation, they must deliver a customer experience that is differentiated beyond a product’s attributes. Learn three lessons for how customer insights establish differentiation and evoke demand.