Customer Centric innovation - MIT ID Innovation

1. Customer-Centric Innovation in Business • MITID Innovation

2. A product is introduced in the market when an organization assesses a gap between the needs of the consumer and the market that they can fill. Although businesses want to get the maximum profit from these products or services, the primary focus remains on providing goods or services to meet the customer’s demands and resolve their issues.

3. What is Customer-Centric Innovation? Customer-centric innovation is product innovation, with the customer being at the heart of the process. In this approach of business innovation, the focus is given to customer needs, satisfaction and feedback. A customer-centric innovation would imply that the organization will actively work to create better products for its consumer base based on the following questions:

4. What do customers like about our product? • What can we do better? • What is an unnecessary or not updated feature you would recommend about our product?

5. How to Create Customer-Centric Innovation What do customers like about our product? What can we do better? What is an unnecessary or not updated feature you would recommend about our product?

6. Establish A Deep Relationship With Core Customer The organization’s Customer Research & Development team must identify core customer sections and develop mutually beneficial value propositions reflecting the complete customer experience, including products, services, and any form of interaction with the company. The team needs to focus on customer subgroups or subsections to narrow the gap between customers’ desires and the product or services

7. Why is Customer-Centric Innovation Necessary for Business? Customer Centric innovation can boost profits in virtually every business that deals with direct sales access to large numbers of customers. Let us look at two examples of customer-centric innovation helping the business grow:

8. Buffer: Buffer keeps their audience in the loop with what’s happening behind the curtain. They were hacked in 2013, and instead of trying to hide it and quietly patch the damage. They openly accepted the issue and shared how they planned to fix it. Customers appreciated their transparency which further cemented their reputation as a customer-centric company.

9. 3M: 3M is a company that has been associated with innovative products to solve a specific customer problem. 3M has opened Innovation Centres where customers can visit, explore new ways of thinking, collaborate on designs, and test new products.

10. How do MIT ID Innovation Courses Promote Innovation Designs and Service Customer-Centric innovation benefits financial services firms, hotels, consumer goods to manufacturing firms. We believe that innovation is not only limited to product innovation but extends to the individual’s capability to connect with their ecosystem. MIT ID Innovation offers courses in innovation that focus on upskilling future leaders.

11. Conclusion MIT ID Innovation Programme curates knowledge and experiences that challenge the very paradigm of evolution. And that's why we have set out to define the future of industries, communities, cities and ecosystems. MIT ID Innovation offers the best Innovation Courses in India.

12. innovation@mitid.edu.in +91-7038982225 / +91 9834092369 We’d love to hear from you. MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor, Pune-412201