INNOVATION & PRODUCT DEVELOPMENT
Collaboration is the Backbone of Innovation
When innovation is critical to your success, it makes little sense to go it alone. Collaboration can come from many sources - inside and outside your firm.
In the grocery industry, new product development and innovation is the lifeblood of your company. Without a roadmap to build out an offering that retailers find attractive, long-term success will be elusive, no matter how great your original product is.
One organic gluten-free brand of grocery product had this exact problem. They had a great product but no strategy to create new offerings, and their retail channels threatened to boot the product from their shelves.
Marea Partners worked side-by-side with company leaders working side by side to develop a proper SKU plan for their distribution channels.
Market and competitor analyses highlighted specific areas for growth. Input from key retailers in the organic grocery space, both online and brick-and-mortar, fine tuned a three-year product roadmap. Funding for the product development came from a 12% reduction in cost of goods and more efficient supply chain management. After two product launches, product velocity remains well above category standards, which led to opening over 300 new doors.
A failure to innovate stems from a failure to fully engage in the process of innovation. The collaboration and sharing of authentic experiences - where lessons from past mistakes bring compassion - creates a foundation for product development and innovation that works wonder.