What are the main advantages of the product/service?
More specifically, new products are seen to offer the customer greater convenience, uniqueness and lower cost. Only two production linked answers appear in the top seven: advantages flowing from a scientific/technical breakthrough and environmental friendliness.
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What protection for this innovation are you seeking/have you sought?
Patents are the most common form of protection, followed by trademarks. The majority of companies (64% of those surveyed in tranches 2-5) have already gained some sort of protection, and an additional 15% are currently seeking protection.
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What would you say, on balance, is the level of sales to date?
Having tried to gauge the market early in the process of innovation, just under half of companies are on target with their sales expectations. Encouragingly, companies that have exceeded their sales predictions out-number those which have fallen short of their goal.
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What would you say, on balance, is the level of sales to date?
Larger companies are more likely to have exceeded expectations, while small ones are more likely to be disappointed. Companies that say they will pursue innovation in the future with more commitment, and more often, tend to have exceeded sales forecasts with their current innovation.
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What would you say, on balance, is the level of sales to date?
Companies that have systems or procedures in place for generating ideas and innovation on a regular basis are more likely to exceed sales expectations.
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What lessons have you learnt in hindsight that you could pass on to others?
More than anything else, companies feel that total belief in the idea and never under-estimating the time and costs involved are key to overcoming obstacles and seeing innovations through to launch.
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How are you evaluating the service/product's performance?
The majority of companies use customer satisfaction research or user feedback as a way of gauging the success of their innovation. Sales and tracking analysis is another popular means of evaluating product/service performance.
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