Why companies should focus on innovation
innovation

Why companies should focus on innovation

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If a company still exists in 5 or 10 years also depends on the ability to innovate and implement new innovative features in their products. But it is really expensive to develop new products. It is important to update product details and to improve the value of a product. If a customer is unsure about the product value it got be improved.

The product value is important

If you cannot convince the shopper your product will fail in the long run. You have to present your products as efficiently as possible. The reason is simple and clear. If the value is not high enough the shopper is not going to be willing to pay for the service. The product has to be updated.

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The important role of new features

A lot of customers are almost waiting for new features. They only buy new products if they contain something totally new. Companies like Apple therefore try to provide a decent number of key features in their products that are way better then the market.

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Another advantage of these features is the higher willingness to pay. And to pay even more than someone might pay for a comparable standard product. Modern business are also dependent on higher margins. If they lose more and more profit it gets harder to perform.

Research and Development Cost create higher ROI

The ROI gets significantly higher if a company successfully invested in R&D. The future might be much brighter if a great part of the earnings is reinvested in new inventions and innovations. The implementation of a new feature is not always dependent on a complete new invention. Sometimes it is enough to reuse a product feature and rebuild it differently.

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