If innovation processes in Consumer Goods are fine as is, why does an 80%+ product failure rate exist?<\/strong><\/p>\n

The standard way we innovate is unfit for purpose. With more than 80% of new products failing to resonate with consumers, and tons of wastage being generated from unsustainable innovation processes \u2013 something desperately needs to change<\/strong>.<\/p>\n

Innovation is key to business growth, and ultimately, improving the quality and offerings of products for consumers and the wider world.<\/p>\n

The solution to the situation we see in the industry is not to stop innovating due to fear of failure, and not to waste money developing watered-down concepts that may be less risky, but certainly don\u2019t generate the high levels of ROI that progress an organisation.<\/p>\n

If businesses don\u2019t adapt, or continue the way things have \u2018always been done\u2019, they will be left behind by the constantly shifting market<\/strong>.<\/p>\n

This all leads to a scenario that is not profitable, and definitely not sustainable, as companies waste resources building products that don\u2019t have a chance of succeeding once launched.<\/p>\n

To get to the future of innovation, where every innovation process generates world-class products, we need to adopt a new methodology \u2013 fuelled by intelligence<\/strong>.<\/p>\n

Imagine a world where…<\/strong><\/p>\n

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• Products developed are sustainable and<\/strong> profitable<\/li>\n
• Products consistently resonate with consumers and generate high ROI<\/strong><\/li>\n
• Products can easily adapt to changing habits and regulations, continuing to boost profit<\/strong><\/li>\n<\/ul>\n

  \u00a0<\/p>\n

  If that sounds ideal, it\u2019s all reachable through innovation intelligence<\/strong>.<\/p>\n

  This is where consumer<\/strong> intelligence, in the form of robust, predictive insight, is used to validate all product decisions that are made, so businesses can avoid the issue of blind innovation<\/strong>.<\/p>\n

  \n
  • Blind innovation occurs when concepts are progressed based on subjective fact, small and ineffective research samples, or the highest paid person\u2019s opinion, leaving much to chance<\/strong>.<\/li>\n<\/ul>\n

    \u00a0<\/p>\n

    It\u2019s evident \u2013 to negate the high failure rate we see today, the way we innovate needs to change<\/strong>, else we risk a future that is unsustainable and difficult to navigate.<\/p>\n

    We learnt more about innovation for the future at our\u00a0recent Virtual Conference, Innovate 2.0<\/strong>. We joined industry experts from Waitrose, Iceland<\/strong>, and more, to discuss real-world solutions to the challenges we face.\u00a0Click here to request access to the recordings from the week<\/a>.<\/p>\n

    <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    If innovation processes in Consumer Goods are fine as is, why does an 80%+ product failure rate exist? The standard way we innovate is unfit for purpose. With more than 80% of new products failing to resonate with consumers, and tons of wastage being generated from unsustainable innovation processes \u2013 something desperately needs to change. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4699","post","type-post","status-publish","format-standard","hentry","category-blog"],"acf":[],"yoast_head":"\n