Every year, thousands of new consumer packaged goods (CPG) brands are launched - over 9,500 new brands in 2013 alone. In a crowded and increasingly competitive market, it is critical for consumer goods leaders to bring the right products to market with speed – making it essential for organizations to establish innovation and new product development practices alongside effective execution.
Sopheon is pleased to announce that among this year’s IRi New Product Pacesetters list, a significant number of brands launched by Sopheon customers appear on this prestigious list. The IRi ranking of top performing CPG brands brings to light the organizations that have approached innovation and new product development with success and launched powerful products in 2013 – the top brands on the list represent average earnings of $35 million, with a majority earning well over $80 million USD. While these earnings are important, the benefits of launching a successful brand extend beyond monetary figures – category leadership, notoriety and competitive advantage can have a lasting effect on other brands in the portfolio and boost future product launches for the organization.
On this year’s list, 50% of the top ‘Food & Beverage’ and ‘Non-Food’ brands came from Sopheon customers, accounting for over a billion dollars in year one sales. Across the entire list of brands recognized by IRi for achieving this critical CPG industry milestone, twelve product launches came from Sopheon customers.
Bryan Seyfarth, Director of Consumer Goods at Sopheon, commented:
“We are honored to be associated with so many of the product launches recognized by IRi as the most successful CPG brands of 2013, acknowledging the success these organizations have achieved through innovation performance. For over a decade, we’ve worked with consumer goods organizations to implement solutions and best practices that support the entire innovation and new product development lifecycle. Sopheon is committed to helping customers improve the success rates of new brands by getting the right products to market with speed and success.”
To learn more about Sopheon’s work with firms in the consumer goods industry, visit these resources:
- The Consumer Goods Innovation Exchange Series: A program facilitating knowledge-sharing between peers in the consumer goods industry through real-life stories from innovation professionals – including PepsiCo, Kimberly-Clark and the J.M. Smucker Company.
- Turning Great Ideas Into Great Consumer Products: This eBook highlights five principles that can help elevate your portfolio of ideas to become great products.
- Overcoming Barriers to Sustainable Market Differentiation: Making Product Portfolio Management Real: Download this whitepaper to learn portfolio management principles that can help your organization build a framework for managing your portfolio effectively.