You've probably heard that organizations that are leaders in being insight-driven report far higher levels of consumer engagement and market growth than their laggard counterparts. However, it can be hard to turn an organization when they've never been exposed to them before or are stuck in their ways. This paper will walk you through how Nature's Way went from utilizing insights and analytics to craving them, which has resulted in +5% growth vs. YAGO overall, +4% for our Alive! Brand, +25% for our Fortify brand, +80% for our Samcubus brand, and +15% for our Umcka brand.
Innovation in many industries used to start from technical capabilities: R&D developed a new product based on technical innovation, and then the question that needed to be addressed was: to whom can we sell this? Depending on the source, data suggest that this product-focused approach has contributed to failure rates anywhere in the range from 67% to 95% for new product innovations. Given the cost associated with developing and launching new products, companies have been transforming their approach to innovation, based on research findings regarding drivers of innovation success. These findings consistently point to the importance of benefits for the consumer, the extent to which innovations outperform competition in meeting consumer needs, and the newness and uniqueness of the innovation (see figure 1). So a switch to more consumer-centric innovation entails looking at the business from the consumer perspective and using this perspective to design new, engaging and memorable experiences. It fundamentally requires a switch from product focus to problem focus.