What causes a consumer to pull a product into their lives? Simply put, we bring a product into our lives because it meets a need or desire. That’s the crux of Jobs Theory: doing a job that needs to be done.
Globally, more than six-in-10 respondents (63%) say they like when manufacturers offer new products. But while consumers across the globe are enthusiastic about new products, their purchasing patterns vary widely.
Betting on winners and never losing might sound as fictional as a time-traveling DeLorean, but a panel at the recent Consumer 360 conference discussed strategies for using big data as an almanac that can lead to big business outcomes.
Innovation matters. In the consumer product realm, it can drive profitability and growth, and it can help companies succeed—even during tough economic times. On the opposite side of the sales counter, consumers have a strong appetite for innovation, but they’re increasingly demanding and expect more choice than ever before.
Shoppers never stop shopping, and retailers must evolve to stay ahead of the pack and keep consumers engaged. And today, brick-and-mortar stores need to innovate continually to compete with e-commerce's growing appeal and loosen consumers still firm grip on on their wallets.
While it’s immensely challenging to develop and deliver innovative products and services in today’s world, it’s impossible to do so if a company actually believes it’s not capable of delivering a breakthrough.
We are proud to continue our Lessons in Innovation Leadership series with a Q&A with Sanjiv Kakkar, Executive Vice President of Unilever Russia, Ukraine and Belarus. This series showcases experienced business leaders who have led, and learned from, significant innovation initiatives.
Millions are spent every year developing new consumer packaged goods products. In Canada alone last year, 55,000 new items were launched, accounting for an impressive $3.7 billion in retail sales. Of course, we all know that most new products don’t last. An estimated 80 per cent exit the market quickly or soon become vulnerable to being delisted due to poor sales performance. Nielsen examined 600 product launches. Based on these and the testing of 20,000 initiatives, we’ve identified 12 criteria in five different categories that every product must meet to be successful. Use our checklist to rate your own new product launch.