Innovation Workshop
October 12th, 2011
The first Insight NACS “innovation day” was on Monday 19th September and was hosted by yours truly. We didn’t have as much time as we had hoped for or the right format in the space, but we had a good time talking about products! Above you can see our defined equation for new product development. We feel like this is the most appropriate arrangement for how you should develop new products. Some ideas will stick, some won’t and with about a 30% long-term success rate of products that come out to market, you will see that developing products is an evolutionary experience…. ongoing.
While many of the products that we draw from are in the higher price bracket, we look to this category as some of the best innovators and then we find ways to reverse engineer the ideas out to be more efficient and ultimately more cost effective. So, have a look below at some of our favorites!
We followed up with a talk on Thursday on Generation Snack all about the things happening in the industry around snackfood.
Download the presentation… Click here.
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Here is the original write up:
We will look at the success of the UK multiple grocers from a product development perspective. The day will review tangible products and discuss how a successful brand works with examples and open discussion.
How have retailers like Marks & Spencer levered their dedicated supply chain and own brand production, research and innovation capabilities to establish clear blue water between themselves and the competition? We will see for ourselves – our first hosted visit on Monday will be to a dedicated M&S “Food to Go” production facility located in Northampton where we will have a chance to see how a product is developed and manufactured. Delegates will have time to ask questions and to see everything in motion. Then on the coach back, we will begin talking about innovation, pipeline and opportunity, discussing trends and upcoming channels for development and distribution; what’s hot, what’s coming and how you can affect your market with the right product?
Attendees will discuss products and think about how they work. Then we will close the day with several short videos on brands and trends. Partner companies involved in development include Sourced Market and M&S.
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How we would do it next time?
Getting everyone around a round table would be key. There was just not enough time or space to really make the experience full. We would break everyone into groups of 6 and give products in various stages of production so you could pull apart. Then we would practice our innovation THINK TANK workshop and get everyone inventing and drawing. Next time….
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October 12th, 2011
Posted by Rachael
