What Consumers Want — 2010 Trends
At this time every year, Information Resources, Inc. (IRI) issues an interesting report about what they call “pacesetter” products. Essentially, it’s the best performing new product introductions from the prior year for consumer packaged goods, food and non-food. Now, aside from the brand-specific details (e.g., “Love those Arnold Flat Breads!” or “Bud Light’s beer with lime flavor, who knew?!”), what’s interesting are the consumer behavior implications and trends. Given that most new product launches fail, and that consumers – particularly in today’s economy – tend to purchase their known favorites, these trends are interesting indications of what’s sticking with consumers today.
So what’s grabbing consumers’ attention and share of wallet?
• Known Equities – Line extensions and slight variations in products made consumers feel comfortable with their choices, for example, Campbell’s Select Harvest was #1, selling $201.8 million in better-for-you soup.
• Feeling Good – Self care is on the rise, as consumers seek product solutions that help them avoid doctors and other professionals. And really, just stay happy! Feel good new products helped meet this need, through healthy, functional foods such as Green Giant Valley Fresh Steamers frozen veggies or Kellogg’s FiberPlus – which are granola bars with high fiber, multiple vitamins, and antioxidants. Or just feel-good-fun from products like Dreyer’s/Edy’s Fun Flavors ice creams and sorbets like Double Fudge Brownie, Butter Pecan, and Cookie Dough…(yum!) or Bud Light Lime.
• Better, Easier, Convenient, More Effective brought to you through Technology – Particularly among non-food, top performers, if a consumer could get and do more thanks to technology, they bought it. From three-ply toilet paper (Quilted Northern Ultra Plush at #1 in non-foods, $134.8 million) to multi-tasking laundry detergent (Tide TotalCare) to deodorant that releases as you move (Secret Flawless).
• Value & Brand Experience – A common theme we’ve all heard again and again is how today’s consumers are seeking best values. Not just in pricing, but as a total picture of what they’re getting for their money. Successful new products delivered more than just a solution – they offered extras like recyclable packaging, professional grade formulas, in-home sensory experiences, and highly targeted benefits.
IRI’s entire white paper report is free to download and a worthwhile few minutes of your time. It shares the lists of pacesetters mentioned and others, as well as rising star products, and trends to watch in 2010.
Whether you’re lucky enough to have a brand new product launch, or just need to infuse a little news into your existing brand, tapping into consumers’ hot buttons and what’s grabbing their basket rings are good places for a brief to begin!
Tags: consumer, marketing, Sigma Group, trends
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