New product innovation is the lifeblood of the consumer goods industry. Leading CPG companies like Welch’s – a food innovator since 1849 – understand that they must continuously improve existing products and introduce winning new products to the market to stay ahead in the competitive global marketplace.
Welch’s wanted to grow market share faster than the industry average. To enable this transformational growth, they expanded into newly targeted categories. This required product innovation to align with the new market strategy, and the ability to make continually informed decisions based on trusted data.
How does Welch’s make more profitable NPD investments? The company has taken a transformational approach to innovation, process efficiency, and portfolio management that enables smarter decision making. With this new approach, the “big bets” paid off.