How do customers perceive your products, services and innovations?
5% ROI success rate: The Boston Consulting Group found that only 4.5% of innovations meet or beat targets for return on investment. This is an 86% decline, down from the 35% innovation success rate reported in 1985.
83% of brands are becoming commodities: A survey by Copernicus Marketing Consulting found that in 40 out of 48 categories consumers perceived brands as becoming more alike and, in only 3 categories (automobiles, liquor, and beer) was brand name considered more important than price.
The key distinction between innovations that exceed ROI expectations and those that fail is dramatic difference. Invest your resources in products or services which customers truly perceive an overt benefit in and provide them with a real reason to believe. Otherwise, you better fail fast and fail cheap!