As a business it can be tricky to keep your finger on the pulse when it comes to the changing needs and wants of the market, while also maintaining a strong, consistent brand prescience and customer fidelity.
But while it’s easy to get lost in the present and your day-to-day operations – studies show that businesses with an eye on innovation are much more likely to succeed.
In 2022 McKinsey (an insights company) conducted research of 183 companies around how proficient they were at innovation, and compared that assessment against a proprietary database of economic profit.
Their findings suggest that businesses that harness the essentials of innovation see “a substantial performance edge that separates them from others—with evidence that mastering innovation can generate economic profit that is 2.4 times higher than that of other players.”
McKinsey research also reveals that improving the customer experience through customer consultation has increased sales revenues by 2 to 7 percent and profitability by 1 to 2 percent.
While innovation can look like new products for the market, regularly what drives stronger customer satisfaction is innovation in your current business processes – such as evolution of production models, routes to market, and the use of assets and capabilities.
Square Holes was recently hired by welding manufacturer Welding Industries Australia to gain an insight into how the brand can evolve and strengthen their offering in the market.
The study employed the use of expert interviews with key stakeholders, suppliers and customers, as well as a survey, and focus groups. It included a deep dive into the current industry challenges, spaces for growth, as well as innovation opportunities.
Elena Capozzi, Digital Marketing Manager at Welding Industries Australia says that the project has helped the team to work out both their short term and long term objectives.
“The project was very helpful in understanding what we need to prioritise… continued innovation was one of these things,” said Capozzi.
“The insight we received provided some clear direction on what the market calls for, not only for today but in the years to come.”
Jason Dunstone, Managing director of Square Holes says that innovation is a core purpose behind engaging market research.
“So much of what we do at Square Holes is about helping businesses and organisations to set their sights firmly on the future, with innovations that will help move them into new markets or strengthen their current position.”
Is your business looking to innovate? Chat to Square Holes today about how we can help.
