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.
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.
Marketers are constantly on the look-out for avenues that can drive exponential business growth and lead to success in the marketplace. Innovation, rather the creation of breakthrough innovation, may well be that winning formula.
Nielsen CXO Perspectives with Harsh Mariwala, Founder and Chairman, Marico where he discusses how one can break the clutter to stand out with the right marketing, innovation, and the India opportunity.
Year after year, thousands of products across brands and organizations hit the retail shelves. Some succeed, whereas most fail. But every once in a while, comes along a product that changes the rules of the game and witnesses unprecedented success. This miniscule percentage falls within the realm of what we call ‘breakthrough innovation’. Scaling this summit is not easy but there are some fundamentals that can help you achieve this. The 'Breakthrough Innovation Report' is a deep dive into the competitive world of innovation in the fast-moving consumer goods space.
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.
There are more than 600,000 villages, and granular data for many of them doesn’t exist, increasing the task of reaching the ones that offer the highest return. So the need of the day is market prioritization. So how do marketers make the most of these markets, create effective go-to-market strategies and effectively tap the bottom of the pyramid (read rural India) in such a situation?
Innovation isn’t easy. Globally, at least 90 percent of new product introductions fail in the year they launch. India is often viewed as a hotbed of innovation, but truth be told, the odds of launching a breakthrough success in this market may not be meaningfully better than anywhere else in the world.
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.
Looks can be deceiving in India’s fast-moving consumer goods (FMCG) market. In spite of the sector’s stable, growing and lucrative appearance, it remains highly elusive and competitive. It’s also very sensitive, as one new product or a simple innovation can change market share in just a matter of days.
An ever-evolving strategist of a brand, PepsiCo has over the years set high standards in terms of corporate social responsibilities, environment conservation and most significantly, profitable business.
Companies need a different process for funding innovative projects. I call this idea "innovation capital markets," and it's a system that's a hybrid of venture capital, general capital and corporate budgeting.