The new product development process can be fascinating, joyful, and inspiring – or sometimes leave you feeling like you’re stuck in the weeds. When it’s just not working, when do you decide to pull the plug? At Eidson & Partners, we’ve helped any number of clients make the decision to kill a project and stop the bleeding. In fact, we think knowing when to move on is one of the most underrated skills in product development.
But how do you know when it’s time to kill a new product? A recent article from McKinsey’s Bias Busters takes on that question and got us thinking about our own approach to those tough decisions. Continue Reading
The recent crisis for Boeing (resulting from the 737 Max accidents) has prompted a flurry of think pieces analyzing Boeing’s response, and what sets apart the businesses and brands that manage to retain consumer trust and loyalty in the face a major crisis.
What is the ideal playbook for a response to a crisis of this magnitude? I’d argue Johnson & Johnson established the gold standard all the way back in 1982 when seven people in the Chicago area died after taking cyanide-laced capsules of Extra-Strength Tylenol. Continue Reading
Millennials require transparency. A generation that came of age with information at their fingertips, they are reshaping the way brands communicate their values, their product’s benefits, and even their supply chains. From food to politics, healthcare, and employment, millennials’ “Self, Society, and Planet” ethos drives them to understand how their purchasing decisions impact themselves, their communities, and the environment.
This requires brands to communicate in new ways. Either they embrace transparency and authenticity and retain control of their narrative, or they drive consumers to third-party sources of information that may or may not present them in a positive light. Either they communicate directly with consumers on social media or they are talked about without a seat at the table.
These brands have responded proactively to millennial consumers’ desire for transparency and created success as a result: Continue Reading
We recently explored how the millennial generation’s consumer ethos of “self, society, and planet” has impacted other demographics and encouraged brands to become more transparent about their product sourcing and social impact. This shift is perhaps most obvious when it comes to food labeling – after all, this is the generation that saw calorie counts added to fast food menus and prioritizes organic and local ingredients. However, today’s consumers want greater transparency for all products, not just those they literally consume.
Millennial Americans, those born between 1981 and 1996, are now the consumer demographic with the greatest spending power. They are a generation that grew up surrounded by rapid technological advancement and came of age at the start of the social media era. They are more likely than previous generations to be multicultural, tech-savvy, and socially engaged. Now, their preferences are shaping how brands market to and communicate with their target audiences.
Perhaps this shift is most obvious when it comes to food. Most millennials grew up eating processed foods and were children at the height of fast food’s prominence, gleefully collecting Happy Meal toys and making friends at the adjacent indoor PlayPlace. However, as young adults, they were the recipients (and sometimes engineers) of the changing trends toward organic, local, unprocessed food. Today, the primary value that millennials prize when eating is transparency. Continue Reading
The New Year is a time to reflect over the progress we’ve made in the last year and prepare ourselves for the opportunities and challenges of the year ahead. With all of the uncertainty and volatility in our news cycle, it can be tough to narrow our focus. I find that setting simple, achievable goals helps make even the most “unsolvable” problems seem within reach.
With that in mind, I’d like to close out the past year and begin the new with a simple question: How can we do better in our sustainability efforts? Continue Reading
Richard Edelman, a leading expert in public relations and marketing, recently gave a speech at the University of Notre Dame addressing the crisis in consumer trust. His firm, Edelman, is a long-standing chronicler of consumer trust in institutions including business and government (we’ve covered past Edelman Trust Barometer results on our blog). In 2017, their global survey found that “trust is in crisis around the world” with trust in media and government reaching record lows since before the Great Recession of 2008.
The results for 2018 offer little hope for rebounding from the previous year. The most recent Trust Barometer “reveals a world of seemingly stagnant distrust” as “people’s trust in business, government, NGOs and media remained largely unchanged from 2017.” What the survey does offer, alongside Edelman’s recent remarks, is a potential way forward for those companies seeking to re-earn and re-establish the goodwill of their consumer base. Continue Reading