Aligning product innovation with consumer trends

Consumer behaviour is constantly evolving. Tapping into new opportunities to engage will always help you find innovative approaches to grow your business. To do so, you need to understand consumer trends and the role that your business can play in meeting these needs.

With food, hospitality, and wine brands, there are many parts that make up your brand’s story. Let’s look at packaging, for example.

You need to be aware of the functional benefits that packaging can have on your product and customer – enhancing your awareness beyond label design and its basic role of protecting the product.

How can you push the envelope and use it as another way to connect with your customers? What are their ‘pain’ points? What keeps them up at night? A lack of time? How can your packaging provide a solution?

As products become more saturated, customers find it harder to make their decision. There’s an opportunity to offer more than just essential packaging to entice them over the buying line. Think about their current buying habits, too.

Consumer trends drive consumption behaviour

When innovating your bespoke product, consider these motivators:

  • Better value for money
  • Personal space and time
  • Indulgence
  • Busy lives, time-poor
  • Changing age structures
  • Changing life stages
  • Individualism
  • Fun & enjoyment
  • Connection
  • Ethics & responsibility.

These points can apply to every part of your business, not just packaging.

The opportunities for innovation never stop. New products, ways of delivery, services, apps, pricing, experiences, sustainability, and business models… it can get overwhelming, to say the least.

LG innovate better than most.

The brand has expanded innovation into another part of the home – the bathroom. LG U+ is a smart mirror which generates personalised skincare advice. It analyses the skin and offers individuals customised beauty tips and product recommendations.

The smart touchscreen mirror uses high-definition cameras to analyse pores and wrinkles, and takes external factors such as weather conditions into consideration.

I realise we can’t all be LG, but they serve as a great example of a brand that continues to push the boundaries. So, how do we do it? Here are some tactics that you can start to implement within your brand.

Ask smart questions and communicate with your customers

It’s such a simple thing but how many of us really talk to our customers? We serve them and then move on. We listen to their feedback when they openly give it, but rarely actively seek it. And hardly ever facilitate it.

Elon Musk, the brains behind electric car company, Telsa, activated a suggestion from Twitter in six weeks.

Think about what you can ask that shows interest – avoid the generic questions that shows a lack of creativity and thought. Increase your own level of self-awareness as to the type of questions you ask to make a connection with someone else.

Network within your industry

Look beyond your business, and across your industry. Spending time monitoring your competitors can help you uncover the gaps that you can fill. Don’t look at it as networking, but ascertaining what’s not being done and how you can introduce it within your business.

Spend the time exploring new paths that your customers will love. You don’t necessarily have to reinvent the wheel. Seek our new flavours, formulas, ingredients, packaging, and marketing. Track how your customers respond. Have fun with it.

At Kiikstart, we’re dedicated to helping people have more choice, influence and control about how they live, work and learn. If you’d like to hear more about what we do, contact us today on 0428 593 400 or enquiries@kiikstart.com.