Hershey tops innovation survey

by | Jun 26, 2012

Chocolate brand Hershey has come out as the leader in a recent innovation study.

The survey asked consumers which brands they would most likely buy new products from.

Hershey came out on top, with 52.8 per cent of respondents saying they would most likely buy a new product offered by the company.

Kraft was not too far behind on 48.6 per cent.

Cereal giant Kellogg scored the third spot, with 47.8 per cent.

The Temkin Group published the report called Innovation Equity Quotient. The IEQ measures how willing consumers are to buy a new product from a company. The study asked 5,000 consumers about their thoughts on 50 well-known brands.

Six consumer packaged goods companies appeared in the top 10.

Google came first in technology-based companies, while Coke beat Pepsi in the soft drink arena.

The Temkin Group report measured the data across age, income, gender and ethnic groups.

Income level was the factor which has the least impact on the Innovation Equity Quotient.

However, the research found that Nintendo and Google have the biggest consumer age gaps, Revlon and L’Oreal have the biggest gaps in gender and Nike has the most noticeable differences in consumer ethnicity.

The Innovation Equity Quotient was based one question consumers were asked: If a company announced a new product or service, how likely would you be to try it right away?

Here are the top 10 companies with their Innovation Equity Quotient score. Be sure to see the full list of the 50 companies here.

  1. Hershey -  52.8 per cent.
  2. Kraft – 48.6 per cent.
  3. Kellogg – 47.8 per cent.
  4. McDonald’s – 46.6 per cent.
  5. Nestle – 46.3 per cent.
  6. General Mills and Coca Cola  – 45.6 per cent each.
  7. Google – 42.6 per cent.
  8. Johnson & Johnson – 41.1 per cent.
  9. PepsiCo – 40.9 per cent.
  10. Target - 40.2 per cent.
Jeffrey Tobias

About Jeffrey Tobias

Dr Tobias is an accomplished innovation consultant and entrepreneurship strategist, drawing expertise from the academic, entrepreneurial and corporate worlds. Jeffrey’s commercial and business experience is particularly focussed on lean startup, design thinking and leadership. Prior to The Strategy Group, Jeffrey was Cisco’s Global Lead for Innovation in the Internet Business Solutions Group helping Fortune Global 500 companies improve customer experience and grow revenue by transforming how they do business.
Jeffrey is a professor of innovation and entrepreneurship teaching MBA students at the Australian Graduate School of Business at the University of New South Wales. An active angel investor, Jeffrey is on the board of various well-known startups.

View All Posts

Managing Director, The Strategy Group

Dr Tobias is an accomplished innovation consultant and entrepreneurship strategist, drawing expertise from the academic, entrepreneurial and corporate worlds. Jeffrey’s commercial and business experience is particularly focussed on lean startup, design thinking and leadership. Prior to The Strategy Group, Jeffrey was Cisco’s Global Lead for Innovation in the Internet Business Solutions Group helping Fortune Global 500 companies improve customer experience and grow revenue by transforming how they do business.
Jeffrey is a professor of innovation and entrepreneurship teaching MBA students at the Australian Graduate School of Business at the University of New South Wales. An active angel investor, Jeffrey is on the board of various well known startups. Jeffrey’s corporate background includes leading global innovation strategy at Cisco, working with large corporates such as Adobe, Westpac, Telstra, Woolworths, and Perpetual.

Need help to get your business to the next level?

More related articles on innovation

Share This