The Seven Deadly Sins of New Product Innovation
For any company trying to grow, especially CPG manufacturers, product innovation is a necessary and often demanding part of doing business. Consumers today have higher expectations and more choices than ever in both products and ways in which to buy them – so it takes a lot to stand out. Unfortunately, the vast majority of new CPG products being launched today fail to reach their financial goals. How can you innovate in a way that is both profitable and sustainable?
During this episode, Larry Levin, Executive Vice President for Market and Shopper Intelligence at IRI, talks about what it takes to succeed when launching new products in a hypercompetitive marketplace. Larry co-leads IRI’s New Product Pacesetters research – which looks at the most successful CPG product launches – and has worked on product innovation for CPG and other industries through much of his career. He shares his take on the most common – and avoidable – mistakes that are made during the new product development and launch process. His tips on research, market strategy and segmentation for new CPG products can help your company save time and money when you are managing your own innovation projects.