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

Bashful Group Launches Specialist Creative Agency
  • Advertising

Bashful Group Launches Specialist Creative Agency

Bashful Group has unveiled a new specialist creative agency that provides 360-degree services across the luxury, fashion, beauty and lifestyle sectors. Smile Agency was launched by Bashful Group CEO and co-founder Simon Bookallil, along with co-founder and creative director Emil Vrisakis and business director Jolene Cornford. It will offer services such as strategy, creative, production, […]

Apple Unveils ‘Better You’ Campaign For Launch Of The Latest Apple Watch
  • Advertising
  • Campaigns

Apple Unveils ‘Better You’ Campaign For Launch Of The Latest Apple Watch

They haven’t exactly taken the world by storm as Apple would’ve hoped, but it appears the planet’s first trillion dollar company is persevering with its Apple watches all the same. Cue latest campaign to promote the new Apple Watch Series 4. The campaign, titled ‘Better You’, shows a young bearded man morph into multiples of himself as he […]

by B&T Magazine

B&T Magazine
oOh! Taps Virgin Mobile CEO As Chief Customer Officer
  • Media

oOh! Taps Virgin Mobile CEO As Chief Customer Officer

oOh!Media has appointed former Virgin Mobile chief executive officer David Scribner as its chief customer officer, a new role to support the company’s strategy to deliver on its vision of being a new out of home media company. Scribner, one of the few former chief marketing officers who was elevated to CEO, brings proven experience in […]

Sunday TV Wrap: The Project’s Serena Williams Coup Fails To Rate As Ten’s Share Hits Worrying Low
  • Media

Sunday TV Wrap: The Project’s Serena Williams Coup Fails To Rate As Ten’s Share Hits Worrying Low

It was arguably The Sunday Project’s coup of the year – a one-on-one interview between star recruit Lisa Wilkinson and tennis ace Serena Williams, yet once again the show failed to pull an audience last night. Despite Williams’ reluctance to answer any questions about her recent US Open meltdown and Wilkinson’s admirable persistence, last night’s episode struggled to […]

by B&T Magazine

B&T Magazine
Officeworks & Initiative Renew Media Contract
  • Media

Officeworks & Initiative Renew Media Contract

After a closed review, Initiative has successfully renewed its national media planning and buying communications contract with one of Australia’s leading every-channel retailers, Officeworks. The renewal continues a partnership that started in 2008. Initiative drew heavily on its knowledge and experience in the review period to forecast tangible efficiencies and effectiveness for future Officeworks media investments. […]

Study: 93% Of Aussie Parents Want Water Marketed To Their Children
  • Marketing

Study: 93% Of Aussie Parents Want Water Marketed To Their Children

A new study by parent advocacy group Parents’ Voice has found that 93 per cent of Australian parents agree that water should be the default option in kids’ meals and have labelled the fast food outlets as main culprits for promoting sugary drinks. The advocacy group is increasing the pressure on fast food companies with a new […]

IsoWhey launches #YouGotThis Weight Management Campaign Via Indie Agency Urban
  • Advertising
  • Campaigns

IsoWhey launches #YouGotThis Weight Management Campaign Via Indie Agency Urban

Australia’s leading health and wellbeing brand IsoWhey has launched its latest national campaign, ‘#YouGotThis’. Created by Urban, the campaign highlights the real-life struggles Australians face on their weight management journey. A journey made easier through perseverance, and a little help from IsoWhey. The #YouGotThis campaign is IsoWhey’s biggest marketing investment to date, with executions running […]

Taking A stand? Just Do It…Maybe
  • Marketing
  • Opinion

Taking A stand? Just Do It…Maybe

In this guest post, creative and strategy director at WE Buchan, David Coupland (pictured below), takes a look at the fallout from Nike’s Colin Kaepernick campaign and says what it also does is show the importance brands now play in our lives… Nike’s decision to feature Colin Kaepernick as the face of their 30th anniversary “Just Do It” campaign […]

Opinion

by B&T Magazine

B&T Magazine
How To Optimise Branded Keywords
  • Marketing
  • Opinion

How To Optimise Branded Keywords

In this guest post, CEO of Delacon, Michael Center (pictured below) talks the value of branded keywords for marketers and offer his tips on getting the best from yours… Branded keywords are an essential part of the digital marketing strategy for many large businesses. Trading on the recognition and equity of a brand’s name, some of the country’s […]

Opinion

by B&T Magazine

B&T Magazine
OLYMPUS DIGITAL CAMERA
  • Marketing
  • Opinion

Expertise First, Influence Second: When Influence Is A By-Product Of Expertise

In this guest post, Taryn Williams, CEO and founder of influencer and creative talent marketplace theright.fit, explains why influence should be a by-product of success, not the foundation for it… Like any form of advertising and promotion, influencer marketing is not without its controversies. Earlier this year Australia’s Federal Minister for Health, Greg Hunt, ordered […]

Opinion

by B&T Magazine

B&T Magazine
Ford & Facebook Invite Aussies To Personalise 2018 Mustang With New In-App Experience
  • Campaigns
  • Marketing
  • Technology

Ford & Facebook Invite Aussies To Personalise 2018 Mustang With New In-App Experience

Ford Australia has unveiled a new innovation that showcases the iconic Ford Mustang through a collaboration Facebook and Instagram. The interactive campaign invites Facebook and Instagram communities to take part in a live poll to identify Australia’s ultimate Mustang design. Targeting performance car fans, along with design lovers and image-conscious consumers, Ford and its partner […]