The Food Marketing Institute's 2017 Midwinter Executive Conference brought over 1,000 of the industry’s key decision-makers together. Retailers, wholesalers, independent operators, suppliers and manufacturers spent time immersing themselves in education programs and strategic executive exchanges to discuss and understand what is required to grow their business in today’s rapidly changing food retail environment. As a first timer to the event, I thought I’d share my perspective for a few of the key themes I heard throughout the four days.
Millennials are shaking up the CPG industry and forcing brands and retailers alike to start thinking differently about the way they market to and communicate with this generation. Earlier this week Forbes published an article What Brands Need To Know About Modern Millennial Snack Culture which reiterated this fact. In the article, Jeff Fromm shares how millennials’ prolific love of snacking - four times a day in many cases - has resulted in the CPG industries strongest growth in four years primarily because of the uptick in sales for snacking brands.
Over the past few years we have seen an unprecedented rise in consumer demand for transparency, with many consumers going so far as to switching from their preferred brands in favor of brands which provide more transparency. You can observe this phenomenon any time you go to the grocery store. Take a moment to watch people shop. See how they study products before putting them in their basket. They are trying to understand: "What is this ingredient?" "What does cage-free mean?" "Does this product match my ethics? Was it tested on animals?".
Nearly 4 in 10 consumers say they would switch to a new brand from a current preferred brand in favor of increased product transparency, and 73% of consumers would be willing to pay more for a product that offers complete transparency, according to a recent survey by Label Insight. The demand for transparency is clear, yet two of the most challenging categories in which to find information are those in which we come in contact the most - food and personal care products.
This has been a year of significant change for the CPG and retail industries. The first update to the Nutrition Facts Panel since the 90s, the evolving definition of the term healthy, growing transparency demands from consumers, and the launch of the SmartLabel™ initiative brought transparency center stage in 2016. As we head into 2017, we expect to see a continued trends towards transparency with the innovators and early adopters seeing early returns on their investment in transparency. Here are some of our key learnings of 2016:
Right now, millions of shoppers are typing your brand into the search bar on their smart phones, and they aren’t looking to watch your latest TV spot. Consumers are actively seeking detailed product information before they buy, and their ability to find complete, accurate data has a dramatic effect on their purchase decisions, both today, and over time. Consumers' first contact with your brand is increasingly via mobile search, not advertising. What is your product data saying about your brand today?
Welcome to Meet the Team, a monthly series that introduces you to the great talent and leadership at Label Insight. This month's post is special because we got to talk to two of our team members who specialize in personal care products: Senior Personal Care Analysts, Lora Aulabaugh and Anna Thibaut. Both Anna and Laura started within the last 6 months and have been able to grow and learn together at Label Insight. They collaborate on bigger projects while also working independently on separate, smaller projects. We're excited to hear about all they've been up to and get to know them a little better!
At the Global Open Data for Agriculture and Nutrition (GODAN) Summit, the USDA announced a new open data partnership for public health, with the launch of the USDA Branded Food Products Database. The USDA Branded Food Products Database is a free online resource for families, the food industry and researchers containing nutrition details on more than 80,000 name brand prepared and packaged foods available at restaurants and grocery stores. Pictured from left to right: Dagan Xavier, Label Insight; Pamela Starke-Reed, USDA; USDA Secretary, Tom Vilsack; Delia Murphy, ILSI North America; Ronak Sheth, Label Insight; Allison Kretser, ILSI North America.
Welcome to Meet the Team, a monthly series that introduces you to the great talent and leadership at Label Insight. This month we’re excited to introduce our Senior Design Manager, Dan Lutger. So Dan, tell me a little about how long you’ve been with the company and what your role entails.
Welcome to Meet the Team, a monthly series that introduces you to the great talent and leadership at Label Insight. This month we’re excited to introduce our VP of Product, Jordan Ho. Jordan Ho - VP of Product So Jordan, you lead the product team here at Label Insight. Tell me a little about how long you’ve been with the company and what your role entails?