Crisis Drives Innovation: Businesses Release More Products than Last Year

“With COVID-19, B2B companies have a unique opportunity to innovate because customer needs are evolving so rapidly and moving in such unexpected directions,” management consulting firm McKinsey & Company wrote in July 2020. “Such efforts may involve creating new products, modifying or upgrading offerings to satisfy market demand, or refreshing the value proposition.”

Figure 1: Mentions of “product launch” jumped up in 2020. Source: ZoomInfo.
Figure 2: At Fortune 500 companies, there was a higher amount of interest in cross-selling and integrations compared to product development. Source: ZoomInfo.

“Strategies that can drive even more revenue — like cross-selling and upselling — have huge ROI.”— HubSpot

Figure 3: Manufacturing has the best record of product launches, while mining has the worst. Source: Zoominfo.

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