Increasing revenue with innovative products
Client background & brief:
- The client is a global FMCG company with a strong foot hold in the India market. The company is into four major categories with 10+ brands.
- In two of the categories the client business was losing market share as there were innovative products launched by startups and were eating up their market share.
- Client wanted us to help the category teams in envisioning 8 new products that can be launched into the market in 6 to 24 months timeframe.
How did we support:
- We suggested a Design Thinking sprint approach to get the outcome with agility and worked with the category teams on the following:
Step 0 – Consumer research and need state identification
Step 1 – Design Sprint setup & Planning (Goal, Teams, Nudges)
Step 2 – Design Sprint planning
Step 3 – Running the 5 day Design Thinking Sprint
Journey outcome:
- 150+ product ideas
- 16 products prototyped and testing
- Packaging prototypes as per brand guardrails
- Positioning stories
Benefits:
- Quantitative:
- Estimated revenue from the new product launches of INR 900+ crores
- Qualitative:
- Driving agility in business as the team was able to deliver product prototypes in a few days that typically would have take 6-8 months
- Increased cross functional collaboration in product conceptualizing resulted in higher buy in and faster market launch
