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Companies can create a structured process for innovation targeting less affluent markets by first understanding the needs and wants of these markets. They should conduct market research to identify gaps and opportunities. Then, they can focus on creating products or services that are affordable and provide value for money. They should also consider partnering with local businesses or organizations to better understand the market and to ensure their products or services are accessible and relevant. Lastly, they should continuously monitor and evaluate their strategies and make necessary adjustments to ensure they are meeting the needs of the market.
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Most innovation efforts focus on creating the most profitable results or appealing to affluent markets. However, there is a large market for inexpensive products driven by customers who are looking for more value for their money. The real opportunities in innovation are the ones that create affordability and fill a need for the masses.
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Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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