Frugal Innovation Improves Sales
Global Innovation > Frugal Innovation Improves Sales
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A management consultancy firm advising American companies how to increase revenues and reduce costs by leveraging the economies of China and India.
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Client Challenge
Changing buying patterns among lower middle class American worried the Chief Innovation Officer of a multi-billion dollar consumer products company. Marketing and Sales were concerned that the highly respected product development team renowned for producing premium performance was not prepared to respond quickly enough to produce lower unit cost products while maintain the spirit of the brand portfolio
Amritt-Client Process
Working with the head of open innovation, Amritt investigated the market ecosystem for frugal innovation and supply in India and China. We brought back a bouquet of 11 ideas that could potentially ignite short and medium term product development and create improved margins for the client. We followed up by taking a client team on a guided trip to India; together we visited homes, stores, distributors and product designers to enable a first-hand appreciation of the new product development process in a country with a large middle class with a much smaller wallet size.
Impact
Two of the 11 ideas, could be implemented in the U.S. market with minimal engineering effort and an immediate impact of profit margins. One idea was considered too radical for Western markets but was picked by the client’s emerging market team ; by changing the product packaging and configuration, sales of the product in 7 emerging countries spiked by over 14 percent.
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