How can retailers foster innovation in their businesses and bring new ideas to market more quickly?

Posted by kmacdonald-taylor under Co-creation and Innovation and Retail, 24 Jul 2012


Our very own Ed Herten talks to Retail Week about how retailers can foster innovation in their business’ and more here…

Q. How can retailers foster innovation in their businesses and bring new ideas to market more quickly?

A. “The leadership team must set the direction for innovation, even if it’s just an intention for others to pursue,” says Ed Herten, innovation director at co-creation agency Promise, which brings brands and customers together to create business ideas. “If the team is clear on where it wants the company to innovate and grow, the business can focus on putting its energies into the right places.”

Working with customers and staff to co-create solutions can save time too, he adds. “It not only serves to concentrate your research, but also helps to ensure your ideas will resonate with customers and meet their needs.”

It also means that stakeholders who can help or hinder the passage of innovation are involved in the process from the start, allowing retailers to obtain their buy-in and support in bringing ideas to market.

“Innovation in retail and in FMCG is all about the detail,” says Herten. “Put consumers at the heart of the innovation process and involve them every step of the way. You then won’t lose sight of their needs or the precise insight behind your ideas. You’ll be able to decide things faster and launch innovations quicker with less likelihood of them failing.”

Testing ideas in store is also advisable, he adds. “Don’t forget, your store is essentially a big laboratory with your till data providing you with results on an hourly basis. Think polyboard signs and making changes every few hours according to what you see happening. It will be obvious which innovations are working.”

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This entry was posted on Tuesday, 24 Jul 2012 at 8:00 am and is filed under Co-creation, Innovation, Retail.
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