I hope that all of you are enjoying the holiday season as much as I am. What a great time to share a spirit of worship and thanks, generosity through giving, and anticipation for a new year. The holidays also challenge us as we add new activities into already full schedules. I'm catching up today on writing about several recent noteworthy events.
The first thoughts I want to share come from Dr. Dwight Riskey. Dwight recently retired as senior vice president of Consumer/Customer Insights for PepsiCo, Inc. Prior to that, he was chief marketing officer (CMO) for Frito Lay International. I heard Dr. Riskey speak at an Institute of Management Consultants (IMC) meeting in mid-November. He shared many insights into his great career at the PepsiCo family of companies. Two key factors he discussed included his dedication to market research and the focus on innovation he shares with the company. Needless to say, that was music to my ears. Dr. Riskey is credited with the rather recent invention of Sun Chips.
I had the marvelous opportunity of talking with him afterward to ask his opinion of the optimal organizational structure for innovation. I asked him to choose between a dedicated innovation team or a program involving a company's traditional business units. He said, "Absolutely the former." He recommended creating an innovation team composed of your most senior people and brightest minds.
He went on to say he was fortunate that his early career research and innovation recommendations were very successful. He cautioned that lack of results from an innovation team might be a problem for several reasons. As I thought about the cautionary note later, however, I reflected back on Marissa Mayer's presentation on Googles' Top Nine Recommendations on Innovation. Basically, she said that if your top minds are working on something, don't discard it. There is always some kernel of truth or value to be found. You'll remember from an earlier blog that she also said that "data is apolitical." The important message here is to create teams focused on innovation using the best research available.
It is truly amazing to think of the great growth and profitability that Dr. Riskey, and Frito Lay, have built on selling salty chips. We enjoyed stories he shared on the products and amazing statistics on our consumption of those products. You wouldn't believe it! It just goes to show what can be achieved with a focus on marketing, research and, of course, innovation.
Watch for my next post on a noteworthy event. You won't want to miss some fantastic insights into the global economy.
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