For Consumer Packaged Goods Professionals

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	March 16, 2005 Consumer-Focused Innovation Deeper Consumer Insights Will Reshape The Consumer Products Industry by Christine Spivey Overby with Sharyn Leaver, Navi Radjou, Rachel Beckhardt, Sean Meyer	Average: 8  (2 ratings)

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Executive Summary

Seismic consumer trends related to price, loyalty, brand awareness, and emerging markets are threatening the revenue and margin growth of consumer products (CP) companies. But today, CP firms do not have the optimal processes or technologies to convert consumer insights into profits. To remain relevant, these companies must master a new approach — called consumer-focused innovation — in which consumers play an active role in process redesign, product development strategies, and new channel development. Brands that learn to identify consumers' latent needs and partner with retailers for "entwined" outcomes will avoid the commodity death spiral.

TABLE OF CONTENTS

• New Consumer Trends Reshape The CP Industry
• Consumer-Focused Innovation Steals Share And Opens New Markets
• Consumers Are Active Co-Innovators
• Consumers' Latent Needs Are As Important As Their Explicit Needs
• Experience Trumps Products

RECOMMENDATIONS

• Efforts Must Involve Marketing, Sales, And IT

WHAT IT MEANS

• Consumer-Focused Innovation Will Reshape Industry Partnerships
• Supplemental Material
• Related Research Documents

This is an excerpt

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