Presented by GLG

Successful product development means knowing what’s important to your audience and why — and what they’re willing to spend on it. For insight into nailing customer-focused product development at every stage of the process, don’t miss this VB Spotlight.

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When budgets get tight, one of the first things to go is product development — but innovation should never take a hit.

“It’s incredibly important to continue to focus on innovation, because when you look to past downturns, companies that succeed on the other side of these recessions and downturns are companies who are investing constantly in being innovative,” says Manasvi Thawani, director of research insights at GLG. “It helps them come out on the other side and emerge successful.”

One of the key reasons is that companies that focus on innovation are preparing for the future. When the demand curve pops back up, these companies have put in all the time and resources necessary to make sure they’re right there with the products and services their customers want and need. And even when demand dips in a downturn, the demand for quality never declines. Staying competitive is about continuing to serve your customers with the highest quality products. Finally, it feeds directly into competitive differentiation.

“When your competitors are not investing in innovation or product development, it sets you apart, because you as a company are prioritizing your customers’ needs by constantly innovating and meeting them where their demands are, by continuously focusing on product development,” Thawani says.

How do you achieve this? Customer research, the heart of customer...