The Importance of Innovation
/
It can be tempting to shut down new and risky projects when economic conditions are tight, and you must use your resources wisely.
Research shows that tough times are precisely when you should continue to innovate and change.
Value-focused innovation and growth can make businesses stronger than ever in a recession and this helps position them for brighter days. Manufacturers who choose to innovate are 1.8 times more likely to grow overall sales. More telling is that those who innovate during times of crisis outperform those who don’t.
Consumers also appreciate the efforts of businesses to hear their needs when money is tight, with 63% of purchasers willing to buy a product that has used innovation to make it more affordable.