Value vs worth
The cost-of-living crisis means producers must reframe innovation to create value for the consumer. But this isn’t simply a cost cutting exercise.
First of all, bear in mind that that perception of value doesn’t always start and end with the cheapest option. For something truly unique and delicious, consumers may see the ‘value’ in splashing out. Think special occasions, innovative flavour combinations and lifestyle or diet-led choices.
Secondly, value is equally important to consumers as nutrition – both came out on top in a recent global Mintel study – so ticking both boxes in one product will maximise consumer appeal and loyalty. It’s a challenging balancing act and demands astute formulation decisions.
Lastly, don’t forget consumers are increasingly savvy and well informed when it comes to their favourite products. So although manufacturers may want to mitigate rising costs with quick-fix ingredient swaps, they need to exercise caution. Reformulation should always be approached with care and the correct tools to guarantee success.