As I went through the airport last week, I saw something new. The TSA ran all mobile devices through a special detector like a person. It made me think about life before mobile devices and how much-sustained disruption mobile computing has caused since the launch of the iPhone in 2007.
These devices are an appendage of us, and we would be very hard-pressed to make it through a day without them. However, we are also struggling with addiction issues and other significant cultural issues. As with all disruptive life changes, we get some good and some bad…
On the positive side of the ledger, think about the millions of new businesses and jobs created, be it the genesis of the app economy and the vast array of new digital tools and entertainment options.
Apple has been the alpha mover and disrupter in the tech space for the past 25 years, with one huge market-shifting disruptive product after another. Now, somehow, Apple is on the verge of doing it again with spatial computing and its new Vision Pro headset.
Apple has once again innovated on an existing category, VR, and made it infinitely better. By blending the world of VR with augmented reality, they have refined the concept and made it far more likely that consumers will eventually adopt the platform en masse.
Is disruption an obstacle or opportunity? #Apple is disrupting tech, business, and our culture all the time as it constantly evolves. They embrace innovation as a core value and have embedded it into their culture.
Steve Jobs answered our question with the following: – “Innovation is the ability to see change as an opportunity – not a threat.”
You can see what the culture of #innovation has done for Apple.
How can DTC and CPG companies begin building a culture of innovation?
In my experience, nearly every CPG company can stand to make meaningful improvements in building the testing platform to support purposeful innovation. It’s a process for those who do it well – and a focus.
Why❓
Because only some innovations work, a pipeline is critical. A simple process and speed to market are key. Perfection is the enemy of progress!
Here’s a simple framework I’ve seen teams sustainably implement…
‘Spotlight:’
Innovation is all about problem-solving. What are the challenges your organization faces?
‘Prioritize’:
Time and resources are limited. Which ideas have the greatest potential impact? Find two or three concepts and refine them into testable hypotheses.
‘Test’:
Start small with targeted experiments. Use “paper prototypes” or simple drawings to gather feedback from end users. Learn what works and what needs improvement. Gradually increase the complexity of experiments with more users.
‘Pitching’:
Confidently share your innovation story with stakeholders and how it will connect with the growth strategy. Find support from those who can provide the necessary resources and engage those who directly benefit from your innovation.
‘Learn’:
Embrace the “fail fast, learn fast” mindset. After each innovation, reflect on what worked and what didn’t. Don’t fear failure; extract valuable insights and apply them to future innovations!
At Compass Rose Ventures, we’re committed to guiding entrepreneurs on their innovation journeys. Let’s navigate the path to success together, seizing opportunities and creating a brighter future through impactful innovation.
CPG Podcast Favorite
Shopify Masters: Why Sustainability Leads to Profitability – Tim Brown
This is a must-listen!
It’s no secret that consumers increasingly connect their wallets with their values…and sustainability is one of the hottest topics today! Consumers want great, sustainable products.
Allbirds is a great example of innovation through sustainability with its unique assortment and channel mix. Great lessons were learned in this pod on how to unlock innovations and fuel partnership relationships systematically. Who knew a novel wool sneaker would sell more than 1 million pairs in two years and would disrupt the category?
How do you build breakthrough innovation into the product lifecycle as a CPG brand?
I liked what Joseph Zwillinger, Co-Founder of Allbirds about “how” they are fostering innovation across every aspect of the business from the culture to the product lifecycle.
My favorite quote… “If we can’t make a big sustainable business from a financial perspective, we’re not going to achieve our mission on the environmental side either,” Joey says. We are offering a beacon of hope for you to have everything you want from a consumption perspective but not leave such a dent on the earth.”
Have a listen to some terrific insights!
Hot off the Press!
Is anyone else noticing their social media feeds are overloaded with vitamins and supplements advertising and content? Well, the market is exploding, with new products entering every day, seeking to find you and capture your attention.
Why?
Well, according to the Grand View Research, the global dietary supplements market size was valued at USD 163,986 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2023 to 2030.
A couple of fun supplement facts from Great Green Wall 2023 Dietary Supplement Statistics:
- 35.9% of men under 40 use supplements, but that goes up to 67.3% over 60.
- 49% of women under 40 using supplements increases to 80.2% of women over 60.
- 57.6% of adults take at least one supplement a month
I was fascinated by the large population of adults taking at least one supplement a month. How many supplements are consumers taking? To satisfy my curiosity, I surveyed my LinkedIn community, and they validated the high usage – nearly 30% of people take more than 5 supplements daily.
Now, the biggest trick for #vitamin and #supplement manufacturers is to find innovative ways to help consumers with the daily use – hard to keep taking all those pills when you can’t see the results right away. This is where I’m seeing some very strong innovation in brands innovating with apps, services, and AI to drive growth!
