Customer behaviors and needs change rapidly. Smart brand marketers make it a priority to identify high-potential innovations. A strategic innovation development process uncovers the ideas that resonate most with customers, determines how to build them out, and guides the creation of an innovation roadmap for the future. A successful innovation strategy also examines demand potential for ideas, and how to maximize ROI on each one. Here is a recent example of strategic innovation approach for a leading beverage company.
The food and beverage landscape changed dramatically with the COVID-19 pandemic. Consequently, a large, global food company needed to pivot its strategy for beverage category innovation. The brand team decided to focus on identifying Ready to Drink (RTD) opportunity areas to broaden the product portfolio. The goal of the insights work was to uncover and identify multiple groups of consumer tensions (high-level opportunity areas) within the RTD Beverage category to develop ideas that would feed into a 3-year innovation roadmap.
Radius conducted a Virtual Ideation Workshop to identify opportunity areas in which the RTD team could innovate. We crafted a detailed activity flow to allow for the necessary creativity and critical thinking to best achieve the team’s objectives
The brand team was able to identify over 25 RTD opportunity areas, and then quickly prioritize to focus on the 6 areas that offered the most consumer potential, and the maximum ROI on innovation investment. These 6 focus areas became the foundation for the brand’s 3-Year Innovation Roadmap.
Additional insights on Innovation: Hear SVP Shari Aaron and VP Chris Marketo discuss how to avoid mistakes with rapid iteration, ensure customers are deeply embedded in the process, and how to use scenario planning to create relevant innovations for 3+ years in the future.
Want to learn how this type of insights work can impact your brand’s growth journey?