Why innovation needs to change, for the future
If innovation processes in Consumer Goods are fine as is, why does an 80%+ product failure rate exist?
The standard way we innovate is unfit for purpose. With more than 80% of new products failing to resonate with consumers, and tons of wastage being generated from unsustainable innovation processes – something desperately needs to change.
Innovation is key to business growth, and ultimately, improving the quality and offerings of products for consumers and the wider world.
The solution to the situation we see in the industry is not to stop innovating due to fear of failure, and not to waste money developing watered-down concepts that may be less risky, but certainly don’t generate the high levels of ROI that progress an organisation.
If businesses don’t adapt, or continue the way things have ‘always been done’, they will be left behind by the constantly shifting market.
This all leads to a scenario that is not profitable, and definitely not sustainable, as companies waste resources building products that don’t have a chance of succeeding once launched.
To get to the future of innovation, where every innovation process generates world-class products, we need to adopt a new methodology – fuelled by intelligence.
Imagine a world where…
- Products developed are sustainable and profitable
- Products consistently resonate with consumers and generate high ROI
- Products can easily adapt to changing habits and regulations, continuing to boost profit
If that sounds ideal, it’s all reachable through innovation intelligence.
This is where consumer intelligence, in the form of robust, predictive insight, is used to validate all product decisions that are made, so businesses can avoid the issue of blind innovation.
- Blind innovation occurs when concepts are progressed based on subjective fact, small and ineffective research samples, or the highest paid person’s opinion, leaving much to chance.
It’s evident – to negate the high failure rate we see today, the way we innovate needs to change, else we risk a future that is unsustainable and difficult to navigate.
We learnt more about innovation for the future at our recent Virtual Conference, Innovate 2.0. We joined industry experts from Waitrose, Iceland, and more, to discuss real-world solutions to the challenges we face.