How can I feed the NPD funnel in a cost effective way?
- Charlie
- Oct 11, 2022
- 2 min read
Researching and launching new products is a huge investment. The time spent by people working on concepts and ideas, the time spent pitching internally for sign off and externally. The down time in factories to trial new lines and not to forget the possibility of significant budget being spent on researching and testing ideas.
Before you even get to any of that you need to feed the funnel and there are cost effective ways of doing that by exploring the following.
Adjacent Categories
What is going on in your own and adjacent categories? Is there a flavour you see coming through and becoming more mainstream that you could add to your category? What have you competitors launched?
Innovative retailers
Who are the innovative retailers that you should look to for ideas? Think beyond supermarkets to markets, food halls and specialist and local stores. What’s on their shelves that’s a bit of a twist on what you’re doing? Or something completely new and exciting? I remember visiting Eataly when it opened in London, I didn’t work in Italian food but used this to think about what a whole store would look like for the category I was working on at the time.
Overseas retailers
Do you have access to overseas retailing for inspiration? There are sources you could draw on to look at these without having to leave the country, such as IGD. Do you have contacts in other markets or subscriptions you have that can give you some insight and access to images and ideas? Access to online retailers overseas is always possible.
Concept stores
Keep a check on where there are concept stores being tested, visit them if you can to see what’s different. You might get some ideas from new display ideas being trialled and new ways to communicate with consumers.
Sustainability
Innovation isn’t always about a new product or flavour. It can also be about packaging and messaging too. The biggest challenge we face today is how does the industry become more sustainable. This should be an overarching feature of all development. Can you encourage consumers to use your products in a more sustainable way? Cook it using less energy? Pair it with seasonal goods, ensure its not wasted.
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