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?”
Ad Standards confirmed today that it has appointed Mr Richard Bean as an interim Independent Director for Complaints Handling, to supervise the work of Ad Standards’ community panel and industry jury, after its former CEO left in June. “Richard has held senior management roles in both the private and public sectors. As a former Deputy […]
Radio is alive with possibilities for advertisers in the next phase of the commercial radio industry’s Radio Alive campaign, which promotes radio’s key strengths in delivering real results for Australian businesses at a time when they need it most. Showcasing radio’s strong reach, exceptional speed to market, ability to target new and existing consumers and […]
Ad Standards has appointed Richard Bean (main photo) as an interim independent director for complaints handling, to supervise the work of Ad Standards’ community panel and industry jury, after its former CEO left in June. Ad Standards Chair, Mr David Scribner said: “Richard has held senior management roles in both the private and public sectors. […]
The drunk antics of customers in a fast-food restaurant at 11pm would probably give most burger chain marketers more heart palpitations than one of the greasy triple cheese burgers. But not so Burger King Brazil, who has cobbled together iPhone footage of customers behaving very badly and turned it into a wonderful new spot spruiking […]
Half of Aussie marketers are waiting for better times before committing budget and shift to online set to accelerate, a new study by the AANA has found. Some 68 per cent SMBs and 87 per cent of large businesses still have marketing related spending budgeted for the next six months according to new research commissioned by […]
Nine’s annual Upfront presentation is going virtual for the first time, with the 2021 event showcasing Nine’s television, radio, digital and publishing slate for the year ahead. Nine will use its virtual 2021 Upfront showcase to illustrate the way it works with partners in the short, medium and long term as society and business finds […]
A police recruitment ad has been pulled – and subsequently lampooned – for looking too much like an action movie and nothing at all like the day-to-day duties of the average police officer. The recruitment video for Guernsey Police has been taken down after being mocked on social media for the way it portrayed a […]
Locked down Victorians who don’t currently have an Optus Sport subscription will have complimentary access to Optus Sport from this weekend to enjoy the UEFA Champions League tournament plus access to premium health and fitness content through the Optus Sport app. UEFA Champions League – the world’s premier continental football tournament – kicks off at […]
Torrens University Australia has launched ‘Career Crush’ via VCCP Sydney and Lash, to help match students with a career they’ll love. Career Crush is an online quiz that determines prospective students’ personal strengths, passions and aspirations to match them with the careers and courses they’re most compatible with. One of the toughest decisions young people […]
Pedestrian Group has partnered with Nine subsidiary Mi9 New Zealand to offer NZ brands the opportunity to partner with the likes of Business Insider Australia, Pedestrian.tv and Gizmodo Australia. Next month, Mi9 New Zealand will be representing Pedestrian Group in the NZ market, offering clients the opportunity to work with leading youth publications including Lifehacker […]
ViacomCBS Networks International (VCNI), a division of ViacomCBS, is launching a premium streaming service internationally, appealing to audiences of all ages. The new SVOD service will start its international roll-out early in 2021, offering exclusive premieres of all new SHOWTIME series, including Halo and American Rust. CBS All Access originals will also premiere exclusively on the new service, such […]
As part of a larger project to refine their brand with partner branding agency Re, Optus have engaged experimental creative studio FutureDeluxe to explore how the iconic ‘Yes’ brand mark behaves in a sophisticated 3D environment. FutureDeluxe have produced a series of 8x idents and a number of static key visuals which will be used […]