Page 169 - Bord Bia

ROADMAP

STAGE 3

b) Portfolio Expansion
Continued

Innovation

Expanding your portfolio through innovation to meet the needs of your consumers and customers is an
essential part of growing your business. Any innovation opportunity should be based on a clear consumer
need with potential for scale.
Innovation planning can include the following

• Developing new lavours, formats aimed at new occasions and consumers in
the market for beer and spirits

• Creating a new brand and range to address the consumer opportunity that you’ve identiied

• The most successful product innovations generally deliver one or more of the
following to the drinks category

• Address a unique, unmet consumer need in the market
• Deliver incremental sales to your business and your stakeholders including your
distributors and customers

• Enhance margins for customers and avoid unnecessary cannibalisation in the category.

It’s imperative to bring a disciplined approach to this highly creative process. Bord Bia ofers a
resource to help you focus on the right approach to expanding your portfolio through innovation.
See Innovation & Insight workbook from Bord Bia Bord Bia Innovation Workbook.

This workbook outlines a very clear process and guide to innovation that includes ground work on market
intelligence & exploring product opportunities and reining consumer concepts. It also covers the viability
of opportunity, brand expression and launch planning into the domestic or international market.

169