Consumers will pay more for Innovation.
At Lab42, we understand the importance of innovation in our industry, but we wanted to know how important it was to the average consumer. How much do they actually care about innovation, and how does that impact their shopping behavior? During April 2015, we launched a survey to gather insights regarding consumers’ perception of innovation. Over the next few months we’ll be revealing some of the insights from the study that demonstrate the strategic imperative of innovation within your organisation.
One important element for marketing teams to understand is that, across the board, the majority of consumers are willing to pay more for a product or company they consider innovative. Perhaps unsurprisingly, 83% of respondents would pay more for innovation in electronics with 15% of these willing to pay more than 40% more. In the automotive industry, 75% of respondents would be willing to pay an innovation premium, with 10% willing to pay over 40% more.
Also, 67% of consumers will pay a premium for grocery store items which they consider to be innovative. And even in ‘dull’ categories such as insurance and gas, the data shows an ‘innovation premium’ uplift with 54% and 52% willing to pay more, respectively.
Take a look at our infographic to discover the full details of the premium innovation you can leverage on your company, products or services.
Interested in learning more about Lab42’s research methodology and how it stacks up against traditional panels? Check out our Research on Research.