Most consumer goods (CG) firms identify at least three fundamental strategies to grow revenue and profit:
- Product innovation: New product development expressed as either extensions to existing brands or new brands/categories;
- Commercial innovation: Added revenue generation from existing products through non-product related tactics, primarily brand advertising and promotional activities; and
- Process innovation: Growing margins via innovative programs to reduce the bottom-line via greater efficiency in operations and reduced costs.
There are many reasons consumer goods companies struggle in the pursuit of their innovation objectives, but Sopheon’s research and experience show that these causes generally fall into four distinct categories discussed in the whitepaper.
For most Consumer Goods companies, the base innovation methodology is the gated process. Our experience indicates that even leading consumer goods companies sometimes struggle with operating these processes effectively. This paper offers principles and best practices for surmounting the barriers or road blocks that can interfere with successful gated process execution.