Illuminate Growth Partners’ Post

Customer-centric (customer-centered, customer first) was a corporate buzzword that littered mission statements, marketing slicks, slogans, emails, etc., but lost its impact due to corporations' repeated failures to deliver on the promise. I fear the same fate for "Innovation," which is used everywhere but seldom delivered consistently. The "Innovation Gap" discussed in Adam Melonas article published by Forbes Business Council below must be solved before "Innovation" becomes another hollow buzzword. Innovation, not Renovation, is what will drive profitable, volume-led growth for CPG companies. Critically, the innovation, from idea to shelf, must be in months, not years.

A timely article, given all of the innovation we've seen over the past couple weeks. Disruptive brands in Food & Beverage/CPG gained momentum in 2023, tripling their share of incremental category growth from 2022. Emerging insurgents ($10MM-$25MM) are outgrowing their categories by 10 TIMES, and are expected to grow that share in 2024 & beyond. Innovation that provides consumers with a meaningful value proposition is more important than ever, for insurgent brands as well as larger brands hoping to maintain or grow share. Contact Illuminate Growth Partners if you're looking to accelerate &/or elevate your innovation efforts. We offer advisory services, custom project support, and fractional resources. #innovation #emergingbrands #insurgentbrands #illuminategrowthpartners https://lnkd.in/grMFVi7s?

A couple of months ago, I joined the Forbes Business Council. Earlier today, they published an article I put together on the difference between Innovation and Renovation. This confusion, or, as I think about it, the dilution of the intended impact of innovation, is further fueling this topic I have been speaking and writing about, which I call the "Innovation Gap." #CPG #Innovation #CPGindustry #Forbes #ForbesBusiness

Calling all FMCG Fanatics! Bain & Company just dropped their 2024 Insurgent Brands list, highlighting the hottest names shaking up the consumer goods scene! This year, 97 brands made the cut, including 48 exciting newcomers. These disruptors are growing a whopping 10x faster than their category average! Who's making waves? Food: Oatly, Feastables, Impossible Foods, Rao's, and many more! Beverages: Athletic Brewing Co., Olipop, Black Rifle Coffee Company, and the non-alcoholic revolution is taking over! Personal Care: Duke Cannon, Happy Dad, Olaplex, and the list goes on! These insurgents are all about innovation, capturing nearly 20% of category growth! They're winning with strong value propositions and flying off the shelves. One thing's clear: consumers are demanding more. They want healthy, convenient, and personalized options that align with their values. These insurgent brands are like an innovation incubator, rapidly testing and iterating on new concepts. The established players would be wise to take note – the future of FMCG belongs to the brands that can keep up with the ever-restless shopper. Full list of FMCG Insurgents: https://lnkd.in/eWk9rAuj #FMCG #Innovation #ConsumerGoods #Disruption #EmergingBrands

"To truly create impactful products, leaders must prioritize the consumer, understand their needs and meet them where they are in the business of creating impact in people’s everyday lives" - this is what allows brands to build loyalty, gain share, and earn a premium. Important thoughts on CPG innovation from fellow Forbes Business Council member Adam Melonas in his article. Very aligned to our consumer-focused growth thinking at Foresight Strategy!

Innovation is a word that gets tossed around a lot. While we all know what it means in the most general sense, defining innovation in the fast-moving consumer goods (FMCG) space, the nuance of the word becomes more apparent. unstuck principals Stefani Bardin and Peter Bodenheimer discuss a recently published list of innovative products in the food industry and break down the different types of innovation represented. #foodtech #foodinnovation #fmcg

Innovation versus renovation is a critical choice for CPG companies. A true innovation in food and beverage responds to consumer needs and desires, creating novel experiences that redefine markets. Think plant-based meats meeting sustainability demands or LaCroix's refreshing, health-conscious beverages. These innovations captivate consumers, build brand loyalty, and set new standards. In contrast, renovation focuses on cost-cutting through tactics like downsizing or substituting ingredients, risking product quality and consumer trust. While it boosts short-term profits, it can alienate consumers seeking transparency and value alignment. Embracing true innovation ensures long-term success, driving R&D, embracing consumer insights, and delivering meaningful impact. #CPG #Innovation #ConsumerInsights

Over the first five months of this year, only 35% of global CPG launches were entirely new products, with the other 65% being renovations — reformulations, line extensions, new packaging, etc. #newproducts #innovation #foodindustry https://hubs.ly/Q02H8rbk0

What are the innovation priorities at your company right now? How have the current market conditions changed what companies see as innovation?

The latest blog from Catalyx has landed! 💥 Introducing our CEO, Guy White's monthly blog series: "An Innovation CEO's View of the CPG Industry." Dive into the newest instalment, the "November Edition," in which Guy unpacks challenges faced by industry giants like #Unilever, #Nestlé, and #PG. Explore the powerful motives behind today's consumer choices, from meat preferences to budget-driven decisions, and why in the battle for share there can only be one winner. Stay tuned as Guy will share fresh insights in a new instalment every month, offering industry-leading perspectives! 🌐 #InnovationCEO #CPGIndustry #ConsumerInsights #Catalyx #MarketTrends #ConsumerBehavior #ConsumerInnovation #InnovationStrategies #MRX #MarketResearch #CEOUpdate #CEOBlog #OpinionPiece #ThoughtLeadership #CPG Read the full blog here: https://hubs.ly/Q027HjX40