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.
