Consumer Goods Growth & Innovation Forum
In the competitive and ever-changing consumer goods market, even the best ideas won't stand a chance without the right people, processes and technology in place to back their timely delivery to market. On September 24-26, 2008, more than 70 senior-level consumer goods executives gathered at The Four Seasons in Miami, Fla. for the third annual Consumer Goods Growth & Innovation Forum. There, they heard from Procter & Gamble, Church & Dwight, Avon and Kraft, among others, on how to cultivate a true culture of innovation. Here is a snapshot of some of the event's many highlights:> Part of a winning innovation strategy is understanding customers so well that you know what they need before they do. From softening the blow of a pet goldfish's death for a young guest to putting rocks under a guest's pillow (at her request), the Ritz-Carlton Hotel Company prides itself on meeting individual customer preferences. In an opening keynote presentation, Greg Merrick, the Ritz-Carlton's senior director human resources, revealed strategies and systems that facilitate the proactive employee's ability to anticipate and fulfill guests' expressed and unexpressed needs.
> As the consumer goods industry continues its drive toward becoming demand driven, companies are turning to consumer insights to direct new products and/or experiences. Steven Cugine, EVP Global New Product Innovation, Church & Dwight Co. Inc., shared details on how the company was able to build brand equity and establish differentiation in crowded categories for both its Trojan and Arm & Hammer Essentials lines through multi-layered innovation.
> Dr. Len Sauers, vice president of Global Sustainability for Procter & Gamble (P&G), highlighted how P&G effectively innovates in a market where the public increasingly demands that consumer goods companies improve their environmental profiles. "Changing consumer behavior is very difficult," Sauers said, but with the success of sustainable products, like P&G's Tide Cold Water, shopping patterns show that the change is happening.
> Lisa Midyette, executive director, Global Brand Marketing Project Integration for Avon Products Inc., explored the company's journey over the last few years to evaluate new product development processes around the world and streamline the process into a truly global method. In this session, attendees learned about best practices for globalizing innovation and implementing a common process to maximize efficiency and excel in product development.
> Innovationedge President Cheryl Perkins and a panel of innovation experts from Tyson Foods, Kimberly-Clark, Colgate-Palmolive and UBS Securities discussed a cross-functional approach to innovation. Topics covered included the evolving definition of "innovation;" the metrics used to evaluate and measure success; and innovating as a global company that is challenged to balance internal and external cultural differences.
> "The average person complains 15 to 30 times a day," said William Bowen, author of "A Complaint Free World." In a powerful second-day, opening keynote session, Bowen emphasized how the epidemic of complaining can damage morale, motivation, the emotional and physical health, and the relationships of employees. This, in turn, inhibits an organization's ability to compete and be successful.
> In the closing keynote, Tom Szaky, CEO and co-founder of TerraCycle, revealed how he took garbage and turned it into an incredibly robust commodity. The company's eco-friendly products are also sold at Target, Whole Foods, Walgreens and more. Its portfolio has grown from worm poop fertilizer to include an expanded line of garden products, totes, backpacks and office products made from recycled plastic bags, cookie wrappers and old juice boxes. Szaky believes that TerraCycle's success insofar is only a sliver of what is to come.