According to Bucci, companies should take an "outside-in approach" when it comes to developing and launching a new product or service. Bucci stressed that innovation is not merely just new product launches, rather innovation encompasses service, cost saving initiatives, sales management and much more.
"Innovation doesn't have to be a product launch; it can be an easier way for your customer to do business," Bucci told attendees. "Innovate to the need of the market."
Many companies already use published data, subscription services, the Internet and government records to understand consumer demands. But, Bucci says companies should take this a step further by augmenting and customizing research to better understand what customers need and how quickly they need it. It is important for companies to remember that one size does not fit all - what you do for bird seed may not work for dog food.
Bucci said CEI's innovative process includes retail visits, focus groups, usability studies, voice of customer analysis and surveys, bridging the gap from public to customized research.
While cat trends continue, the pandemic has added to overall slow-growth treatment of the cat food market.
Premiumization and humanization, as well as automation, fueled continued operation growth in spite of the COVID-19 pandemic.