11/15/2016 FOOD VISION USA Innovate or die, says Rabobank

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FOOD VISION USA: Dude, where's myconsumer?

By Elaine Watson+ 15Nov2016Last updated on 15Nov2016 at 02:11 GMT

Related tags: Nick Fereday, Rabobank International, Food Vision USA

Many ‘legacy’ food and beverage brands are losing marketshare because they have “lost touch with where the consumeris going,” delegates at Food Vision USA were told.

Speaking on day one of our threedayconference in Chicago last week,

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11/15/2016 FOOD VISION USA Innovate or die, says Rabobank

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Rabobank executive director, food & consumer trends, NickFereday, said: “No business has a divine right to succeed.

“If you’ve spent 100 years making breakfast cereal, that’s what youknow. But what if the future isn’t breakfast cereal?”

Innovate or dieOne approach big brands have taken in a bid to stay relevant is toreformulate – ditching artificial colors, flavors and preservatives,embracing cagefree eggs and proactively labeling GMOs – he said,although this is rarely enough on its own to transform the fortunes ofa brand that has lost its mojo.

If you really want to revitalize a tired brand, he said, wholesalechanges are needed spanning marketing, formulations, packagingand positioning, citing the example of Lean Cuisine, which appearsto have turned a corner after changing its focus from dieting (lowcalorie, low fat) to health & wellness (which incorporates natural,organic, more culinaryinspired recipes and bolder flavors), coupledwith cleaner labels and new packaging.

Nurture, don't suffocate

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Another approach is to reengineer your portfolio by “going shopping” and buying in innovationfrom smaller, more entrepreneurial and missiondriven brands, which are seen to be more‘authentic’ by many consumers, he said.

But whereas in the past, large food companies typically attempted to assimilate their acquisitions,the new trend is to “nurture, not suffocate” smaller brands, so that they can continue to do whatthey do best, with the firepower of a larger organization behind them, he said.

“Take Annie’s. [New owner General Mills] has managed to mainstream that [natural and organic]brand without losing the original customer base.”

Food Vision USAHeld at the Drake Hotel in Chicago on November 911, FoodVision USA 2016 brought together senior figures in food andconsumer research from Hartman Group CEO Laurie Demerittto ‘Mindless Eating’ author Brian Wansink; coupled with HonestTea cofounder Seth Goldman, KRAVE founder Jon Sebastiani,General Mills 301 INC boss John Haugen, CircleUp head offunds Jason Starr, and a clutch of entrepreneurs spanningeverything from ‘veggie fries’ to coldpressed nut milks (MALK),

HPP babyfood (PureSpoon), steel cut oat entrees (Grainful) and firms at the cutting edge ofpersonalized nutrition (Inside Tracker, Day Two)

Watch out for more content from Food Vision USA in the coming days!

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11/15/2016 FOOD VISION USA Innovate or die, says Rabobank

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