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Idea Management for A CPG/FMCG Company
In today’s world, the customers have the liberty to pick and choose products from a wide array of available goods. Everyday a new product vies for their attention either through new and attractive packaging, competitive rates, or innovative marketing. It is difficult to keep reminding the customer of a positive past experience of a brand. It is simply not enough to be adequate, offer good quality at reasonable rates. You have to be different, but not through empty gimmicks that fizzle out quickly. You need to associate your brand with unique experience and associate a positive value with it.
The Need to Ideate and Collaborate through an idea management system
The Consumer Goods and Retail companies need to be always on their toes in order to retain their customers. Companies who come out with new and innovative products on a regular basis are able to keep their market share intact. The idea generation process needs to involve all stakeholders, your suppliers and also your customers. Wouldn’t it be nice to give a platform to your end user – your customer – who is your most important source of feedback and insights into not only your product quality, along with the entire experience and perceptions related to your brand. People in your supply chain are also the most effective source of contributing ideas towards cost, time and process improvement related ideas.
What an Idea Management System Can Do For You FMCG Company
Ideas for innovative products or marketing strategies are best identified through brainstorming sessions conducted across departments and by mostly bypassing the hierarchy. When people with so many diverse experiences and backgrounds align themselves towards a common goal, many ideas emerge. The need now is to harvest the most viable, save the potential, and identify the contributors. When you undertake an ideation exercise, you have to ensure that you are able to:
- record total number of ideas generated
- categorize the ideas into unique categories
- assign and assess the viability and relevance of an idea
- give credit to contributor of original as well as effective ideas
You also need to ensure that you have access to real feedback from your customers, as only their acceptance of your product justifies all your innovative collaboration effort. With an appropriate idea management system you can