News

Singles, Doubles Can Win the PL Innovation Game, Speaker Advises

April 12, 2011
/ Print / Reprints /
ShareMore
/ Text Size+

Small successes in private label product innovation can add up to sustained gains for retailers, said a speaker at ECRM's private brand foods conference in Dallas Tuesday morning.


Retailers shouldn't avoid innovations because they fear failure, added Marc Lower, senior director, product innovation with Daymon Worldwide. Failures are inevitable in the innovation process, he explained. Retailers also shouldn't think the only way to innovate is to find a mega-hit, a private label equivalent to inventing the iPad, Lower said.


Rather, “if we just keep working on singles and doubles, once in a while you're going to hit a home run,” he said.


Successful new product innovation requires collaboration, trust and a diversity of thinking between retailers and their suppliers, he said.


Retailers need to be aware that “most companies are not designed for innovation” and so take steps to overcome that institutional inertia when it comes to innovating, he added.


For example, senior managers may say they're encouraging innovation but category managers generally are not rewarded for risk-taking, which is what suggesting new products is, he explained, so that creates barriers to retailer innovation.




Did you enjoy this article? Click here to subscribe to Private Label Buyer.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

November 2014 New Food Products

This month's new food products are Flours, crepes, lollipops, several candy items, pancakes, dip, fish, raisins, pizza, almond milk, peanut butter, and a breakfast bowl.

Podcasts

Coming with a clear, comprehensive plan was the key to success for Longo Brothers Fruit Markets when the grocer decided to roll out a two-tier private label strategy, Jenny Longo and Robert Koss tell PLBuyer editor Chris Freeman in this podcast.

More Podcasts

Private Label Buyer Magazine

PLB November 2014 cover

November 2014

The November 2014 issue of Private Label Buyer - its last issue - includes articles about the retailer as manufacturer and OTC/healthcare items, as well as category insights on pizza and household goods. Check it out today!

Table Of Contents Subscribe

Private Label Segments

Which segment of private label will see the biggest growth over the next year?
View Results Poll Archive

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40pxgoogle+ icon 40px

PLB Marketplace