We Really Should Talk. Your Consumers Are Telling Us Things You’ll Want to Know About Opportunities for Your Brands.
Consumers, however, are not innovators. They look to food and beverage companies to lead in innovation. They look to you to come up with the new products that will capture their imaginations and dazzle their taste buds.
Consumers look for you to lead the way. So, where should you look for insight and inspiration?
Consumers welcome true innovation when it aligns well with their needs. When we asked consumers to come up with a new private brand product that would appeal to them (as the following chart depicts), our participants all opted to design lower-cost, slightly healthier and premium versions of foods and beverages they already purchased on a regular basis.
In our conversations with consumers, our research also uncovers a gap in the marketplace for healthier versions from all brands—name or private brands. We certainly heard from consumers about health concerns linked to diet and food, and they put the health properties of their innovative products front and center, which, to us, is suggestive of a larger need in the marketplace.
While consumers still expect innovation to come from name brands, they are open to private brand innovation as well. Across the categories we studied in our Brand Ambition report, about 2/3 of consumers are more interested in innovation from name brands than private brands.
What does this mean for you and your brands?
Let’s talk. The trend towards more informed consumers making more discerning choices in food and beverage is unlikely to reverse, which means that these consumers will make more of their purchase decisions based on their understanding of the attributes and composition of your brands and products.
Let’s start the conversation today! Contact me: firstname.lastname@example.org
Shelley Balanko, Ph.D.
Senior Vice President
O (425)-452-0818 ext. 103 | M (425)-772-6617