Dispatches from IFT
Delicious disasters: Marketing expert warns manufacturers on 'disruptive innovation' and learning from mistakes
Innovation is a word that seems to be everywhere within the industry at the minute, with ingredients firms and big brands constantly ,looking for the next big idea or technological development. Yet nine out of ten new products fail.
In this FoodNavigator exclusive, we speak to Chris Cornyn, president of DINE Marketing about why so many innovations fail to hit the right spot.
According to Cornyn, there are many reasons why a new product launch can fail - from under investment to not leaving a product in the market long enough.
"But the main reason, is that food companies don't get that insight exactly right. Not that they are way off base, but it's just slightly off," he said. "They can be great products, but they fail. And that's why I call them delicious disasters - because they might be delicious, but they just bomb."