The Path To CPG Innovation Is Wide Open

Consumer packaged goods (CPG) companies are facing a daunting challenge: finding ways to differentiate their products among a sea of competing offerings. Incremental changes will not suffice; nor will strategies that focus solely on internal research and development (R&D). Enter open innovation, which provides CPG product strategy professionals an unparalleled opportunity to expand innovation. CPG companies have: 1) large employee bases to tap into using internal platforms; 2) extensive partner networks that can benefit from innovation as well; and 3) millions of customers across dozens of product categories who can help surface unmet needs in the marketplace. By making the most of their open innovation initiatives, CPG product strategists can make the right incremental improvements in their products to drive near-term results while also pursuing more disruptive or transformative innovations that can deliver a big payday farther down the line.