How can businesses effectively leverage customer feedback to innovate new products or services, and what steps can they take to ensure that these innovations align with customer needs and preferences over time?

Businesses can effectively leverage customer feedback by actively seeking out and collecting feedback through surveys, focus groups, and online reviews. They can then analyze this feedback to identify common themes and areas for improvement. To ensure that innovations align with customer needs and preferences over time, businesses should consistently monitor and track customer feedback, adapt their products or services based on this feedback, and regularly engage with customers to gather ongoing insights and feedback. By incorporating customer feedback into the innovation process and making adjustments as needed, businesses can create products and services that better meet the needs and preferences of their target audience.