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.



INSIGHTS:

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.

CHALLENGE:

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.

SOLUTION:

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.


Result

Reduced
-0%
in cost of goods
Opened
0+
new doors

Takeaway

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.

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We partner with our clients to develop and execute realistic growth plans that add real value and serve people, planet, and profit.