At Lab42, we understand the importance of innovation – we are innovators ourselves – but we wanted to know how important it was to the average consumer. What do consumers think makes a company innovative and how do they see the process of innovation?
As established in our post The Innovation Premium, consumers are willing to pay significantly more for products they feel are innovative. But how do consumers perceive innovation in a company?
The answer surprisingly, is not all about technology. Technology was the lowest driver in the perception of innovation, with 66.3% of consumers agreeing that a company can be innovative without technology. The most important element in perception of innovation for almost half of all consumers is ‘coming up with new ideas’, regardless of a technological component; an interesting finding for brands that might be trying to shoehorn modern digital technologies into their new products.