Meet your new chief innovation officer: The consumer

by admin

Meet your new chief innovation officer: The consumer

by admin

by admin

Tapping into consumers to inform innovation is not a new idea in consumer goods. But traditional tactics like consumer panels, focus groups and surveys are slow and costly—massive liabilities with consumer tastes and market dynamics changing so fast. Moreover, one-way feedback mechanisms perpetuate an “us and them” dynamic between brands and consumers that stifles meaningful insights.

Digital technology breaks down boundaries between brands and consumers, expanding the ecosystem and integrating consumers as innovators. The key is to engage consumers as part of the broader ecosystem and as part of the extended workforce. It is a profound change from companies owning and managing brands to giving consumers an active role in brand development.

Consumer goods executives are conflicted here. Sixty-three percent believe ecosystem participation (including consumers) supports innovation.3 And 70 percent of industry CMOs say they need “reality checkers” (outside people including consumers) to feed insights into the company to drive growth. However, just 15 percent of consumer goods CMOs and CEOs think of end-consumers as critical ecosystem collaborators.

63% of consumer goods executives believe ecosystem participation (including consumers) supports innovation.

70% of industry CMOs say they need “reality checkers” (outside people including consumers) to feed insights into the company to drive growth

15% of consumer goods CMOs and CEOs think of end-consumers as critical ecosystem collaborators.

 

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