When it comes to innovation, it might seem simple—just ask consumers what they want and how much they’re willing to pay, right? But the reality is far more complex. Consumers often don’t know exactly what they want, and even when they do, they might not share their true feelings, especially when money is involved. Leaders can f-up innovation by misunderstanding or misusing consumer research. While research is essential for understanding consumer and market needs, its findings are nuanced and as much art as science. It’s not always easy to draw accurate conclusions, especially when purchase decisions are involved. By maintaining a healthy skepticism, drawing on experienced practitioners, and leveraging the right methodologies, innovation leaders can transform their investment in consumer research into actionable insights that significantly improve their chances of developing innovations that consumers will buy.
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