NEW YORK — When launching new products, manufacturers should not only tap into today’s trends, but also predict future ones, food analyst Phil Lempert said Wednesday during a webinar SN hosted.
“Just when we think we have something on target, the world changes,” said Lempert, a contributing editor to SN. “Consumer needs continually change and evolve.”
Lempert was the keynote speaker in the webinar, called “How to Pick a Winner: Why Some New Products Succeed and Others Fail.” Other speakers were Joe DePippo, president of sales and marketing and chicken operations at the Hain Pure Protein Corp.; Colleen Kelly, managing director, Product of the Year USA, an award program for innovation in consumer products; and David Orgel, SN editor-in-chief and content director for the Penton Food Group. Penton Media is SN’s parent.
The webinar will be available on the supermarketnews.com website Thursday.
Ensuring new product success is critical at a time of stockkeeping unit rationalization and increased private label competition, said Orgel.
One of the tools that can increase a product’s credibility is the Product of the Year stamp, said Kelly. “It’s a way to stand out in this crazy marketplace,” she said.
POY got its start 24 years ago in France, and is now available in 28 countries. It came to the U.S. two years ago. There were 14 winners in the 2010 U.S. award competition.
Entries for the 2011 awards will be accepted through Aug. 31, 2010, at www.productoftheyearusa.com. A 60,000-person consumer panel will select the winners.