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Various books and seminars have emphasised the importance of innovations to keep organisations competitive or to gain market advantage but Ged Nooy, Managing Director of Nielsen Nigeria said innovation is not absolute as it must be subjected to testing before implementation to substantiate it.
Experts have said that out of every 7 new innovative products, only one succeeds and laying credence to this, Nooy who spoke at his company’s event in Lagos recently said concepts fail because a lot of managers rush to the market without testing the innovation before implementation and execution.
“Another challenge is that innovation is sometimes just done to extend the brand line instead of identifying what the customer needs”, Nooy further said at the forum which looked at the question of whether retailers and manufacturers are equipped to beat the odds they are facing in Nigeria by anticipating and preparing for the future.
Nooy and his team had invited clients to assess future consumption trends and how this can be shaped and the big drivers and some of the developments that will do that.
According to him, “everyone is fighting for growth, competition for consumers’ wallets has never been greater, and growing share of those wallets has never been tougher. In a challenging environment, finding opportunities with the right insights becomes key to help beat the odds.”
In helping the clients beat the odd, Nooy said Nielsen creates a benchmark to determine how clients are performing. “If they are growing below the benchmark, we look at why until we find where the problem is”.
Also speaking, Ailsa Wingfield, Executive Director, Thought Leadership, Nielsen said, “Opportunities today and tomorrow are about understanding and delivering what consumers need and want. Times are shifting”, she said.
She noted that “there are more … Read More...