Let’s continue talking about marketing in the nutrition business, being about additives or supplements, and specifically, let’s discuss the issue of developing new products.
In most companies that I had the pleasure working with as a consultant, the upper management almost always expected the research and development (R&D) department, or the innovation team as it is fashionable to call it nowadays, to come up with new ideas. Sure enough, R&D always comes up with ideas -- these are bright people full of passion for their science. Unfortunately, however, such ideas tend to fail in one very crucial aspect: commercialization.
Let me give you an example. I was once presented with an idea on how restricting water to young animals could potentially enhance the maturation of their digestive system. Apart from not having a sound biological basis, I was immediately struck by the fact that even if this innovative idea was proven true, the specific company (a premix supplier) would not be able to profit from their investment, as such research could not be bagged, tagged and sold -- that being the purpose of having an R&D department.
So, who should come up with new ideas? Stay tuned until with my next blog.