Constant innovation: It is up to your informed judgment
Customers expect technological breakthroughs to occur quite regularly. To succeed you need continuously to experiment with new ideas and products. What is worse is that consumers don’t really know what they want. Nor can they tell you how they will behave after they adopt your new product.
Customers were not demanding ride-sharing applications before Uber and similar services appeared. The success of many applications that large numbers of people now consider essential couldn’t be anticipated beforehand. So what you need is your own informed judgment. You have to decide which technologies could be utilised by your customers. And you have to make the correct decision at the right time. The sweet reward will be loyal customers, according to an article on the strategy-business.com website.
No one will be right all the time
Your competitors are also assessing and making decisions. A good idea might be adopting regular assessments of various technologies. You simply need to find what will give you an edge. Launch new prototypes on reasonable scales. Learn from them and then maybe come up with a real hit.
You need to know your customers
It is not only a question of quantitative segmenting. You need to define your market and customers. Then you must map the customer journey. Track their online activities, gather data online and offline, and start collecting real-time information using sensors.
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