Scott J. Edgett and Devon Gerchar
Foodservice executives are increasingly turning to product innovation to grow their businesses. However, while some companies seem to produce one new product success after another, others struggle with failure and disappointment. It’s clear that there is a group of best performing companies that separate themselves from average and low performers. The numbers don’t lie: the foodservice industry’s best performers achieve 22% more sales and 20% more profits from their new products than their average performing counterparts – real performance results realized by real companies. In this article, Scott Edgett collaborates with the International Foodservice Manufacturers Association and the Center of Innovation Excellence to uncover the product innovation performance of 106 foodservice manufacturers and what top performing companies are doing to consistently launch successful new products.
To learn more about the latest metrics, best practices, and company examples in foodservice new product development, obtain the full benchmarking study: Foodservice New Product Development Process: Performance Benchmarks.