Mastering Big Data and Outside Sourcing Key to Innovation
A just-released study by the Boston Consulting Group (BCG) ranks the 50 most innovative companies. Not surprising, the list is dominated by large corporations, but relatively few are consumer packaged goods companies (CPGs).
It is important to note, however, that CPGs rely on a constant stream of innovation to fuel their growth. Nowhere is that more true than in packaging design. Packaging is one of the most basic marketing tools for CPGs, and a product’s success can turn on the effectiveness of its packaging. When it comes to innovation in packaging, the truth is that many of the most innovative designs are coming from smaller start-ups willing to take risks to make their products stand out—which is why many of these smaller start-ups get snapped up by larger within a few years of a successful launch.