Brands Need To Be Ruthless About Whether Their Products Are Worth It Or Not

Brands Need To Be Ruthless About Whether Their Products Are Worth It Or Not
SHARE
THIS



In this opinion piece Sharlene Zeederberg tells us why need to do innovative thinking, and not just produce innovative products.

We’ve all heard the saying “innovate or die”. It is no doubt true that in a constantly changing world, the ability to adapt to changing needs, competitor activities and market situations is absolutely key to both the short and long term survival of a business.  In fact, according to Unrelenting Innovation, companies need to be ruthless about innovating, even to the point of cannibalising their own products, if they want to stay ahead of the pack.

The importance of innovation is perhaps most apparent in technology related fields, where the rate of change is unprecedented and global.  Apple and Google are good examples of the power and value of innovative cultures.  Blackberry, Palm and Kodak may well be examples of what happens when you fail to adapt quickly.

But, how important is this ruthless style of innovation to FMCG companies, where needs and behaviours from a consumption point of view are not changing anywhere near as fast?

Don’t get me wrong, innovation is essential and an innovative, ideas culture absolutely ideal.  But is product innovation always the best way to achieve your short term marketing goals?  Every year hundreds of new products are launched onto the market, at great cost and time.  Very few of these can be considered successful enough to justify the expense.  Especially when you consider the opportunity cost of resource taken away from making existing, successful products even more so.

In fact, taking an innovative approach to marketing an already successful product may well have a more positive impact on profit than launching a new extension, range or brand.  Coca-Cola Classic will remain an enduring example of innovating for innovation’s sake.  The “share a Coke” campaign is an example of clever (and successful) marketing innovation to drive sales of an existing product.

Of course, there is absolutely a need for vigilance and for innovation in the products offered to consumers by FMCG companies.   But perhaps the starting point to this is not “we need innovation,” but rather “what threats are there and how can we address them?”

Please login with linkedin to comment

EchoJunction plaut

Latest News

Sydney Uni & JWT China Connect Human And Machine Learning With Creativity
  • Media
  • Technology

Sydney Uni & JWT China Connect Human And Machine Learning With Creativity

How will the future of work look for creative agencies?  How can technology be applied to the creative process – can it be automated? These are the key questions to be grappled with by University of Sydney academic experts and students in a new partnership with international advertising agency J. Walter Thompson China, in Shanghai. […]

Suncorp Appoints OMD As Master Media Agency
  • Advertising
  • Media

Suncorp Appoints OMD As Master Media Agency

OMD Australia has been appointed Suncorp’s Master Media Agency to manage the media planning and buying for the group’s network of brands including Suncorp, AAMI, GIO and Apia. The appointment of OMD comes after Suncorp confirmed it was reviewing its media account in October, putting incumbent Starcom on notice. It also coincides with the company’s move to a network […]

ABC Unveils Its Content Line-Up For 2019
  • Media

ABC Unveils Its Content Line-Up For 2019

The ABC has put recent management turmoil behind it to unveil its 2019 schedule. Highlights include the return of fan favourites Shaun Micallef’s Mad as Hell, Julia Zemiro’s Home Delivery and Anh’s Brush with Fame. David Anderson, ABC acting managing director, said: “The ABC tells the story of Australia and in 2019 we have many great […]

Seven Ways To Apply Speech Analytics In Marketing
  • Marketing
  • Opinion
  • Technology

Seven Ways To Apply Speech Analytics In Marketing

In this guest post, CEO of Delacon, Michael Center (pictured below), says speech analytics has a myriad of useful applications for any business and here he outlines seven applications to improve your marketing… Speech analytics data collected from calls made by potential new customers allows businesses to drive greater personalisation in the online environment and create […]

Opinion

by B&T Magazine

B&T Magazine
Stockland Tells Aussies To ‘Give A Little Christmas’ Via CX Lavender
  • Advertising
  • Campaigns

Stockland Tells Aussies To ‘Give A Little Christmas’ Via CX Lavender

Stockland has unveiled its 2018 Christmas Campaign, launching across its national social and owned media channels. Titled ‘Give a Little Christmas’ the ad is by creative agency CX Lavender and celebrates the spontaneous, unplanned and unexpected moments that make Christmas special and can bring a community closer. Ben Allen, general manager marketing at Stockland, said: “At Stockland, we believe […]

Harper’s BAZAAR Devotes December Issue To Conservation
  • Media

Harper’s BAZAAR Devotes December Issue To Conservation

The December issue of Harper’s BAZAAR, on sale today, celebrates a unique collaboration between the luxury lifestyle title and Australia’s iconic Taronga Zoo. Fronted by Australian supermodel and mother of two, Gemma Ward, the December issue is devoted to raising awareness to the work Taronga Zoo, and the newly established Taronga Institute of Science and […]

The $400,000 Problem Of Storing Media Assets
  • Media
  • Opinion

The $400,000 Problem Of Storing Media Assets

In this gust post, Collaboro CEO Warwick Boulter (pictured below), says too many marketers aren’t taking care of their very expensive media assets and offers his tips to ensure you safeguard yours… A business’ digital media assets form a significant part of its overall asset portfolio. Maximising the use of these assets and protecting them against loss is […]

Opinion

by B&T Magazine

B&T Magazine