Shopper Marketing Minute – Product Innovation and COVID

Leave a Comment / Shopper Marketing / By Aaron Richman / June 19, 2020

In this episode of Shopper Marketing Minute, I discuss whether or not the timing is right for CPGs to be introducing new product innovations into the marketplace during COVID19. For full transcript see below:

I’m interested in this topic because recently, I have read two articles with differing points-of-view. The first article indicates many CPGs are cutting back on product innovation, choosing instead to focus on streamlining the number of products they manufacture to increase the speed to market of core brands to meet the demands of shoppers. The other article was based on a survey that shows two-thirds of CPGs are actively working on product innovation today and they plan on bringing them to market as soon as possible.

My opinion — it is important for CPGs to deliver new products shoppers want based on changing food trends and to develop new revenue streams. However, the two biggest unanswered questions for CPGs are:

When will retailers be open to bringing new products into their stores?

Will shoppers be open to trying new products vs. trusted, comforting brands?

Have an opinion please leave a comment.

Thanks for watching.

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Shopper Marketing Minute – Changing Consumer Behavior

Leave a Comment / Shopper Marketing / By Aaron Richman / June 15, 2020

In this episode of Shopper Marketing Minute, I share what I think are the 3 most significant shifts in shopper behaviour that will continue as our cities start to re-open. Read the full transcript below.

Today I want to share with you what I think are the 3 most significant shifts in shopper behaviour that will continue as our cities start to re-open.

My top 3 behavioral trends:

The accelerated use of online shopping
The increase in pre-shop planning for grocery shopping trips
The emergence of a Health and Wellness @ home lifestyle

So – why do I think these trends will continue?

From an Ecommerce perspective, despite the reopening of many bricks and mortar stores, online shopping continues to accelerate which indicates to me a new reliance on this method of shopping. Next, pre-shop planning will remain important to grocery shoppers because shoppers want to go to grocery stores less frequently and when they do go spend less time in store — so to ensure they get all the products I recommend the trend of making detailed shopping lists before a shopping trip. And finally, health and wellness was a growing lifestyle well before the COVID hit, but now that families are spending more time at home, the trend is gaining momentum which can be seen in recent sales increases of healthy foods, personal hygiene and household cleaning products.

What are your top trends? Leave a message in the comment area.

Until next time. Thanks for watching.

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Shopper Marketing Minute – Impact of COVID on Brand Loyalty

Leave a Comment / Shopper Marketing / By Aaron Richman / June 6, 2020

In this episode of Shopper Marketing Minute, I discuss how COVID19 inadvertently is causing the largest product trial program of all time and its impact on brand loyalty. Read the full transcript below:

There is no doubt panic buying in the early stages of COVID, caused serious product availability issues driving shoppers to buy and try new or competitive products for the first time. As the market calms, what should worry CPGs is 58% of shoppers intend to continue buying a brand they tried for the first time during the pandemic putting brand loyalty in flux.

So – what should leading national CPGs do about it?

Well – I recommend a very simple approach – SPEND!

Spend along the entire path-to-purchase — pre-shop, in-store and post-shop.

Spend on a mix of shopper tactics including shopper influencer programs, in-store media, price promotions, contests and loyalty programs.

And most importantly – spend to re-establish your dominance in the shopper’s consideration set and drive conversion.

Net, net — if you spend loyal customers will come back.

If you have an opinion on this topic, please leave a comment.

Until next time…thanks for watching.[/vc_column_text][/vc_column][/vc_row]

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Shopper Marketing Minute – Shopper Value

Leave a Comment / Shopper Marketing / By Aaron Richman / June 1, 2020

In this episode of Shopper Marketing Minute, I discuss how CPGs can win with shoppers by offering both monetary and non-monetary value adds. Read the full transcript below:

Today I want to talk about VALUE FOR SHOPPERS because as food prices rise and financial pressure on families intensifies, shoppers are looking for value when they go food shopping. In fact, a recent survey shows 88% of shoppers are “actively seeking” a sale price or special offer in-store and 79% online.

So as a CPG company, should a price promotion or digital coupon be part of the shopper marketing mix?

Absolutely.

But, I also recommend CPG’s surprise and delight shoppers by offering them non-monetary VALUE ADDS such as:

1. Provide easy meal solution ideas
2. Offer bonus points through a retailer loyalty program
3. Or giving them access to their social community to share their stories.

Net, net — value does not always have to equate to a price drop to win with shoppers.