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    Deloitte Outlines Steps to ‘Consumer-Centric Innovation’

    In trying to identify new marketing strategies, consumer packaged goods companies are finding that tapping into their own consumers is a valuable asset. According to a report recently released by Deloitte, “Consumer Centric Innovation” (CCI) can be a tool that helps drive success for some of the most innovative global CPG companies today.

    In trying to identify new marketing strategies, consumer packaged goods companies are finding that tapping into their own consumers is a valuable asset. According to a report recently released by Deloitte, “Consumer Centric Innovation” (CCI) can be a tool that helps drive success for some of the most innovative global CPG companies today.

    CCI is a marketing strategy that enables companies to become more innovative and ultimately successful, by involving the consumer to a greater extent. It’s also an affordable and reliable way to find out what consumers want and how to market to them appropriately. Employing CCI, many CPG companies are allowing consumers to play an active role in the customization of products and even become brand ambassadors, so that the brands may use their consumer insights to attain optimal financial performance, while maintaining and/or upping brand equity.

    New York-based Deloitte recommends six major steps CPG companies should keep in mind when using CCI:

    -- Management Commitment: Create cross-functioning teams among finance, R&D, marketing and other departments, to work together and support one another
    -- Expand Your Innovation Funnel: Look beyond your employees to determine where innovation lies
    -- Increase Your Web 2.0 Participation: User-generated content has been highly successful for many companies and is an easy and affordable way to generate ideas
    -- Create More Opportunities for Consumers to Interact With You: Have consumers use PCs or mobile devices to contact you and begin a conversation on the company Web site
    -- Uncover Consumer Needs: Revive consumer loyalty programs and conduct in-market experimentation to discover what makes consumers spend
    -- Employ New Marketing Tactics: Engage consumers via technology and allow them to connect with you from “anywhere.”

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