I was doing a little research the other day when I came across an interesting Nielsen article, ”Innovation Creates Opportunities for CPG Growth.”
Here’s the paragraph that caught my attention:
Winning Brands Will Innovate and Differentiate
Sales of store brands have grown by $12 billion (up 17%) vs. two years ago as shoppers focus on value. As the economy improves, value is still important, but smart marketers are differentiating brands through innovation—with new products, new flavors, new packaging and with marketing/media campaigns with a heavy emphasis on social media to build rapid awareness and product trial.
Here’s why:
In recessionary times, it seems that many brands want to play it safe- and understandably so. Craving stability seems only natural during uncertain periods when a brand, more than ever, wants to ensure success or at the very least, survival. This article is a great reminder that as we see signs of economic improvement, innovation becomes more important than ever.
So what am I getting at? As PR professionals, we should constantly remind ourselves to think in terms of opportunity. If we invest in a little optimism and a lot of innovation in new media campaigns, I think we could be tremendously successful in growing brand awareness. Product trial programs may be especially helpful in building brand loyalty as consumer spending (hopefully) increases.
It might be just another “glass is half-full” scenario, but I think it’s a point worth continual consideration.
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