If you follow my blog you'll know that one of the key factors I associate with this recession is the lack of innovation. I argue that companies are generally embracing replacement cycles, which is to say replacing old products with new products that are basically the same with just a few feature upgrades.
Yes people say tablets are innovation, but really they are just laptops in a different form factor. It's not really innovation as much as it's simply an evolution of a traditional form (ie. the laptop).
Now this may sound a bit silly, but I think I've found a company that is actually innovatting. The company? President's Choice.
Ok, how do you innovate when it comes to food? I agree, if there's ever an industry where replacement cycles rule it's the food industry, after all, food is food, there's only so much innovation you can do.
But hear me out on this. I often get groceries at Loblaws. What I've noticed lately is that President's Choice has come out with some amazing products.
They have a line of ice cream now which is hands down the best ice cream I've ever tasted. No joke, this stuff is better than the expensive Ben & Jerry's ice creams. Not only that, they must have 12 different flavors at least. None of which are your typical vanilla, chocolate, etc. - they are all interesting flavors like strawberry shortcake, cotton candy, bubblegum, and a bunch others (you can see the full list here)
Now if the fact that it's the best ice cream I've ever tasted wasn't enough, a 1L container sells for $3.50. A much smaller container of Ben and Jerry's sells for something like 6 or 7 bucks. A slightly larger container (1.65L) of the leading brand names sells for like 6-9 bucks.
So President's Choice has created the best ice cream I've ever tasted and sells it for the same or less than any other brand out there. That is innovation (making something that kicks all the other products' butts and selling it for less qualifies as innovation in my books).
But that's not all.
I generally don't eat potato chips (I'm getting to old to eat that stuff and not put on weight). But recently I bought some when I was at Loblaws.
Same thing when it comes to chips. President's Choice has over a half-dozen or so flavors and I've got to say they taste way better than the leading brands. The flavors are all interesting also, like Barbacue Baby Back Rib chips. Not only that, they cost less.
Now, I've had no-name chips in the past and trust me, I know that the leading brands taste better. But in this case, the President Choice chips are hands down better than any of the leading brands.
So yet again, new flavors, better taste and lower cost. Now, it doesn't mean I'll be buying them, but it's still innovative. I usually pass by the chip section in the grocery store and have zero interest in them. But since tasting the President Choice chips, I have to force myself not to buy them.
Normally you could argue that a new potato chip is more of a replacement cycle. But in this case, what President's Choice is doing (at least with their ice cream and chips) is blow the leading name brands out of the water. They are producing a better product and selling it for less.
And this qualifies as innovation to me because it will spur consumer spending. I do not eat potato chips. When Lays or one of those guys come out with a new chip, I don't care and I don't buy it. Yet last week I found myself buying President's Choice chips (in part I'm sure to the appealing look and feel of the packaging).
I should also say their marketing is top notch. The colors and graphic design on their products makes you want to buy them.
This is clearly a company that has invested in innovating it's offering to the market. I mean, I generally don't eat ice cream and prior to last week hadn't eaten potato chips in like 10 years or something. Yet now, when I walk in to Loblaws I always pick up one of their ice creams (and will try to not buy any potato chips).
My point in this post though is to say that at least one company is innovating. If other companies were innovating like this people would start spending again.
Change will come. A year ago I did my grocery shopping at Metro, now I go to Loblaws because of their products. A year ago I had cable tv and cable internet through Rogers (for an absurd $130 a month), now I get all my tv from the internet and I'm with Teksavvy. (at the breezy price of $36 a month, after taxes).
I don't think one company innovating is enough to spur the economy, but it gives me a little bit of hope that at least innovation is utterly dead.
PR and innovation go hand in hand. Without innovation PR is left with the boring task of re-hashing stale, recycled messaging to stakeholders that no longer really care because they know that ultimately there's nothing of great interest going on and that basically they are just being told the same thing over and over.
Yes people say tablets are innovation, but really they are just laptops in a different form factor. It's not really innovation as much as it's simply an evolution of a traditional form (ie. the laptop).
Now this may sound a bit silly, but I think I've found a company that is actually innovatting. The company? President's Choice.
Ok, how do you innovate when it comes to food? I agree, if there's ever an industry where replacement cycles rule it's the food industry, after all, food is food, there's only so much innovation you can do.
But hear me out on this. I often get groceries at Loblaws. What I've noticed lately is that President's Choice has come out with some amazing products.
Now if the fact that it's the best ice cream I've ever tasted wasn't enough, a 1L container sells for $3.50. A much smaller container of Ben and Jerry's sells for something like 6 or 7 bucks. A slightly larger container (1.65L) of the leading brand names sells for like 6-9 bucks.
So President's Choice has created the best ice cream I've ever tasted and sells it for the same or less than any other brand out there. That is innovation (making something that kicks all the other products' butts and selling it for less qualifies as innovation in my books).
But that's not all.
I generally don't eat potato chips (I'm getting to old to eat that stuff and not put on weight). But recently I bought some when I was at Loblaws.
Now, I've had no-name chips in the past and trust me, I know that the leading brands taste better. But in this case, the President Choice chips are hands down better than any of the leading brands.
So yet again, new flavors, better taste and lower cost. Now, it doesn't mean I'll be buying them, but it's still innovative. I usually pass by the chip section in the grocery store and have zero interest in them. But since tasting the President Choice chips, I have to force myself not to buy them.
Normally you could argue that a new potato chip is more of a replacement cycle. But in this case, what President's Choice is doing (at least with their ice cream and chips) is blow the leading name brands out of the water. They are producing a better product and selling it for less.
And this qualifies as innovation to me because it will spur consumer spending. I do not eat potato chips. When Lays or one of those guys come out with a new chip, I don't care and I don't buy it. Yet last week I found myself buying President's Choice chips (in part I'm sure to the appealing look and feel of the packaging).
I should also say their marketing is top notch. The colors and graphic design on their products makes you want to buy them.
This is clearly a company that has invested in innovating it's offering to the market. I mean, I generally don't eat ice cream and prior to last week hadn't eaten potato chips in like 10 years or something. Yet now, when I walk in to Loblaws I always pick up one of their ice creams (and will try to not buy any potato chips).
My point in this post though is to say that at least one company is innovating. If other companies were innovating like this people would start spending again.
Change will come. A year ago I did my grocery shopping at Metro, now I go to Loblaws because of their products. A year ago I had cable tv and cable internet through Rogers (for an absurd $130 a month), now I get all my tv from the internet and I'm with Teksavvy. (at the breezy price of $36 a month, after taxes).
I don't think one company innovating is enough to spur the economy, but it gives me a little bit of hope that at least innovation is utterly dead.
PR and innovation go hand in hand. Without innovation PR is left with the boring task of re-hashing stale, recycled messaging to stakeholders that no longer really care because they know that ultimately there's nothing of great interest going on and that basically they are just being told the same thing over and over.
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