To increase the in-market success of new food and beverage products, I encourage businesses to flip their focus and create winning product ideas in the ‘front end’ of innovation. This means you only develop and invest in new products that you already know people really want to buy.
Product Innovation Process
I use a repeatable and sustainable five-stage innovation framework called FEAST – which stands for Focus, Explore, Accelerate, Sense-check and Transform.
By using it, you can create an innovation feast for your business that develops enough winning new product ideas to fuel business growth for three years. By undertaking these five steps in other businesses, I’ve improved new product success rates by as much as fifty per cent.
The five-stage FEAST framework will help you answer some of your most burning questions, like:
- How much product innovation should I do?
- Where should I focus my product efforts?
- How do I find new product opportunities?
- How do I choose the right new product ideas to develop?
- How can I track my innovation progress and success?
The five-stage FEAST framework will give your business the confidence and the know-how to develop the best product innovation ideas possible before you invest significant time and money in making and launching any new products.
The Five-Stage FEAST Framework
FOCUS
Get clear on your product innovation goals
You need this when:
You’re over-worked or under-resourced and don’t know when, where or how much innovation your business should be doing.
This will help you….
- Identify the right amount & type of product innovation needed to fuel your business growth.
- Set the scope & direction of your product innovation challenge.
Who is this for?
Businesses who need to clarify and build an innovation strategy to deliver growth goals & prioritise limited resources.
EXPLORE
Identify new product growth opportunities
You need this when:
Current products are fading and growth is slowing, or you simply want more growth & need to find new opportunities fast.
This will help you….
- Uncover, generate and capture new insights into what your consumers really want and need.
- Prioritise new category & product opportunity areas to focus innovation efforts.
This is for….
Businesses who need to identify new consumer-led opportunities for product innovation.
ACCELERATE
Create a pipeline of compelling product ideas
You need this when:
Your business is running on empty, you’re starting from scratch, or you have no product innovation plans beyond the next twelve months.
This will help you….
- Boost your team’s ability to be creative and generate new ideas.
- Generate a three-year pipeline of new product ideas to fuel long-term business growth.
- Identify the best ideas to progress with.
This is for…
Businesses who need to develop a pipeline of new product ideas fast.
SENSE CHECK
Develop winning product ideas with consumers
You need this when:
You’re swamped with product ideas and don’t know which ones your consumers really want.
This will help you…
- Bring product ideas to life as concepts and/or prototypes.
- Craft product ideas with consumers to optimise them.
- Select product ideas to progress with high consumer purchase intent & appeal.
This is for…
Businesses wanting to identify winning product ideas to progress into development
TRANSFORM
Build an innovation pipeline and drive accountability
You need this when:
You want to align your business team and priorities resources on an innovation pipeline to fuel long-term growth.
This will help you….
- Effectively communicate product innovation plans and priorities with key stakeholders.
- Increase the visibility & accountability of product innovation projects in your business.
This is for….
Businesses wanting to gain internal alignment & resource commitment to long-term innovation plans.
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