16-18 April 2024 | Bilbao - BEC

Decalogue of successful innovation

Tue 16 Apr | 10:00 - 10:45

Innovation is crucial for growth. It helps us meet our customers’ needs better and is the primary source of growth and margin for brands and distributors. However, it is a challenging task. Only 20% of launches can be considered successful. These ratios are unaffordable. They make us take fewer risks in launches, which increases the failure rate. This puts us in a vicious circle of dire consequences. Therefore, it is necessary to pause and reflect on whether investing in innovation is truly necessary and, if so, how we can be more efficient. This presentation is based on the book of the same name, which is the result of the largest and most rigorous study ever conducted on innovation. We have tracked 600 real innovations launched on the FMCG market in Spain over the last decade, examining five years of history for each. We divided them into successful and unsuccessful categories and compared them to learn from the best and reflect on our findings. Additionally, we were fortunate to receive input from top experts in mass consumption, including those in marketing, commercial, and research fields. The conclusions have enabled us to create a list of ten good practices. This list should serve as a reference when approaching the complex yet necessary task of innovation.

Speaker
Cesar Valencoso

Cesar Valencoso

Consumer Insights Director

Kantar World Panel

Moderator
Jose Antonio Boccherini Bogert

Jose Antonio Boccherini Bogert

Director Food Department

San Telmo Bussines School