Giving consumers a new experience is not always about creating a whole new product. Sometimes it’s about reinvention.
Sally Lyons Wyatt, executive vice-president and practice leader, Information Resources, Inc., recently pointed out two types of reinvention: commercial innovation and new categories. The former involves the expansion of a current brand or product line for emerging channels and includes channel-specific innovation to club, expansion into urban stores and distribution into c-stores. Ms. Lyons Wyatt also pointed out three factors to consider before modifying a product: consumer needs, macro trends and convenience.
One critical component requires keeping up with the latest snacking demands, which range from better-for-you to indulgent items. More specifically, Ms. Lyons Wyatt sees the trend toward combining multiple types of fruits, vegetables and nuts as manufacturers build a bridge across various food groups to create snack packs and bars.
“There are so many these days because they deliver on many consumer needs: convenience, vitamins and minerals, other nutrients and micro-nutrients,” she said.
Trends such as new flavors, indulgence, and health and wellness are running through revolving doors: they can emerge quickly, disappear even faster, and then come back again, according to the March report by Karlee Renkoski, associate editor of Baking & Snack magazine.
“The mash-up of textures and types of snacks — specifically the sweet with the salty or savory — isn’t new, but it’s a trend that’s maintaining momentum,” she observed.When it comes to convenience, Ms. Lyons Wyatt noted, it’s all about packaging products in the right format. In the end, it just takes a fresh perspective and astute analysis of the latest market movements to add new life to an established product line.