Is P&G the new 3M?By
In the welter of quarterly profits announcements this week, don't forget to delve into those of P&G. It did great--significantly better than its competitors. The reason? New products and new versions of old products that command higher prices. There were new versions of Tide and Downy and the new Swiffer carpet sweeper. Is P&G the new 3M? Maybe. It added 141 new items worldwide, according to Deutsche Bank Securities, eight times more than Kimberly-Clark. P&G's profit growth is much higher than it's competitors. New products can command higher prices and P&G is reaping the rewards.
AG Lafely CEO and innovation-driver Claudia Kotchka deserve a round of applause from P&G's customers and shareholders. In an era of commoditization, they are pushing design and innovation deep down into P&G. P&G is the one to benchmark on innovation folks.