To many companies, innovation is an event—big, disruptive, and (above all) expensive. But it doesn’t have to be.
In today’s fast-moving, ever-changing retail climate, innovation can and should be treated as a constant component in a company’s evolution. It should be an ecosystem. Always moving, always adapting.
85% of CPG product innovations fail.1 This can be due to a number of factors, but according to a CBInsights study² the majority of startups fail for one of three reasons.
1. No market need.
Does the consumer care for or about your innovation? If the innovation does not meet your target consumer’s “job to be done,” they will not be interested in buying or using it.
2. A lack of cash.
Many small to midsized brands face this issue when starting out. “Failing fast and failing cheap” has become an innovation imperative in today’s fast-paced and resource-starved business environment.
3. A lack of team or resources.
If you are missing a cog in your multi-faceted innovation machine (such as marketing or management support), driving success for your innovation will be a challenge. Enrolling the right resources throughout the innovation process ensures that you have a diversity of ideas AND support to help your ideas succeed.
How can you ensure your product innovation has the best chance of success? Enter Artificial Intelligence or AI. AI is appearing in multiple business processes and...
By Julie McPeek
Founder at Provisor Marketing in 2001 where they’ve worked with numerous brands in a broad range of categories.