Innovation is a major driver of growth yet statistics suggest that around 80-90% of all new products fail and industry executives are generally disappointed in their ability to stimulate innovation. This report is designed to help by effectively aligning NPD activity with substantive consumer trends. It does so by identifying on-trend opportunities that arise from the individualism mega-trend
Scope
- Identifies consumer needs and on-trend product and marketing opportunities that arise from the individualism consumer mega-trend - Global coverage: offers examples of on-trend innovation from across the globe both within and outside of consumer packaged goods - Detailed recommendations and interpretation offering practical strategies based on the trends and insights uncovered in the report - One of a series of six trend specific reports designed to help FMCG companies innovate more successfully
Highlights
One of the major problems associated with innovating successfully is capturing consumers imagination. The annual US based 'Most Memorable New Product Launch Survey 2007' found that even among those with strong brand names, 77% of respondents could not name one of the top 50 new products of 2007 on an unaided basis
The trend towards personalization is becoming more pronounced, with a just-for-me ethos driving a desire for products, services, and experiences that cater to specific needs and identities. As a result, shoppers will increasingly expect additional possibilities by which they can co-create and self-customize
By providing a platform for customization possibilities, companies also enhance the probability of benefiting from word of mouth multiplier effects. Enabling participative consumption also offers an opportunity to command price premiums
Reasons to Purchase
- Ideation and inspiration: spark new ideas by learning from innovative on-trend products and marketing campaigns in the FMCG industry - Trend understanding: familiarize yourself with the key individualism related sub-trends that should be driving NPD and marketing efforts - Understand the most pertinent opportunities to drive brand growth and NPD investment.
