Elevate Insights charted the 3 year innovation roadmap for the RTD beverages portfolio at Tata Consumer Products and continues to work with them to define the marketing mix for the new innovations.
Innovation – Idea generation and successful marketing mix creation
Business Challenge: Our client was a late entrant with a minor play in the RTD Beverages with big growth ambitions. RTD
Category is a highly competitive category with large multinationals like Coca Cola and PepsiCo as well as Indian grown companies like Parle, Dabur and ITC already having significant share. Every opportunity seemed taken and the team had an empty innovation funnel. They got Elevate Insights on-board to create a 3 year Innovation strategy.
Elevate Approach: We leveraged our 3R toolkit with 3 key steps
1. Review:
We reviewed their brands’ stretch, studied category need-gaps, growth trends and conducted stakeholder immersions to understand capabilities.
2. Reframe:
We brought in category insights from other markets and key innovation frameworks to lead a critical Reframe workshop with the core leadership team followed by Ideation session where we collaborated with multiple internal and external stakeholders. We generated over 40 ideas across their existing trademarks.
3. Refine:
We reviewed the ideas from a lens of both market potential and feasibility to refine to top 12-15 ideas to move to the Stage Gate Innovation funnel. We created a 3 years portfolio strategy for them.
Result
The company had a 3 year portfolio strategy with 12-15 strong clear innovations to launch in the next 3 years.
Elevate Insights also worked with the team to lead the innovation development for each of the innovations as a long term marketing strategy and insights partner. We helped translate the ideas to concepts and products to be tested; defined target audience and RTB and have been working closely with the R&D and brand team members.
Many of the innovations have successfully tested with Nielsen BASES tools and have already done in-market launches
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