Because new products that lack creativity are just line extensions. Case in point? 2008's most successful new product was Gatorade G2. It sold $159 million in the first 12 months. The last successful new product launched by anyone in the consumer packaged goods industry that sprinkled the effort with creative thinking was Frito-Lay's Baked Lays Potato Chips. It sold $310 million in it's first 10 months. No other new product has surpassed this level of first year sales in the consumer packaged goods industry for at least the past ten years. There's a lot of creativity not going around. But there sure are a heck of a lot of underperforming line extensions. You know Chunky Soup was going to be an extension of the Campbell's Brand. They were going to market it as a stew. Then creativity turned it into the soup you eat with a fork. It was the product that first pushed and sustained the Campbell Soup Company at over a billion dollars in sales way back in 1970. Why is this type of creativity so few and far between? Now there's a question.
What do Folgers, Pampers, Tylenol, Coca-Cola and many other products all have in common?
Me! I perform extreme product makeovers for global marketing leaders: the world's top C-suite and line management teams dealing in products and categories with flat, stagnant or declining sales, delisted or new products and line extensions.
When's the time to perform an EXTREME PRODUCT MAKEOVER? Whenever someone notices product or category sales are slipping.
Course graduates Folgers, Pampers and Tylenol became "billion dollar" (US sales) CPG product lines. (Single lines that sell $1+ billion not brands of many lines). Others followed. Our least successful grad, Baked Lays sold $310 million in 10 months. To date, no one else in the US $2.4 trillion consumer package good industry has launched a single more successful product (Source: IRI).
Are your product or category sales slipping?