A PACKAGING INNOVATION SPRINT – HOW CAN YOU CLAIM THE WINNERS PODIUM AS INNOVATOR?
Innovating in the consumer goods packaging space is hard, costly, and risky due to many internal and external factors. Design firms providing outsourced research and design consulting services are rarely vertically integrated and don’t have direct access to Tier 1 manufacturing experience and expertise. Specialized rigid or flexible packaging solutions providers tend to be separate suppliers. No one in the packaging industry is doing intelligent/smart packaging with any real active lead. And finally, due to consumer goods companies being large conglomerates or lifestyle businesses specializing in key segments (i.e., consumer goods, food & beverage, beauty, etc.), they can be slow with decision-making, work in functional silos, and risk-averse.
Over the past two months, my colleagues from Jabil Packaging Solutions and I have been guiding webinar attendees to think about what success looks like for their brand’s packaged products. The first webinar in the three-part series focused on market trends and dynamics that are driving product innovation. In the second webinar, we took a look at the technological trends taking place within the plastic packaging industry, which included sustainable packaging, smart packaging, devicification, and packaging for e-commerce. Our final webinar was all about how to successfully innovate. A full packaging solutions partner with functional, hybrid, active, intelligent, and consumer device solutions is best equipped to enable national brands to increase top and bottom line revenue, market share, and win in an increasingly competitive retail landscape.
We believe consumer goods brand leaders who don’t innovate packaging for sustainability, performance, and convenience will lose in the retail race. But innovating in the consumer goods packaging space is hard, costly, and risky due to many internal and external factors. In the last decade, multiple published studies across the globe have reported innovation failure rates in the 75-80% range. Failure means these new products are not returning the required significant investment made or sustaining their planned revenue expectations.
Good packaging innovation influences and reinforces price, performance, convenience, brand values, brand position, and differentiation. Innovative product packaging increases the chances of new consumer goods products succeeding and can extend the product lifecycle of existing products. To be successful at packaging innovation, it is imperative that the latest consumer trends are understood and incorporated into the latest design thinking.
More than ever, market leaders are embracing packaging innovation to drive competitive differentiation, increase revenue, lower costs, speed up time-to-market, and connect with customers in new and compelling ways. The ability to align brands more closely and consistently with consumer lifestyles, smart devices, and the internet is transforming how customers choose and interact with consumer devices, consumer packaged goods (CPG), consumer healthcare products, as well as food and beverages.
WHAT DOES THE RADIUS/JABIL SOLUTION ALLOW THE CUSTOMER TO DO DIFFERENTLY?
We can help drive, test, build, analyze, and prove packaging innovation ideas under one roof in a matter of weeks.
Radius is a global innovation and product development consultancy firm integrated into one of the largest and most technologically advanced manufacturing solutions providers: Jabil. Our integrated insight to commercialization model offers our CPG customers the ability to work with ONE partner, to answer the most critical questions that determine financial viability, technical feasibility, and desirability of an innovative idea.
With accuracy, speed, and reduced risk.
The Outcome? We enable you to beat your competition at delivering compelling brand and product experiences to drive your business growth.
The combination of Jabil Packaging Solutions and Radius enables our team to deliver all of the pieces necessary to accelerate through to an innovative solution that contains all of the elements required for market success. We utilize world-class researchers and strategists, human factors and UI/UX specialists, designers, engineers, as well as quality and manufacturing implementation professionals, with deep experience in multiple technologies across industry verticals. Most importantly, everyone possesses deep packaging industry expertise, all under one roof, and can work with each client to navigate around the barriers inside and outside their organization.
PACKAGING INNOVATION SPRINT – HOW WE DO IT
How well “baked” are your ideas?
How much analysis has your company already done?
Have you satisfied the needs of your key stakeholders?
Have you appropriately mitigated go-to-market risk?
Whatever the answers, the sprint model has been designed for maximum flexibility. Ultimately, you choose!
Level 1 – Tailored Analysis of Ideas
Level 2 – All-In Analysis of Ideas
CONSULTATION (1 day)
Each engagement initiates with a 1-day consultation with our team to assess the challenge.
WORKSHOP (1 Week) – Opportunity Mapping
Determine and align key stakeholders on fruitful opportunity spaces, align on business priorities, and determine what initiatives to scope
END USER DESIRABILITY – Concept Sprint (2 weeks)
Quick exploration of concepts to solve a pre-defined problem, identification of a set of product or system configuration that are feasible, viable, and desirable. Develop initial Go-To-Market strategy hypothesis.
END USER DESIRABILITY – Concept Sprint + User Test (4 Weeks)
Quick exploration of concepts to solve a pre-defined problem, identification of a set of product or system configuration that are feasible, viable, and desirable. Develop initial Go-To-Market strategy hypothesis and demonstrate user and stakeholder acceptance
TECHNICAL FEASIBILITY – Concept Sprint + Build It (4 weeks)
Quick exploration of concepts to solve a pre-defined problem, identification of a set of product or system configuration that are feasible, viable, and desirable. Develop initial Go-To-Market strategy hypothesis and demonstrate feasibility.
FINANCIAL VIABILITY – Costing & Supply Chain Strategy (2 weeks)
Establish cost estimates for components and capital, leverage Jabil Control Tower to identify the appropriate Jabil region and factory, and leverage IDSC to optimize cost.
Innovative product packaging increases the chances of new consumer goods products succeeding, can extend the product lifecycle of existing products, and elevate brands. Successful innovation requires an idea and a plan that is actionable by the business and results in business value. We can accelerate packaging innovation ideas under one roof. Contact us to learn how you can do this with accuracy, speed, and reduced risk.