Beyond product innovation
Commercial innovation in brand communication, promotion, packaging or product reworking can be more effective than new product development.
The first response for a brand challenged with growth is to develop new products or services. This has led to many success stories and is an important part of any innovation strategy, however this approach comes at a cost. Launching new products is expensive, can dilute or damage your brand proposition, can cannibalise existing SKUs, and does not always result in a stronger trade or consumer story. By only responding to a growth challenge with NPD, you risk creating a marketplace that is messy, complex and difficult to navigate for the consumer and the trade.
But if we think about innovation in the broader sense of the word, we create opportunities and open ourselves up to finding alternate paths and other places to unearth bigger, stronger and impactful solutions through 'commercial innovation'.