In the African business space , consumers would choose innovation in theory but in practice , almost 85% of consumers want cheap prices. The understanding is , spend less to save more, however this practice of spending less rarely does save more money. Instead we have a series of repeat-buys of the same product over the years. Infact price is such a deal breaker for many consumers, so much so that more business owners have no choice but to source poorly-made products.
Every day people are buying products hoping to solve certain problems. For every problem, there are no less than 5 or more proposed solutions, presented as products. The problem arises when the consumer wants an effective and efficient product for less money. Innovation is costly. Most innovative products tend to be built to last the long haul , rarely does one come across an innovative product that doesn’t solve problems efficiently and effectively.
Innovation almost always guarantees a return on investment over a period of time and that is a feasible , practical and certain way for consumers to really save money because there are no repeat-buys of same product.
What are some of the preconceived notions about innovative products?
In practice what is the ultimate deal breaker when it comes to buying, price or innovation?
Share your thoughts, we would love to hear from you!
