Change, its generational impacts & more
When you attend as many trade shows as I do, you hear a lot of interesting and thought-provoking things along the way.
Here are a few things I heard recently…
- Change is changing – the speed of change is accelerating. Have you noticed the pace of new food and beverage product development lately? It’s months instead of years. This acceleration is being attributed to technology. (Think CRISPR and artificial intelligence.) Any way you look at it – it’s time to be nimble, agile, flexible and anticipate change.
- Digital immigrants – everyone’s heard of digital natives. Immigrants are those generations (Gen X and above) who have adopted digital technology rather than having been weaned on it. As savvy marketers, we need to view this generational divide from both perspectives and be sensitive to both.
- Social-entrepreneurism – described by Eric Schnell, founder Beyond Brands, as “igniting conscious innovations.” This references the rise of the ‘conscious products’ industry, which follows its own set of the classic 5 Ps in marketing. They are – passion, purpose, people, planet, prosperity. This mindful approach to product development resonates with today’s consumers, especially Millennials and Gen Z.
- David vs. Goliath – CPG companies want to understand the entrepreneurial mindset, and they’re doing this through collaboration all along their supply chains. In fact, $17 billion shifted to startups since 2013. And according to Forbes, 90% of all CPG e-commerce growth is attributed to startups.
- Upcycling – this trend ties directly into the sustainability trend. Upcycling is taking what might otherwise be a waste stream and repurposing it into a viable ingredient or product. I see this as a new term for what humans have been doing for thousands of years. It may be something the food industry wasn’t as focused on before, but now as sustainability has become a prerequisite for many businesses, it’s back in the forefront where it should be.
- Another generational shift I found interesting is one in which younger consumers connect with brands on a different level and view themselves as their own brand. This different level demands speaking to them about brand via a conversation, telling a story. In this way, you’re able to make a connection and engender brand trust.
Just a final plug for fruitful innovation. Here at Tree Top, we can speed up your product development efforts with our R&D and application team who already have in-depth knowledge of fruit ingredients and their application uses. Contact us today. We invite you to explore our products and applications library that is filled with formulation ideas.