Business Innovation in the Consumer Products Industry
Business innovation is basic in any industry sector, and consumer products sector is no exception. Certainly, the term is overused and often is not much more than an empty concept, but the fact is the consumer has evolved and he is increasingly demanding about what he buy.
The large companies have the resources and personnel to carry out large innovation projects and analyze, develop and implement new products to ensure the future of the company. But small and medium-sized enterprises, how can they innovate? We have to keep in mind that managing an SME, requires prioritizing economic resources and time, and this means, unfortunately, innovation is often relegated to a second term, although a results-oriented and profitable innovation model is mandatory for SMEs in order to grow their business.
What features should have a Product Innovation Model adapted to the reality of SMEs? Here are the 5 essential points:
1. Commercial orientation.
There is no room for projects of questionable applicability or uncertain outcomes. Every project should aim to achieve competitive advantage in a highly competitive market.
2. Optimization of resources.
It's not only necessary to recover every $ invested, it's also necessary to think about the time as a resource and carry out projects that are immediately usable.
3. Product Overview.
It's useless to have an excellent product if your cover letter (the packaging) does not transmit the qualities of the product and does not generate a positive consumer experience, who sees your product alongside its competitors. The product has to be assessed globally, studying how the product generates and satisfies expectations.
4. The consumer as the core.
Incorporate the consumer is key in innovation processes. Consumers are the ones who buy your products and knowing your target and deliver what they expect is the key to seducing them.
Each company is different and has a specific reality. It's essential to adapt the innovation model to each company and not try to apply strictly models designed for other sectors, products or companies.
With all that, the challenge of SMEs is that the consumer perceives that all the elements that define and differentiate their products are consistent with each other and transmit all values of the brand. Definitely, it's all about finding the most effective way to communicate to your potential consumers your product is unique and able to create a great shopping experience.
For more information, visit Global Impetus online and request for a free first consultation.