Consumers are increasingly looking for companies that are innovative and ahead of the curve when making purchasing decisions. A recent study found that 84% of consumers pay attention to a company's innovative capabilities when making a purchase; this is likely because innovation is often associated with quality and progress. Furthermore, consumers are increasingly interested in supporting companies working to create new and better products. Given the importance of innovation in the eyes of consumers, companies need to focus on developing their innovative capabilities. Those that can do so will be well-positioned to attract customers and drive growth.