Customer Centric innovation - MIT ID Innovation

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Customer-Centric Innovation in Business MITID
Innovation
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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 customers demands and
resolve their issues.
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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
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• 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?

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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?
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Establish A Deep Relationship With Core Customer
The organizations 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
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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
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Buffer Buffer keeps their audience in the loop
with whats 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.
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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.
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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 individuals capability to connect
with their ecosystem. MIT ID Innovation
offers courses in innovation that focus on
upskilling future leaders.
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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.
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