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D E L O I T T E C O N S U L T I N G L L P
PMC Meeting, Kodak TNOctober 13, 2016
Decrypting InnovationA practical Approach
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Spotify
Sometimes things change…
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Uber innovates by integrating many existing things…… elegantly
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BovControl: connecting the dots between cattle, ranchers who own them, companies that buy the beef, and consumers
WHY INNOVATE?
CONSUMERBUYERRANCHER
Plan for pregnancies, know when to best sell based on weight, etc.
Track product origins, ensure ethical and environmental practices, and chose the rancher
Know where the filet mignon came from and how it was raised
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Consumer products are not immune to changeWHAT’S GOING ON IN YOUR INDUSTRY?
Large multinational consumer goods company states: 25% of all sales in China today are via e-commerce and we anticipate this to be over 50% by 2020
Leading Brewery expects to double their 2015 goal to stand 10 million strong against drunk driving by 2020
Emerging Markets Will Continue To Lead Growth For Top Consumer Products Company
International Beauty Company Asserts 2020 Goals: By 2020, our goal is to reduce absolute GHG emissions from operations by 20 percent from 2005 baseline levels.
Top beverage company seeks to double system revenue while increasing system margins by 2020
CEO of large international food products company sees more growth ahead
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Food is experiencing a revolution…MAJOR FOOD TRENDS
Given the changing landscape, Deloitte collaborated with GMA and FMI to understand the evolving consumer. We conducted a proprietary quantitative survey of 5,000+ U.S. consumers and interview 40+ executives this year
Big Food is Losing Share
$4Bin lost share
to small brands last
year2
Consumer Distrust is HighCPG Industry Growth Slowing
YOY growthslowing from4% in 2012
to 1.5%in 20141
Negativity forfood companies is
3.4x the cross-industry avg3
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MAJOR CONSUMER PRODUCTS TRENDS
Consumerpreferences are rapidly evolving; expectations for unique experiences (esp. by millennials) are leading to product / pack proliferation
Technologicaladvances, whether in material science, or dynamic printing, allow creation of new shapes and interactions with the product or package
New business modelsemerge from non traditional competitors; winning requires tight coordination with new partners in the ecosystem
Change is manifesting itself in different ways…
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Our ethnographic research resulted in five speculations for how to make future food experiences more meaningful to consumers
FUTURE OF FOOD EXPERIENCES – CONSUMER INSIGHTS
LESS IS MOREMore choices don’t drive experimentation, fewer choices do
OUTSIDE INBring food out of the “center store” to get traffic back into it
HEALTHY ENOUGHSmaller sizes and paired options could reposition legacy brands as healthier choices
SIMPLE PRODUCTSCreate products that consumers want to and think that they can recreate at home
SPECIAL MOMENTSElevate your brand from “mass” to “treat” with special experiences
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What do consumers expect from the package? Four opportunity areas
FUTURE OF FOOD EXPERIENCES – CONSUMER INSIGHTS
DO IT FOR MEHelp me choose and use it with no effort; simplify my experience
DO IT WITH MEHelp me learn how to use it better; enhance my experience
MAKE ME FEEL GOODHelp me believe you are committed to a better world; show me you mean it
MAKE ME FEEL SPECIALHelp me feel like it is a special treat
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PACKAGING TECHNOLOGIES
New technologies have emerged in response to evolving consumer preferences – some more developed than others
More developed Less developed
MEANINGFUL MATERIALSFlexible, biodegradable, locally sourced. Show off, rather than package up products, often simplifying the experience
INTELLIGENT PACKAGINGQR codes, RFID labels, sensors used to connect consumers to added features and services, automatically, enhancing the experience
DYNAMIC PRINTINGDigital, e-printing allow messages to be programmed and tailored (often real-time) to individuals or occasions, personalizing the experience
VIRTUAL REALITY A new virtual layer of content to engage consumers across many channels, amplifying the experience
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An ecosystem of partners is required to move faster in the spaceBUSINESS TRENDS
Stand-alone entities Exploration orientationExploitation orientation
Technology / Data Provider
Converter / Packager
Material / Ingredient Provider
Brands
Retailer
Consumer
Consumer Product
Ecosystem
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WHY INNOVATE?
YEA
RS
COMPANY & FOUNDING YEAR
2
6
4
8
10
20
Typical Fortune 500 Company
Google(1998)
Facebook(2004)
Tesla (2003)
Uber(2009)
Whatsapp(2009)
Snapchat(2011)
Oscar Health (2013)
Time to a Billion Dollar Valuation
The average lifespan of
a company listed in the
S&P 500 has decreased
from 67 years in the
1920’s to 15 years today
RICHARD FOSTERYale University
Jet.com(2014)
Companies are growing faster than ever…and becoming irrelevant more quickly as well
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Innovation is (almost painfully) hot right nowBUZZWORD BINGO
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Innovation is a…
Top 5 out of 20challenges CEOs are focusing on in 2012 and 20151
$680BnR&D spend by top 1000 firms in 20152
only 5%of their innovation projects actuallysucceeded2
but... 1: The Conference Board Review 2012, 2015 CEO Survey 2: Strategy&, 2015 Global Innovation 1000 report , Doblin analysis
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Innovation in CPG…
There has been
+20,000product launches since 20082
but... 1: Deloitte 2016 CAGNY Roundup Infographic 2: 2015 Nielsen Breakthrough Innovation Report, June 2015
68% covered innovation
as a core theme at the 2016 CAGNY conference1
And <1% actually
were breakthrough innovations2
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Breakthrough innovation is plagued by many mythsINNOVATION MYTHS
1. Start with brainstorming!
2. Mostly enhance your creativity…
3. Innovation = great products…
4. Speed is everything—we have to beat competitors to market!
5. Great entrepreneurs trust their gut—you can’t study innovation!
6. Great innovators work alone...
7. It takes lots of ideas and experiments to get one good innovation...
8. Protect your patents—don’t trust outsiders...
9. Think outside the box…
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A disciplined approach to innovationA disciplined approach to innovation
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A more expansive frame for innovationTEN TYPES OF INNOVATION
NetworkConnections with others to create value
ProcessSignature or superior methods for doing your work
Product SystemComplementary products and services
ChannelHow your offerings are delivered to customers and users
CustomerEngagementDistinctive interactions you foster
Profit ModelThe way in which you make money
StructureAlignment of your talentand assets
Product PerformanceDistinguishing features and functionality
ServiceSupport and enhancements that surround your offerings
BrandRepresentation of your offeringsand business
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While companies tend to over - index on products…TEN TYPES OF INNOVATION
0
100 Investment in innovation effortsLast 10 years
SOURCE: Doblin research based on analysis of 2,000+ innovations
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…most value is realized outside of product innovationTEN TYPES OF INNOVATION
0
100 Cumulative value creationLast 10 years
SOURCE: Doblin research based on analysis of 2,000+ innovations
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Integrating more types of innovation can help deliver superior financial returns
TEN TYPES OF INNOVATION
Stoc
k Pr
ice (i
ndex
ed to
100
)
2007 2008 2009 2010 2011
3–4 Types of Innovation59 companies
5+ Types of Innovation45 companies
S&P 500
1–2 Types of Innovation34 companies
200
150
100
50
0
5-Year Indexed Stock Price Returns of the Top Innovators vs. S&P 500
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FORD MODEL T INNOVATION ASSESSMENT
8 TYPES:
Henry Ford innovates to replace horses…
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TESLA MODEL S INNOVATION ASSESSMENT
Introducing a new vehicle brand, challenging industry orthodoxies
8 TYPES:
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6 TYPES:
UBER INNOVATION ASSESSMENT
Harnessing predictive data modeling to create an efficient, effective, new model for urban personal transport and logistics
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6 TYPES AND 7 TACTICS:
UBER INNOVATION ASSESSMENT
Elegant integration of existing technologies into a platform
++
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Better building blocks: Innovation tacticsTEN TYPES OF INNOVATION
PremiumCost LeadershipScaled TransactionsMicrotransactionsForced ScarcitySubscriptionMembershipInstalled BaseSwitchboardAuctionUser-DefinedFreemiumFlexible PricingFloatFinancingAd-SupportedLicensingMetered UseBundled PricingDisaggregate PricingRisk Sharing
Merger/Acquisition
Consolidation
Open Innovation
Secondary Markets
Supply Chain
Integration
Complementary
Partnering
Alliances
Franchising
Coopetition
Collaboration
Organizational
Design
Incentive Systems
IT Integration
Competency Center
Outsourcing
Corporate
University
Decentralized
Management
Knowledge
Management
Asset
Standardization
Process
Standardization
Localization
Process Efficiency
Flexible
Manufacturing
Process Automation
Crowdsourcing
On-Demand
Production
Lean Production
Logistics Systems
Strategic Design
Intellectual Property
User Generated
Predictive Analytics
Superior Product
Ease of Use
Engaging
Functionality
Safety
Feature Aggregation
Added Functionality
Performance
Simplification
Environmental
Sensitivity
Conservation
Customization
Focus
Styling
Complements
Extensions/Plug-ins
Product Bundling
Modular Systems
Product/Service
Platforms
Integrated Offering
Try Before You Buy
Guarantee
Loyalty Programs
Added Value
Concierge
Total Experience
Management
Supplementary
Service
Superior Service
Personalized Service
User
Communities/Supp
ort Systems
Lease or Loan
Self-Service
Diversification
Flagship Store
Go Direct
Non-Traditional
Channels
Pop-up Presence
Indirect Distribution
Multi-Level
Marketing
Cross-selling
On-Demand
Context Specific
Experience Center
Co-Branding
Brand Leverage
Private Label
Brand Extension
Component
Branding
Transparency
Values Alignment
Certification
Process Automation
Experience
Simplification
Curation
Experience Enabling
Mastery
Autonomy and
Authority
Community and
Belonging
Personalization
Whimsy and
Personality
Status and
Recognition
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Using the Ten Types strategicallyTEN TYPES OF INNOVATION
Business model-centricinnovationConfigure assets differently to capture value
Platform-centricinnovation
Reinvent or recombine capabilities to create value
Experience-centricinnovation
Engage customers differentlyto deliver value
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Business model-centric innovation: Configure assets differently to deliver value
USING THE TEN TYPES STRATEGICALLY
B U S I N E S S M O D E L - C E N T R I C
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Reinventing car usage – one hour at a timeZIPCAR INNOVATION ASSESSMENT
6 TYPES:
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Experience-centric innovation: Engage customers differently to deliver value
USING THE TEN TYPES STRATEGICALLY
E X P E R I E N C E C E N T R I C
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How Starbucks reinvented a categorySTARBUCKS INNOVATION ASSESSMENT
7 TYPES:
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Platform-centric innovation: Reinvent or recombine capabilities to deliver value
USING THE TEN TYPES STRATEGICALLY
P L A T F O R M - C E N T R I C
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6 TYPES:
AMAZON INNOVATION ASSESSMENT
Inventing a breakthrough business model to foster loyalty
2011 2012 2013 2017
25
10
mem
bers
(in
mill
ions
)
7
4
More members join every year
25MMembers
54MDec’15
X
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AMAZON INNOVATION ASSESSMENT
6 TYPES:
And get $90 worth of services
Members pay a $79 Membership fee
which suggests an $11 loss per member
150%more purchases, including many items that they would not otherwise buy from amazon…
2.4xand spend More than non-members do—$1,224 yearly vs. $505
But since members buy…Amazon makes $78 per member, per year—so the entire membership fee proves to be almost ‘pure’ profit!This is a key reason why Amazon stock price is up 296% in two years!
The actual ROI is surprising…On the surface it’s a loser…
The surprising benefits of being in the “club”—how Prime pays off
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Innovation in Consumer ProductsInnovation in Consumer Products
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DELOITTE’S 2016 CP INNOVATION INDEX
We Studied…
Deloitte built a proprietary scoring system to assess product lines and company capabilities based on tried and tested Doblin frameworks
100 Biggest Companies in CP per 2015 CGT List 80+
Specific Product Lines Across CP
~50 Top CP Companies
> $900B RevCP Executive + SME Interviews20+
Leveraging our modern innovation Frameworks..12 LEVERSCompany Capabilities
Behavioral Design
We Evaluated…
Ten TYPESProduct Lines
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We studied innovation for the top CPG companies… TEN TYPES OF INNOVATION
0
Relative incidence
100
and it has been mostly product-based…
Types of innovation used, on average…
INNOVATION LEADERS: INNOVATION LAGGARDS:
1 type 5 types
5-year Stock Price CAGR… +14% 0%
however innovation leaders stand out
SOURCE: Deloitte CP Innovation Index
5-year Economic Value Added spread… +7% +1%
Deep Dive on Packaging InnovationDeep Dive on Packaging Innovation
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PACKAGING INNOVATION LANDSCAPE
Consumer brands are experimenting across the board with packaging
DO IT FOR ME
DO IT WITH ME
MAKE ME FEEL SPECIAL
MAKE ME FEEL GOOD
MEANINGFUL MATERIALS
DYNAMIC PRINTING
VIRTUAL REALITY
INTELLIGENT PACKAGING
IllustrativeNon Exhaustive
Do it for meHelp me chose and use it with no effort
Maddie thinks having many choices is just too much work for her.
She loves when brands know her and develop products with her in mind.
She feels liberated when the brand does that work for her on the front end.
Experience needs: simplification, customization
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GATORADE INNOVATION ASSESSMENT
Customized hydration for athletes
7 TYPES:
INTELLIGENT PACKAGING
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A new level of brewing intelligenceNESPRESSO BARCODE TECHNOLOGY INNOVATION ASSESSMENT
Revolutionary barcode reading and Centrifusion™ technology brews the coffee you want. Automatically.
7 TYPES:
INTELLIGENT PACKAGING
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Do it with meHelp me learn how to use the product better; enhance my experience
James wants to know what he is paying for and how to make the best use out of it.
He reads the reviews, checks the ingredients, and does a quick price check.
He feels empowered knowing he made an informed decision.
Experience needs: transparency, education
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Diageo sends customized messages with just a waveDIAGEO INNOVATION ASSESSMENT
“We see the possibility for the bottle to do something much more before, during and after purchase”
4 TYPES:
INTELLIGENT PACKAGING
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Heinz turns your phone into a digital recipe book HEINZ KETCHUP DIGITAL INNOVATION ASSESSMENT
4 TYPES:
VIRTUAL REALITY
570,000 blipps, mostly at 6pm
Make me feel goodHelp me believe you are committed to a better world; show me you mean it
Sarah cares about the environment. She recycles and only uses paper bags when buying groceries.
She wants brands to visibly demonstrate a commitment with responsible and ethical sourcing.
She’s glad when his favorite products do their part to help the world.
Experience needs: trust, social responsibility
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BEMIS INNOVATION ASSESSMENT
A new product line with low environmental impact and low cost
4 TYPES:
MEANINGFUL MATERIALS
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GROWER’S CUP INNOVATION ASSESSMENT
Freedom to brew gourmet coffee anywhere, anytime!
6 TYPES:
MEANINGFUL MATERIALS
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Make me feel specialHelp me feel like it is a special treat
Charlie is the eternal optimist. He finds the specialness in everyday life.
He constantly seeks out small treats and rituals to make even little moments just a bit more special.
He loves when brands choose to delight him just because they can.
Experience needs: engagement, delight
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MEDEA INNOVATION ASSESSMENT
Personalization through electronics, while reinforcing the brand
3 TYPES:
“MEDEA vodka is indeed the ultimate fusion of great taste and technology” –medeavodka.com
DYNAMIC PRINTING
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Turning a boring brown box into an object of desireBIRCHBOX INNOVATION ASSESSMENT
5 TYPES:
MEANINGFUL MATERIALS
subscription beauty products in colorful cardboard
Building a sustainable innovation capabilityBuilding a sustainable innovation capability
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12 levers form the foundation of an innovation systemINNOVATION CAPABILITIES
7. FUNDINGFinancial resources and mechanisms for access
8. TALENT MANAGEMENTAttracting and deploying the right skills at the right time
9. INNOVATION TOOLSProtocols, techniques for innovation
10. FINANCIAL AND NONFINANCIAL REWARDSIncentives, formal and informal recognition
11. INNOVATION METRICSIndicators to guide decisions and measure progress
12. EXTERNAL ATTRACTIONHow other organizations participate in your platforms
4. SENIOR LEADERSHIPHow senior leaders engage with innovation
5. GOVERNANCEHow and by whom decisions are made
6. COLLABORATIONConnections across the organization
1. INNOVATION STRATEGYGoals for innovation, opportunities to pursue
2. PIPELINE & PORTFOLIO MANAGEMENTHow innovation initiatives are managed in a portfolio
3. PROCESSHow innovations move from hypotheses to businesses
RESOURCES &COMPETENCIES
METRICS & INCENTIVES
ORGANIZATIONAPPROACH
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What you achieve is a function of what you are willing to installINNOVATION MANAGEMENT SYSTEMS
GOOD
BETTER
BEST
• Diagnostics• Measurable “innovation intent”• Signature tradecraft• Center of excellence
• Deep innovation “themes”• Defined governance and funding• Lightweight innovation: clouds crowds & prizes• Clear sense of ecosystems shifts
• Metrics throughout the firm• Incentives for leaders to sponsor growth initiatives• High potential young people to author growth initiatives• Breadth and depth of ecosystem partners
Hit rate≈ 70%+
14x
Hit rate≈ 50%+
10x
Hit rate≈ 35%+
7x
Hit rate< 5%
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What an innovation journey might look likeINNOVATION JOURNEY
INN
OVA
TIO
N J
OU
RNEY
6
Inspire new ways of thinking
Set a clear direction or intent
Respond or capitalize on a trend
Create new businesses or offerings
Set-up and manage an innovation system
Develop an innovative culture
USE
CA
SE
Inspiring people to change their ways of thinking
Providing direction and intent for what’s possible
Moving the needle to achieve desired outcomes; demonstration pilots
Running an innovation organization
MINDSHIFT FOCUS EXECUTE SUSTAIN
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Role of leaders in driving innovationPARTING THOUGHTS
2 Challenge orthodoxies and learn from out-of-industry innovators
3 Think on holistic innovation concepts, across multiple types
4 Make use of new technologies to deliver different experiences
1 Research your customers and end users, deeply, and with empathy
5 Inspire new way of thinking, help set the right ambition
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Articulating a clear intent, that is consistently reinforced and communicated
INNOVATION AMBITION
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Thank you!Got questions?
Francesco FazioPARTNERDoblin
(312) [email protected]
LEARN MORETen Types Book and tactics cards on AmazonDeloitte’s 2016 CP Innovation Study on our website
TODAY’s NOTESclientweb.doblin.comEvent code: PMC Innovation 2016
