How can consumers trust relentless innovation?

Brand and product managers have always liked launching new products, it's what they do and this is particularly prevalent now in the technology sector.This potential confusion is often dressed up as enhanced choice for consumers.  The reality of this “enhancement”  may however be somewhat different with the plethora of products, services and pricing packages from financial services, energy and technology companies to name a few, creating confusion, unease and pressure on consumers. 

Findings from the 2015 Edelman Trust Barometer shows that 51% of the “informed public” consulted believe that innovation in business is now too fast, with just 19% saying it is about right and 28% saying it is too slow.  When asked "what they believe to be the key drivers of change", enhanced consumer choice did not predominate as can be seen below:

• 70% technology
•  66% business growth targets
•  54% greed/money
•  35% personal ambition
• 30% improving people’s lives 
• 24% making the world a better place. 

As has been demonstrated in this blog, business needs to build trust with its stakeholders.  Constant innovation may not help in this task as it is in danger of generating more confusion, uncertainty, and unease and because people do not believe it is actually for their benefit. However, to build up the aspect of "trust in innovation" the Edelman survey also revealed that transparency and third party validation were vital. So if business wants to continue to innovate and build trust they need to develop their credentials by having the results of their developments publicly reviewed and partner with more respected third parties such as universities.