Happy New Year & 2023 Favorites Innovations
All of us at Mission Field wish you a phenomenal end of 2023 and fantastic start to 2024!
As we close out 2023, our team wanted to share a few of our favorite new innovations that caught our eye and made it into our homes this year. Hope you enjoy
SETTING Top Tier Innovation GOALS FOR CPG INNOVATION: The Vitality Index
Measuring the effectiveness of innovation has been a significant challenge for many companies. McKinsey's Vitality Index offers a solution to this problem by tracking the share of sales coming from innovation. We want to share some key knowledge on what this goal may look like for large CPGs.
How can a Random Forest Help my innovation?
Random Forests are one of many statistical regression tools used by Mission Field in the analytical process of projecting your innovations’ success potential. It is one of four key machine learning models we are currently using within our advanced metrics package on transactional tests of innovations, and we believe it is a key anchor for leveraging these test and learn experiences into driving future launch successes. To understand why we are using Random Forests, it helps to know what one is and how it works…
View from the Other Side
In my 14-year career as a CPG marketer, I hired dozens of agencies to execute every part of the marketing mix and innovation process. Now that I’m approaching the end of my first year as an innovation consultant, here are 4 tips for a successful innovation agency partnership built from my view from both sides.