BASES, a NielsenIQ business, and leader in helping companies build brands through innovation, renovation, portfolio and pricing strategy, as well as go-to-market optimization, has released its highly-anticipated 2022 Top Breakthrough Innovation report.
For over a decade, this list has been the gold standard in recognizing innovation and global success within the Fast Moving Consumer Goods (FMCG) space. The 19 winners among this year's innovative brands in Saudi Arabia come from a wide range of categories across Food, Personal Care, Home Care, and Beverages.
The award recognizes successful product launches across all strategies, ranging from launches that managed to disrupt their categories and grew their brand to targeted plays that did not intend to appeal to the mass market but were meant to delight a specific target.
Additionally, the new report recognizes winners that transformed their categories by offering innovative benefits before they were mainstream, as well as new brands in the marketplace.
Despite ongoing crisis mode: consumers still show an appetite for innovations – opportunities for smaller brands
In the face of inflationary pressures, looming economic crises, supply chain disruptions, and increasing energy and commodities prices many brands may naturally hold back on innovation, often refocusing on their existing portfolio. Currently, in Saudi, almost 20,000 innovations are evaluated every year (new products, but also line extensions, restages...), and only 1 out of 5 finally see the light.
“The BASES Top Breakthrough Innovation Awards prove that new product developments remain a viable growth strategy for manufacturers, particularly as consumers still show a strong appetite for relevant innovations,” says Zulfiqar Razvi, NielsenIQ BASES Executive Director. “Our latest data show that only a fraction – 6% – of global shoppers are averse to new products right now. 94% of FMCG consumers today are open to trying new things.”
A trend from which not only big players could benefit but also small and medium-sized brands, having in mind the role of the full picture of new product activation. “Social media continues to play a very important role for innovation activations, and packaging as well - 71% of shoppers claim to purchase new products based on the pack.”, Mr. Razvi adds.
Recipe for successful innovation has not changed, but agility is key
“The experience of pandemic years did generally not change the recipe for success. You will still need a good idea, a good product, and a good activation strategy in order to succeed. However, the way of stirring the ingredients together has evolved. To create a good innovation brands need to be relevant to their consumers, making it easy for them to understand what the product is about and why they need it. They have to ensure their innovation is perceived as genuine and authentic.
Lastly, they should be creative in their marketing strategy and bold in experimenting,” says Zulfiqar Razvi and adds: “And while the new product needs to be supported by a long-term marketing strategy, crises like the Covid pandemic have clearly shown that its key to be flexible and agile – as our winners this year have proven.”
THE 2022 NIELSEN BREAKTHROUGH INNOVATION WINNERS IN SAUDI:
For more information about this year’s Breakthrough Innovations winners and to learn from their successes, please visit our Breakthrough Innovation website.