498: Insights-led innovation through science and creativity
Producing a new food product, bringing it to market, and then successfully selling it, is no easy task. It is difficult to get an exact figure, but most research indicates that at least half of new products fail within a year of launching. It is no surprise when you consider just how competitive the food industry is - in the UK, it is the largest manufacturing sector. Taking all of that into account, getting your new product “just right” is a challenge that requires skill, knowledge, and in most cases, deep category expertise and experience. In this episode of the Food Matters Live podcast, made in partnership with IFF, we look at some of the ways companies can achieve that ultimate aim of producing a product that consumers actually want to buy. It is a form of art, but with a healthy dose of science, crucially, everything we talk about in the podcast is underpinned by solid insights and a wealth of experience. So, how do you go about finding out what customers really want? How do you get a deeper understanding of their short, mid, and long-term concerns? And how do you use all of that information to successfully develop a new product? Guests: Matthew Stokes, Design Director for Northern Europe, IFF Laurent Venzi, North Europe Sales Leader, IFF