Out of almost 17,000 product launches in the FMCG sector in India,a mere 23 can claim to have been a success according to a new study. The FMCG industry is booming with an innovative mindset to break through the barriers which come in between them and product development. FMCG is an industry having most innovative categories in its portfolio to offer their customers. “Success is no fluke” and it’s accepted by personnel in FMCG Industry yet not practiced at product development stage. The constant pressure to stay ahead in the market with product launches leaves behind the reasons for making a new product, discovering the types of products consumers want to purchase.
Brand power alone will not drive your product in the market, strategic innovation is the key to success in FMCG industry.
Keys to Success in FMCG INNOVATION
- Consumer definition:
If you have clearly defined the consumer trends, chances are that your innovation will be fruitful and will ascend on your product sales sheet.
- Say No to “Internal Pressure”:
Internal pressure in the organization to launch a new product can be distressing. Do your market research and study the real interest in people who are wanting to try unique products.
- Offer an unalloyed difference in your category:
Utilize the essence of Open Innovation can produce companies to harness the power of an external ecosystem consisting of SMEs/Startups/Incubators/Accelerators/Universities. It allows them to use a collective intelligence to create sustainable new product development outcomes. You should deliver a new value proposition to the market which is in line with the demand led principles of the consumers and can make yourself available to the core consumers.
- Perform Innovation Walkabout:
Grasp Ideas from employees of the organization, keep the conversation open and flexible without any agenda. You will receive great insights on improvement with integrity.
- Insulate funds for improvement and Innovation:
Measure spending across categories and then be disciplined about segregating funds for improvement and Innovation. Initiate fewer projects. Track fewer measures and integrate these initiatives with much higher quality.