Building the Future of Play: How Innovation Strategy Created a Future-Proof Product
Strategic innovation is necessary for survival in the current business landscape. New technologies are coming thick and fast, and as we saw with digitalisation over the last few decades, those who don’t adapt, are quickly overcome.
Innovation can take many forms: digital, technological, product, and service are the usual suspects. Most businesses have a strong idea of where change should happen, but execution can be tricky, particularly when results aren’t guaranteed.
A client of ours knew they needed to innovate. They were a household name in kids’ play, but their main product was rooted in the physical. With children devoting more and more time to digital products, they knew they would have to fight to maintain relevance in the coming years.
They had a strong brand, a staple in every child’s toybox, giving our consultants an strong framework. By exploring the possibilities of licensing, educational influences, digital networks, groundbreaking technology enablers, and children’s changing attitudes and behaviours, our advisory services helped uncover the future of kids’ play. The result was a data-driven product innovation strategy to help the client maintain relevance for decades to come.
Research to drive transformation and innovation
A successful innovation strategy requires a few key things. The first is a clear goal or outcome. In our client’s case, it was understanding how to embrace digital product enhancements within their physical business. Of course, to achieve that outcome, they needed R+D, reliable data, trusted market research, and relevant consumer insights – which is where our consulting experts stepped in.
After several sessions, our team got to work mapping out the various stages of the project. It was important for the research to have both breadth and depth, covering all factors while scrutinising the most relevant.
We broke the project into three key phases:
- Pinpointing the top 25 future drivers and disruptors of kids’ play. This ensured the client had a clear understanding of the full picture and each potential avenue. Every trend had a 1–2-page summary, breaking down why it was relevant to the client.
- A conference to further explore the analysis. This was crucial in aiding the client’s understanding of the landscape. It also allowed the client to ask specific questions and receive further insights.
- Diving deeper into the top 10 overriding trends. This provided full-scale analysis and the insights needed for action. Our consultants broke down the impact of the trends on the client’s business. By conducting segmentation analysis, we uncovered growth expectations across three product categories, with five-year value forecasts underpinning three core markets.
Agile product development and innovation outcomes
Our consultancy services are both qualitative and quantifiable. We consider the data alongside our knowledge of wider consumer behaviour and socioeconomic, political and environmental trends. With sector expertise stretching back 30 years, clients find that our insights stick.
In this instance, the project provided a data-backed framework for growth and innovation. By examining the impact of virtual reality, mixed reality, augmented reality, AI, voice recognition, gesture control, wireless technology developments, and flexible displays on the kids’ play industry, we were able to provide profitable routes forward for this icon of children’s toys.
For more information about how our consultants can guide and inform your innovation strategy, get in touch with us today.