RETHINKING BRAND INNOVATION

WHY DOES BRAND INNOVATION FAIL?

Innovation is often cited in annual reports as the number one or two growth strategy of corporations. And yet, 70% - 90% (depending on the category) of new products are pulled from the shelves within the first twelve months of launch*.

Why does brand innovation fail so frequently? Here's our opinion:

1. Brand innovation is too sequestered.
   For an idea to succeed, it needs to be created with and championed by each person and department that will have a hand in its success.

2. The "funnel" development model is stagnant and inconsistent.
   Too often, product concepts are developed and tested in artificial environments instead of in the real world with real consumer feedback. For true brand innovation, you need freedom from risk aversion, growth pressure and unclear quant models.

3. The marketplace reveals problems too late.
   The issues above often result in too many unforeseen problems once the product goes to market. Worse, the failure of some of these amazing ideas is preventable.

HOW BRANDJUICE APPROACHES BRAND INNOVATION.

At BrandJuice, our innovation consultants create Ideas People Buy™. And when we say "people," we mean everyone involved: the brand manager, the R&D department, sales, store buyers and others— not just the shopper in aisle five.

All these people want and need different things, all of which are crucial to success. If one link in the chain breaks, innovation fails. But when everyone's expertise, opinions, wants and needs are addressed, the brand innovation process can fulfill on its promise.

So that's what we do. And we've come up with some really effective ways to make the whole brand innovation process work. It's in our approach. It's in our success stories. It's even in our innovation book. Whether you're bringing new products from white space to shelf space or super-charging an existing or fledgling brand, we can help.

* Eager Sellers and Stony Buyers. Understanding the Psychology of New-Product Adoption. Harvard Business Review, June 1, 2006. John T. Gourville.