“For too long we’ve become complacent about a 90 percent failure rate in innovation, and it’s time that we destroy that fallacy.” Bill Harte.
A 90 percent failure rate in new product development just isn’t good enough! It’s time to innovate the way that we innovate.
Combining their nearly 40 years of experience in product development, retail buying, and technology, the pair have painstakingly compiled The Agile Innovation Playbook whilst also turning things around for their respective clients.
The Agile Innovation Playbook rewrites the way that marketers, retailers, manufacturers and brands who operate in the consumer goods sector approach their innovation.
The big questions that brands and retailers ask, answered by Ben and Bill
How can we add more value to our products? How can we find out what our consumers are really prepared to pay more for? How can we bring new products to market faster, cheaper, and in ways that make a significant impact?
Do any of these questions sound familiar? Fundamentally, the answers all lie in Agile Innovation and are covered in the book.
In other business sectors, such as automotive, technology, and software development, agile innovation principles have been refined and embedded over the last fifteen years. This has delivered significant value, rapid growth, and many satisfied customers. It is now time to introduce those same agile innovation principles into the consumer goods market.
The global pandemic of 2020-21 has demonstrated now more than ever how great the need is to become truly agile. There couldn’t be a better time to challenge the way that things are done and to become more responsive to customer’s demands; in turn, making innovation a real engine for business and category growth.
What is agile innovation?
In simple terms, it’s all about prioritising the projects that have the best chance of success, so that innovation becomes a low-risk, high-return process.
In practical terms, it’s about shifting the mindset from being an instinctive innovator that relies on invariably poor gut feeling, to become a wholely evidence-based scientist led by empirical data; someone that likes nothing better than dealing in certainties.
It’s a consumer-centric process that is faster, more focused, and less costly at generating differentiated products that grow your profits.
From the very early stages, every aspect of the innovation process is frequently tested. You offer a hypothesis, you test it, and gather data. If, and only if, that hypothesis is proved correct do you move forward through the development process.
The New world
In this Agile world, data is king. Technology and consumer intelligence, when applied well, have a transformative effect on the innovation process and crucially the outcome! That’s what drives agile innovation.
Agile principles can be embedded very quickly in your business, and by following a less is more approach, where a smaller amount of new products deliver a far greater impact on profitability, the influence can be seen immediately. So, instead of a business launching 50 products in a category reset, they launch 10 or 15, and those 10 or 15 have a much higher success rate overall.
The cost benefits are immense
In fact, Agile can drive a 50 percent cost saving on innovation overall, which the authors of the Agile Innovation Playbook calculate amounts to a £20 million saving for every successful product launched in your category!
The Agile Innovation Playbook is a practical, step-by-step book written to help all CPG and FMCG companies improve innovation and achieve success, or to engineer a systemic change in your business.
Agile offers the tools needed to develop better products for consumers, generate more profits, enhance job satisfaction, and improve shareholder value.