The opportunity in product innovation

While product innovation has always been a way to stir up interest, the last 18 months has seen an even greater demand for variety from food and beverage brands. 80% of consumers state they are craving something new from their favorite products, with millennials in particular looking to nostalgic brands to revive their favorite childhood flavors.

For the emerging brands among us, new and noteworthy flavors are a great way to add variety to your product line for longtime customers, generate interest from new customers, and create an opportunity to negotiate for more shelf-space in retail. Our friends at Smooj utilize this thinking with a line of Smooj Lab products, dropping delightfully flavorful small-batch blends that sell out in minutes every time.

If you’re not in a position to create new flavors, capitalize on consumers’ interest in variety by obtaining placements in variety packs, advent calendars (or a variety pack advent calendar like Hard Seltzer Box Co.), and subscription boxes. Or develop a pairings partnership with wacky flavored snacks and tap into the 42% of consumers looking for new snack flavors to add excitement to their daily routine.

Looking for more consumer insights? Join our newsletter below and enjoy a monthly dose of free advice.