Companies in the food sector are racing for innovation, but how can they stand out? Whether it’s commercial, social, or technological innovation does not matter but innovation is above all a matter of survival! This article from FoodBev Media, explains what the key elements are required for cultivating innovation!
Innovation is important no matter what industry you work in. That’s because being able to improve existing business practices is vital for the growth and continuity of an organisation. This is especially true in the highly competitive beverage industry, where creativity and innovation can be one of the most cost-effective ways to set your brand apart from your competitors.
From a business perspective, innovation is anything that adds value and a new dimension to your organisation, whether that is through improved processes or a new product or service that makes your competitors think ‘I wish I’d thought of that!’
But what the key elements required for cultivating innovation?
As mentioned above, innovative beverage brands can usually count on success at the expense of their competition. This is because they have been first to introduce or adapt to various new themes or concepts in recent years, such as cold-pressed juices, cold brews or plant-based ingredients. Although these new ideas can be very valuable to a beverage brand, they also pose a challenge as organisations tackle the issue of standing out in a crowded market.
Not all organisations will find innovation to be an easy process either. For instance, beverage start-ups can often be more agile and responsive to consumer trends. Nevertheless, there’s no reason why established brands can’t develop a culture of innovation too. Here’s how:
Listen and collaborate
When it comes to catching fresh ideas, you need to cast a wide net. Ideas don’t always come from the experts, and staff at all levels can be capable of coming up with market-leading innovations. Everyone in your organisation should feel that they are able to contribute ideas and teamwork is an essential element of ideation. Innovation cannot happen in a silo. Engaging with employees, suppliers and even customers can often lead to interesting insights and perspectives that you may not otherwise have thought of. Social media has opened up new channels of engagement between brands and consumers; organisations can now find out exactly what changes their customers want to see.
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