Report: Innovation Equity Quotient

We just published a new Temkin Group report, Innovation Equity Quotient. Here’s the executive summary:

Companies focus on innovating new products and services, but how willing are consumers to accept these offerings? The Innovation Equity Quotient measures the readiness of consumers to try something new from a company. Led by Hershey and Kraft Foods, six consumer packaged goods (CPG) firms came out at the top of the ratings. In some head-to-head comparisons, Google leads technology companies, Coke beats Pepsi, and Walgreen’s beats CVS. We also examined the data across age, income, gender, and ethnic groups. Income levels appear to have the least impact on the Innovation Equity Quotient, but there were considerable gaps in the other areas. Nintendo and Google have the largest age gaps, Revlon and L’Oreal have the largest gender gaps, Apple has the largest income gap, and Nike has the largest ethnicity gap.

Download report for $195

To understand this demand-side component of innovation, we created the Innovation Equity Quotient (IEQ) that gauges consumers’ openness to trying new products and services. IEQ is based on a simple question: “If <COMPANY> announced a new product or service, how likely would you be try it right away?” We asked this question to 5,000 US consumers and calculated IEQ for Forbes 50 most valuable brands. Here’s how they fared:

The report includes data charts that highlight the 25 brands with the largest IEQ gaps across age groups, ethnic groups, gender, and income levels.

Download report for $195

The bottom line: Innovation is more successful when customers want to try new offerings

About Bruce Temkin
I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, marketing, interaction design, customer service, and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 2,620 other followers

%d bloggers like this: