Pet Industry Advisory

Innovation is Key

You heard that right, innovation is key. Is anyone familiar with the Diffusion of Innovation theory (Rogers, 1964)? Well, basically it states that people just like manufacturers fall into categories in how they will assimilate with the current market place trends. These categories consist of early adopters, adopters, early majority, late majority and laggards. This is a great theory and can be related directly to how manufacturers are designing their products today.

“Innovation comes in many forms.  Game changers that create product categories and change the way people think have most often come from larger existing players who can capitalize on an idea, even if they didn’t come up with it.  The large dollars, marketing, and logistics investments required dictate that existing players change the industry.  That being said, the constant innovation that moves the industry, or a category along in small, but never ending steps often comes about because of new entrants,” says Sean Dooley, Vice President of Absorption Corp.

Pet manufacturing companies are more and more creative these days. For instance, I walked into my local pet specialty store the other day to look for a birthday present for my dog. I was inundated with a myriad amount of toys and treats all offering many benefits for your pet. These benefits included teeth and gum care, dietary supplements, digestive tract aid, etc. How does a consumer

“Technology has changed the industry in more subtle ways than products have but may have been as significant in changing cost structures and consumer expectations.  A majority of small animal owners research pets and products before going to the store.  Brands that aren’t visible on the web find it harder getting traction in the store.  One west coast distributor has put an electronic order book in a handheld device for retailers and expanded the range of products available to the consumer while reducing costs and without adding warehouse space.  E-mail, websites and social networking have given retailers more cost effective and targeted marketing tools and provided consumers a voice in product selection, functionality and price,” says Dooley.

All these issues and more will be answered at the Pet Industry Advisory Event. Check out the website at www.petindustryadvisory for later details.

Many Thanks,

Meghan