Understanding consumer needs is a direct path to brilliant product innovation. We love delving into the consumer mindset, searching for opportunities in today’s fast-paced lifestyle and time-poor behaviours, asking ‘where is the customer permitting us to change what’s on offer? Where can we innovate to meet their demands and help our clients create products of the future?’. Consumers are the reason Prof. exists. They are our business.
Prof. understands the Australian market far better than most. Our founder headed up the single largest retail brand in Australia for many years, delivering over 1,200 new products per year. We have our finger on the pulse when it comes to global food trends across all FMCG categories, including fresh and frozen foods, health foods, pet and non-food. And our insights into consumer trends and behaviour are second to none, so we can help you figure out whether your product meets their needs or how to get there.
To make sure your product reaches its potential, you will need the best possible ingredients, the best possible production solutions, and of course, the best possible distribution and retail connections. Prof. is globally connected in all the right places to take your innovative product to market, exactly how and where it should be for the best commercial outcomes.
The development of customer solutions via new products or services, such as a style of cooking, new flavour trends, food with added functionality or a new packaging material customer focused and driving recyclability. Ultimately it offers something new to keep customers engaged and inspired.
Consumers and consumer understanding is essential to succeed in Product innovation today, understand what pain points customers have and delivering a solution secures growth.
It enables brands or Private label to differentiate engaging customers through new products or added convenience driving new sales and increased profitability. A category without innovation is likely to go into rapid decline- think Kodak as an example.
Ultimately delivers growth and revenue by engaging customers, Private label innovation gives consumers a reason to shop at a particular retailer as Private label products are normally retail exclusive. I love that Chocolate chip cookie at Coles and whilst there i buy my groceries!
Increasingly it starts with customer insights, category data and a review of global trends, then lead by executive chefs that can deliver great tasting products to a target price point which is then tested on consumers, the preferred product is then scaled up by operational teams, costed and supported by marketing activity so when it lands in retail customers can easily find it. 12 weeks is a fact example more standard would be 9-12 months.
It delivers new revenue and should increase profitability. It encourages customers to buy more or even trade up to try something different.
In most categories absolutely, there are very few categories in retail that have not been touched by innovation even core lines such as detergents, milk or bread as seeing high levels of innovation.
Understanding the customer needs, and delivering a consistent product offer that’s affordable, profitable and suits that need.