Progressive Grocer Product

Summer 2015

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Summer 2015 / Progressive Grocer Products Showcase 7 While consumers traditionally depend on a few select products as go-to pantry items, they still want new products that make their lives easier, more exciting and more rewarding. Value also remains important in their lives, but "value" does not mean "cheap." Products must deliver a value proposition that is concisely communicated in a way that will break through the clutter and appeal to targeted shoppers. "Consumers are looking to simplify their lives without sacrifcing results or impact," says Susan Viamari, vice president of Thought Leadership at Information Resources Inc. (IRI). "And, importantly, they're looking to achieve these things without breaking the bank. So, they are turning to packaged goods for products that make it faster and easier to prepare meals, clean the house, get through daily beauty and personal care rituals, etc. At the same time, they won't compromise results — they want good quality and exciting food and beverage solutions — solutions that bring gourmet or worldly experiences into the home kitchen. They want cleaning products that make cleaning easier with even better results, healthcare solutions that work faster and/or last longer, and beauty/personal care products that bring professional-quality results at a fraction of the price tag." Fine-tuned Messaging Earlier this year, Chicago-based IRI named its more successful consumer packaged goods (CPG) launches of 2014 in its 2014 New Product Pacesetters (NPP) report, which offers benchmark analysis of exceptional frst-year CPG sales success for new products. While thousands of new products were released last year, only 200 achieved IRI New Product Pacesetter status and captured cumulative year- one sales of more than $7 billion, accounting for 1.1 percent of 2014 industry sales. Many of these launches are case studies in innovation done right, the report says. For starters, the 2014 NPP reached their target consumers with hard-hitting benefts. The average number of benefts offered by food and beverage NPP increased 32 percent during the past fve years. Average number of benefts across non-food Pacesetters increased 45 percent during the same period. "This speaks volumes to the ability of CPG marketers to identify and incorporate new ingredients and technologies into their products, but it also underscores the fact that marketers are doing a better job of communicating desirable benefts to consumers," Viamari says. "This is seen on product packaging, brand/ corporate websites, social media platforms and other types of advertising and promotion." Despite consumers expecting so much from he goal is simple: new products must grab consumers' attention by satisfying critical needs and wants. What those needs and wants are — that is the tricky part. cover feature Source: IRI, 2014 New Product Pacesetters 2009 2014 FOOD AND BEVERAGE 5.9 7.8 NON-FOOD 5.3 7.7 AVERAGE NUMBER OF BENEFITS MAKE A STATEMENT WITH SIMPLICITY EXPECTATIONS 38% EXPERIENTIAL 33% SIMPLICITY 30% KEY BENEFIT DETAILS • Fewer Ingredients • Simplified Ingredients • Convenience • Simplified Design Source: IRI 2015 New Product Survey

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