Renovation can be as impactful as innovation

Renovation around the taste of existing products can be as impactful as new products. That is the belief of Coca-Cola CEO James Quincey.

As part of this, Coca-Cola rolled out a new “orange-ier” flavour of Fanta last year, which had been informed by customer taste tests. This sort of renovation, Quincey argues, can serve to recruit new consumers and remind current consumers about what drew them to their favourite beverages in the first place.

Renovation of existing drinks forms one part of Coca-Cola’s innovation strategy. Another is products designed to bring excitement to the company’s brands. To this end, Coca-Cola has made extensive use of its Creations platform, which has enabled it to launch a whole range of new products. These include Starlight, which was inspired by space, Byte which was inspired by the metaverse and Happy Tears, which was launched for Random Acts of Kindness Day.

The third and more traditional type of innovation that Coca-Cola is engaging in, is the launch of new products. Here, Coca-Cola has most recently collaborated with Jack Daniels to produce a unique beverage offering whilst also providing innovation in the beverage’s package size. 

How has Coca-Cola benefited from this approach?

Well, the company claims that a quarter of its growth has come from renovation and innovation in recent times. Though Quincey is quick to warn that the company is not seeking to artificially inflate its innovation. Instead it is focusing on pursuing consumer-centricity.

To that end, Coca-Cola’s desire is to grow through what consumers demand rather than pushing its own agenda.