In his podcast interview with Krista Tippett, Seth Godin articulated a new way of thinking in this changing economy in which we are living. We’ve gone from the industrial age where the goal was to capture as much of the market as possible to our present time where the goal is not so much the volume you can capture, but the depth of your impact. Before, for a product to be viable it needed to capture a large enough market to make it live, but now all you need to do is find the right niche market where your product or idea really matters and that will be enough territory to build a future for your idea. But will this help us build products for the future?
It is with this in mind that I look at the changing face of the consumer packaged goods business where mature CPG brands are losing market share to younger companies. With the rise of the experience economy and the proliferation of inputs for our packaged goods (from big data to the internet of things), are CPG companies finding ways to focus on impact and not just scale? After all, we’re not just looking at items on a shelf any more – now we’re looking at touchpoints for connection, choices about the environment and community, and more.
That’s why CPG companies of the future aren’t just focused on incremental innovation or even new product ideation. The leading CPG companies are running innovation campaigns around the internet of things, 3D printing capabilities, digital transformation and much more. And although the majority of IdeaScale customers (over two-thirds) are running these campaigns to their workforce, the most forward-thinking organizations are looking externally to their customers and partners to find new ideas. In doing this, CPG companies are force multiplying their capacity to not only find new ideas but build markets where these ideas can take root and make an impact.