Globalization
and technology driven economy has given the consumer access to a wide
range of FMCG products from across the world. Moving down the
supermarket with trolley at hand, the customers have the liberty to pick
and choose products from a wide array of available goods. As one rolls
the trolley along these shelves, consumers find familiar products, with a
different name, brand and packaging or a new product vying for
attention either with a new and attractive packaging, competitive rates,
or innovative marketing. The consumer finally ends up buying five more
newly launched products.
However,
not all products are sold like hot cakes as consumers are dubious of
the contents. To provide the consumers with the required know-how before
purchasing a product is a herculean task. The concept of supermarkets
facilitated customers to walk through the shelves stacked with variety
products, read through the packaging, understands the benefits and
selects the product. The acceptance of innovation products by today’s
next generation consumers find supermarket shelves lined with well
accepted creative products and uncommon combinations such as oats
noodles, Manchurian upma or a lemon flavored salt.
Fueled by
innovation, the FMCG business machinery does not just relate to creating
new products but also includes the process of renovating, restructuring
the products. Brand renovation is a process aimed to constantly renew
the product equity with the consumer by making the product current and
contemporary in tune with the emerging consumer preferences. Further,
with a number of untapped markets, ideas and customers available, the
need of the hour is to find the right idea which would click for the
business to surge ahead. Companies today are extremely aware and have
the capability to listen to the consumer and develop innovative products
tailored to their needs.
The
Consumer Goods and Retail companies need innovative ideas to retain
their customers. Leading FMCG company Britannia entered the health drink
sector, and took steps to reinvent the brand name by entering the
pre-cooked breakfast category with creative ideas identified through
brainstorming sessions across departments and from consumers. FMCG
brands such as Frito Lays and Procter and Gamble (P&G) find their
storehouse of ideas from their consumers. The upside down packaging of
Heinz ketchup is the result of a consumer’s observation of the ketchup
resting at the farthest point from the opening.
Innovative ideas
can come either from the consumers, employees or even the management or
all. Whatever be the source, effective idea management service needs to
be in place to ensure that the revenue grows continuously. Market
research showcases facts that most of the leading FMCG brands both India
and abroad use strategic innovation by crowdsourcing software to bring
out ideas and creative thoughts from consumers. Such exhaustive idea
management implementation tactics will help enterprises to attain higher
brand recall value and better consumer connects.