The Challenges of Innovation
When you know that 50% of products consumed over the next 5 years are yet to be created, you understand the challenge faced by companies.
- Tomorrow’s sales must be developed today through innovation.
- Innovation sets you apart from the competition.
- You need innovation to be a creative force and meet the distribution market’s expectations.
We have noticed, however, that half of the products launched spend no more than six months on the shelves.
Heavy investment in quality, R&D and production are a pure loss because of unsuitable marketing. Marketing is not only for major international groups, however.
Marketing & Innovation
By analysing failures and trying to understand the errors and causes, we observe that marketing, an essential stage in the innovation process, is too often neglected by companies. This neglect wipes out the work and investments already made and reduces a product’s chances with consumers to nil.
There may be no recipe for success, but there are undeniable conditions for failure.
- What are the simple, common sense rules which singularly improve a new product’s chances for success? Knowing that two-thirds of consumer decisions to buy are not planned and are made in store by consumers who dedicate an average of 26 minutes to their shopping and… 10 seconds for each type of product.
- Understanding, with proof by example, the 10 errors to avoid to give a new product launch every chance
- Say too much about it
- Say too little about it
- Forget the product benefit
- Irrelevant benefit
- Complex and poorly understood message
- Difference for difference’s sake
- Product codes are not observed
- Basic packaging rules are neglected
- Simple copy of a foreign concept
- A price that does not reflect the perceived value of the benefit