Capitalizing on Innovation Trends Today Will Drive Business Growth in the New Normal

Capitalizing on Innovation Trends Today Will Drive Business Growth in the New Normal

CHICAGO, Oct. 1, 2020 /PRNewswire/ — BASES, a Nielsen Global Consumer Business, released its highly anticipated 2020 U.S. BASES Top 25 Breakthrough Innovations List. While COVID-19 will have an enduring and profound impact on the consumer packaged goods industry, one thing that cannot be overlooked is the role that innovation plays today and in the new normal that emerges. Consumer needs and priorities are evolving, just as they did before COVID-19, clearing the way for new innovation to happen. And manufacturers are answering this demand. In fact, we see a strong number of innovation ideas being tested by BASES, signaling a bounce back following a dip in the early months of the pandemic. Learning from those who got it right, like this year’s BASES Top 25 Breakthrough Innovations, will help more of these new product ideas succeed.

As the competition for consumer attention in-store and online intensifies, this year’s Breakthrough Innovations have won consumers’ hearts and minds through ingenuity, marketing savvy, and expert-level decision-making. “This year’s winners have attained the elusive recipe for product innovation success—good idea + good product + good activation. A fine line separates risk, resilience, and reward, and all of these winners have navigated each of these flawlessly,” says Ben Macedo, leader of BASES, North America.

So how did the winners identify the right idea and break the mold in marketing activation?

Several of this year’s winners extended their brand by expanding when and how it is consumed. Risks in extending an established brand exist and need to be managed carefully. Up to 25% of new product launches shrink an existing brand franchise. The key to success is balancing the core essence of their brand heritage with communication about the new product and consumption occasion it addresses. Still other winners broke the mold by enlisting out-of-the-box development and activation. They utilized marketing and promotional tactics in the places where their new consumers are, but their brands haven’t typically gone. 

“To compete today, marketers are employing diverse strategies for innovation. A few of these strategies include disrupting the category, fending off competitive pressure, or targeting a highly-engaged core target of consumers. These varied approaches have yielded important changes to the market, and BASES Top 25 Breakthrough Innovations celebrates not just the big bets, but all of these impactful and highly successful innovations,” says Macedo.

As we look at trends today that are creating the breakthrough innovations of tomorrow, a few notable themes emerge. The first is addressing the disruption that COVID-19 has spawned. The Homebody Economy sees consumers bringing convenience in-home to replicate out-of-the home experiences. 

Somewhat related to the Homebody Economy is the hold that health & wellness has on consumers. When asked how enduring the changes in their purchase behavior for health products will be, nearly a third of U.S. consumers anticipate it lasting for the next six months or more.

Lastly, the interest in cannabis is expanding, due in part to new legalities. U.S. sales of Hemp-CBD products are expected to grow more than 3.5x from 2020-2025, exposing new opportunities for brand innovation and forcing category leaders to play smart offense. Although much remains to be seen about the post COVID-19 new normal, one thing we can be sure of is that innovation continues to be a key driver of business growth and viability. 

THE 2020 U.S. BASES TOP 25 BREAKTHROUGH INNOVATIONS:

  • Air Wick Essential Mist
  • Bang Energy® Drinks
  • Beyond Meat® Beyond Burger®
  • Blue Bunny Load’d Sundaes®
  • BodyArmor Lyte
  • Canada Dry Ginger Ale and Lemonade
  • CHEEZ-IT® Snap’d®
  • Corona Premier®
  • Crest Gum Detoxify
  • Enfamil NeuroPro
  • “Game of Thrones” Oreo
  • Gatorade Zero
  • göt2b® Hair Color
  • Ketel One Botanical
  • Love Beauty and Planet
  • LUMIFY® Redness Reliever Eye Drops
  • Lysol Laundry Sanitizer 
  • Michelob ULTRA Pure Gold
  • Monster Energy Mango Loco
  • MTN DEW Liberty Brew®
  • Mucinex® Fast-Max All in One
  • Pampers  Pure Collection
  • Pop-Tarts Bites® 
  • Ripple Plant-Based Milk
  • Two Good™

ABOUT BASES TOP 25 BREAKTHROUGH INNOVATIONS, POWERED BY NIELSEN

The brands that made the 2020 list reflect a wide range of products and approaches that succeeded in making meaningful connections with consumers, an impressive feat within an increasingly crowded marketplace. Beyond BASES requirements for products that reflect strong, distinct qualities such as mass potential, longevity, brand incrementality, category distinction or appeal toward a specific consumer target, this year’s list includes all six of Nielsen BASES’ activation profiles

ABOUT NIELSEN

Nielsen Holdings plc (NYSE: NLSN) is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Nielsen is divided into two business units. Nielsen Global Media provides media and advertising industries with unbiased and reliable metrics that create a shared understanding of the industry required for markets to function. Nielsen Global Connect provides consumer packaged goods manufacturers and retailers with accurate, actionable information and insights and a complete picture of the complex and changing marketplace that companies need to innovate and grow. 

Our approach marries proprietary Nielsen data with other data sources to help clients around the world understand what’s happening now, what’s happening next, and how to best act on this knowledge. 

An S&P 500 company, Nielsen has operations in over 100 countries, covering more than 90% of the world’s population. For more information, visit www.nielsen.com

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/capitalizing-on-innovation-trends-today-will-drive-business-growth-in-the-new-normal-301143652.html

SOURCE Nielsen

Source Article