Innovation: getting to the heart of the consumer

In this article, Michael White, Vice President, Panels and Communities at MarketTools, argues that traditional methods of developing new products will not come up with the break-through innovations that today's consumer demands.

Innovation: getting to the heart of the consumer

Michael Waite

For years FMCG companies, many of them household names, excelled at developing new products and services. Year on year, they produced a stream of high-quality goods that not only provided the consumer with convenience and reliability, but returned excellent profits. However, the situation today is quite different. These companies are finding it increasingly difficult not only to innovate, but to innovate profitably.

It has been argued that for companies to win and keep customers, marketers need to focus on being better than the competition at giving people what they want,...

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