These have been unreasonable times! In previous recessions, consumer spending was our ticket out of the dip. That’s not happening this time around.
We’ve prepared a report on product and brand innovation for you. It’s our intention to share our insight, selected industry data, and perspective that may be useful next time your team sits down to plan the marketing strategy for introducing new products and creating new brands. We sure hope you find it helpful. If so, please leave your comments for others.
Consumer spending is already 72% of GDP, and is not likely to grow further. Our productivity has not declined even with 10% unemployment, so it is unlikely to increase now. I don’t think you would disagree marketing teams are doing more with less these days. This is especially true when bringing new products to market. The only string left to play on is innovation. If you’re going to create a bigger future, it’s going to require you innovate one. If innovation is the gateway to bigger futures, new products have always been the path.
You can’t lead by following. If you can’t be in the top three of your product category, perhaps some invention is in order. Only innovation can blaze the trial of competitive advantage. Enlightened business leaders and marketers will focus their collective resources on creating, rather than competing for what’s already been created. We believe this is what we as marketers need to be focusing on right about now.
Innovations are happening right now, round the clock, and round the world. Indeed innovation holds the key to our global economic recovery. As a result, there will be a massive increase of new product introductions in every product category as the economy turns around.
How clear is your vision looking out on the horizon of opportunity?