Get insights into how big companies create new products and change industry directions based on a strong customer focus.
This Blog post will help you capture innovation practices in different product areas based on successful product launches in the consumer packaged goods industry. The main focus is thereby always on value creation for the customer.
Long-lasting companies all have one thing in common: They succeed by reevaluating their business and its external environment over time, therewith constantly capturing value through iteration and customer interaction.
Anheuser-Busch InBev, the giant drink and brewing company showed how customer insights can be used for product launches. Budweiser, one of the most successful brands from AB InBev, also sells a lighter version called Bud Light, including different taste versions like Lime. While closely observing their customers, AB inBev noticed, that people use the Bud Light Lime especially for making margaritas. This led to the creation of the LIME-a-RITA:
A malt-beverage drink in a can. Two years after the launch, the drink led to nearly $500 Million in sales. After that success, AB inBev created a whole line of “Ritas”, including "Straw-Ber-Rita" and the seasonal "Cran-Brrr-Rita". This example shows how important it is to be as close to the customer as possible. Oftentimes creativity and innovation within the firm and its products is steered by ideas of customers themselves.
Wheat Thins is a great example that innovation is not only limited to the company’s point of view or the market conditions but also has to include current consumer trends. Nabisco, the producer of Wheat Thins and an affiliate of Mondelez International had seen declining numbers for the healthy cracker segment. Accordingly, Linda Lee, former Senior Director at Mondelez International, had to act. First she looked at internal processes and the firm itself but could not figure out what was going wrong. However, looking at the market conditions, Lee realized that also the market for healthy crackers was not the problem and was in fact increasing. The real problem turned out to be that the healthy crackers were made out of wheat, since more and more people in the US turned towards a gluten-free diet. Understanding this new consumer trend, Nabisco came up with “Good Thins”, a potato based healthy cracker and turned it into a huge success.
Again, the focus was on the customer in order to innovate. Monitoring upcoming trends is key for companies to anticipate changes in consumer behavior. To always adapt to customer needs, you should therefore not only focus on your own narrow industry but look across other industries that are influencing yours and that might offer substitute products.
Nestlé's Butterfinger is an example of how value propositions need to constantly adapt to consumer preferences. The Butterfinger was a key product in the US snack and confections market. However, sales for the Butterfinger were stagnating. Jeremy Vandervoet, Director of Marketing, had to undertake something. In 2014, as one of the early users of Pinterest he discovered that while people still liked the product, they rather saw the Butterfinger as an ingredient for other dishes and not as a snack. Taking this knowledge, Nestlé came up with the idea of creating Butterfinger Peanut Butter Cups and thereby challenging the successfully selling competitive product "Reese’s Peanut Butter Cups". It showed the combination of a snack that customers really like with an ingredient that was very popular as well. The Nestlé Launch was so successful that even Reese’s tried to implement this crunchy aspect into its product.
Here it becomes obvious that in the beginning of creating a product, companies try to fulfil the needs of their target segment. However, those needs adapt over time and might also not always be fully understood. The value proposition therefore needs to be revised constantly to stay competitive. For a long-term customer focus, a constant process of iteration is required, identifying what creates the most value for customers. One effective tool to create new value propositions is to draw value curves in the strategy canvas. Like this, Nestlé was able to compete with one of the best selling confections in US history.
All of these success stories show that an outside-in approach is crucial to continuously create value for customers. Monitoring customer preferences, trends and behavior is key to stay competitive, especially in the industry for consumer packaged goods.
this is a toolkit on how to invent, adopt or adapt ideas that can deliver better results.
We talked to Tina Lindeløv, Innovation manager at Lantmännen Unibake -Schulstad, about product innovation in the baking industry and their company’s specific innovation processes.
Really Good Innovation talked to Anton, Director of Development from Soundboks, about the company’s innovation processes, their culture and the future of the speaker industry.
Michael, CEO of Plant Jammer, shared with us crucial insights on how to continuously be innovative. At Plant Jammer, everyone is included in the innovation process.
Get insights into how big companies create new products and change industry directions based on a strong customer focus and the analysis of new consumer trends.
We talked to Bert Goren, Product Director at SWISS, about how he structures Innovation in his projects and what is needed to bring more SWISSness back to the iconic brand of the airline.
Kim and Mauborgne show you how to move beyond competing, inspire your people's confidence, and seize new growth.
Eric Ries reveals how entrepreneurial principles can be used by businesses of all kinds
Bill Gates shares what he's learned in more than a decade of studying climate change and investing in innovations.
The epic disruption of the ad business (and Everything Else) - few industries have been affected as strongly by the digital age
The fullest account yet of the rise of one of the most profitable, most powerful, and oddest businesses the world has ever seen.
A story about a wildly imaginative company to reveal the strategies and secrets it uses to turn out hit after hit.
A powerful and compelling book on unleashing the creativity that lies within each and every one of us.
An innovation classic. Clay Christensen’s work continues to underpin today’s most innovative leaders and organizations.
Understand why firms need to innovate, how they can compete and what role innovation has in shaping strategic decisions.
The course introduces social innovation, its concepts, mindset and skills to start thinking along its lines and use it to succeed.
The course introduces the concept of design thinking, how to use it and what it is used for.
Plot the performance of your value proposition against competitors or against potential substitutes to develop new strategies.
Zoom in on the problems that your users want to solve and identify opportunities as white spots where competition is still limited
Develop a thorough understanding of your customers, of what value proposition you offer them, and how the two parts fit.
Are you working in an innovative environment and looking for ways to generate ideas in a structured way? Use design thinking.
Learn how any company, from a startup to a multinational, can become an Exponential Organization and grow to the next level.
Understand how outstanding companies can do everything right and still lose their market leadership, or even disappear altogether.
Bring meaning and inspiration into your organization with this practical tools for contemporary forms of organizing and leading.
Examine issues regarding the collaborative use of Intellectual Property and its impact in the innovation process.
Use this template to describe the details of how your organization creates, captures and delivers value to its customers.
Structure feedback from stakeholders and draw conclusions on how to change your value proposition for the better.
Understand a specific target group by designing a customer persona profile in order to address their needs appropriately.
Use the empathy map to get a deeper understanding of your customers and capture what drives them emotionally and cognitively.
Evaluate the importance and novelty of products or service features and take decisions on what elements to focus on.
Capture insights from your experiments with the help of learning cards and thereby prove or disprove your hypotheses based on data
Use the test card to design all kinds of different experiments to test and validate your business hypotheses in a structured way.
Map the most important drivers of change that could influence your business and bring opportunities for innovation.
Evaluate different trends and their potential market impact by using the trend profile as a structure for your data.
Examine issues regarding the collaborative use of Intellectual Property and its impact in the innovation process.
Challenge everything you thought you knew about the requirements for strategic success and use this book as a handy tool.
Master the five skills of disruptive innovators and move progressively from idea to impact by looking at the best innovators.
Read this book to understand innovation and entrepreneurship as a purposeful and systematic discipline (Peter Drucker).
Read this handbook for visionaries and game changers to defy outmoded business models and design tomorrow's enterprises.
Use the Value Proposition Design to create compelling products and services your customers need and want to buy.
Learn which actions you can take to create an innovation culture in your company, to quickly adapt to changing markets.
Understand how to lead innovation or build innovation strategies to enhance your financial performance and create value.
Understand what innovation is, what it contains, and how to identify and define specific innovation challenges.
Learn the basics of corporate innovation, gain insights on how to start your innovation process and on how to track its success.
Understand and master the concept of business models and learn how to design innovative new business models for your company.
Learn a simple process for the early stages of innovation in order to increase the odds that your innovations will be successful.
The right organizational structure can lead to sustainable growth. Three different approaches are discussed in this article.
Many different types of innovations exist. This article tries to categorize them in a straightforward way.
The founder of the concept of open innovation explains the concept, which includes stronger in- and out-flows of knowledge.
Researchers looked at Apple’s innovations over the years and highlight the importance of incremental innovations.
BCG's annual group report includes a rating of of the most innovative companies in 2019. Check out the list!
Peter Drucker, a guru in the field of Innovation discusses possible sources and core principles of Innovation.
Innovation in technology has become crucial in order to keep up with the speed of technological advancements.
This article describes how Innovation Giants win today and how previous Innovation Giants have been defeated.
These 10 companies missed out on modern innovation management. Those are lessons that help you find the right focus on innovation.
These are real stories about the founders of Wrigley's and Holiday Inn.
Innovation Ecosystems let you incorporate internal and external approaches to idea management.
This article describes six different roles an innovation executive can take on.
While many companies focus on how many ideas they can create, they neglect the implementation rate.
Despite massive investments of management time and money, innovation remains a frustrating pursuit in many companies.
Too many companies tackle new growth without a game plan. Instead, they reuse old growth strategies that worked in the past.
Failure is not only often one step away along the way of creating innovative offerings and offers valuable lessons.
From the DeLorean and New Coke to the Newton and Google Glass, here's a list of the biggest product fails from corporate giants.
Our current storage systems have a shelf-life, but there are researchers trying to use DNA to store all the world's information.
Many people have thought about it for centuries, but are we any closer to seeing people receive a base level of financial support?
90 per cent of startups fail, but what does it take to build a business that succeeds? One that could become a unicorn?
What is the current state of the plant-based protein market and what does that mean for new startups in the space?
How will technology make the experience of ageing easier, and what innovations will allow you to stay in your own home for longer?
Facial recognition technology is becoming widespread as technology companies look to use biometrics to secure information.
Tesla inspires brand loyalty that other vehicle manufacturers can only dream of. Is Tesla the Apple of the motoring world?
Helen Lee Bouygues, founder of the Reboot Foundation, sais that a lack of critical thinking is responsible for many failures.
Esther Duflo, won the 2019 Nobel Prize in Economic Sciences for her experimental approach to alleviating global poverty.
Clive Thompson talks about the innovations that caught his attention in 2019 and what he's looking forward to in 2020 and beyond.
The Dutch multinational started in the 1830s as a publishing house and now earns more than 90% of its revenue from digital.
Innovation expert Ron Price discusses the six stages of innovation and how businesses should use them to have success.
Dashun Wang, associate professor at Kellogg, crunched big datasets to better understand the fine line between failure and success.
Henry Chesbrough, adjunct professor at Berkeley, coined the term “open innovation” over a decade ago.
Stefan Thomke, professor at Harvard, says companies should focus more on experiments instead of intuition.
On this week’s show, we will discuss the growth of IoT devices and the trend of consolidation within IoT.
An accelerated-learning program by MIT Bootcamps for students to learn and practice leadership and innovation principles.
Guy Kawasaki at TEDxBerkeley 2014: Rethink. Redefine. Recreate. His talk is titled The Art of Innovation.
Founded in 1991, Strategyn is a product strategy and innovation consulting firm with an track record of launching some of the fastest-growing products in history.
Design and Innovation consultancy focused on service and product creation through design-led strategy.
A global innovation and transformation consultancy bringing Ingenuity to Life. Growth strategy through disruptive innovation and strategic transformation.
Growth strategy consulting firm focused on helping the leaders of Global 1000 companies to design and create the future, instead of being disrupted by it.
Design and innovation consultancy, focused on growth strategy, Customer Experience design and Product and service design.
Innovators who ask and answer the what-if questions that help organizations imagine new growth futures and make them a reality.
A global innovation firm focused on solving complex problems that matter through a rigorous, interdisciplinary approach.
From private equity to Fortune 500, Capgemini's expertise is both broad and deep, spanning a vast set of sectors, industries, regions, and offerings.
In a world of constant transformation, brand is the fuel for innovation and growth. Landor stands for brand. We live it. We breathe it.We build it.
A design-focused innovation consultancy, LUNAR’s broad array of skills serve their clients all the way through the development process.
Transformation at speed is R/GA’s model aimed at helping companies successfully manage the disruptive forces of technology and changing consumer habits.
Zabala is committed to innovation from within, by participating and working on studies supported by the European Commission.
Five key principles on the origin of great ideas, from the gut feeling to the importance of connectivity and collaboration.
We have to re-learn creativity as we grow up, and luckily there are multiple ways to do so: Balder Onarheim at TEDxCopenhagen
Claire Maden at TEDx about what workplaces will look like when next generations reach employment age
Design Thinking helps you break through your messiest business problems with a systematic approach to uncovering creative insights