Helping a "slow follower" become a category leader
Situation:
Client was losing market share and innovation capabilities after years of focus on cost management. This consumer products company's innovation organization was under pressure from senior management to improve their innovation performance. Leadership could point out missed product launches, poor product executions, product failures, recalls and budget over-runs as evidence that they could not continue with business as usual. In addition, the new products that did launch were increasingly distant from their category leaders in terms of launch timing, customer appeal, and differentiation.
What We Did:
Developed a technology strategy, that was implemented through technology platforms, that was consistent with their core capabilities and business categories. Through training and workshops we helped them identify and prioritize specific categories where they had a position of strength, or the potential for establishing a leadership position in the market. With the use of our POPS
innovation portfolio management application we were able to support targeted investments in technologies, personnel and capabilities that would support marketing strategy.
Results:
Within one product cycle the company's innovation organization was able to commercialize new products with category leading performance, branding and costs. With the success of these new launches they achieved aggressive revenue targets ahead of schedule which was reflected in a corresponding increase in the company's stock price. Their culture has had a dramatic, positive, change, now considered in the same category as their industry's leading companies.
