CHARLOTTE, NC — This year has been a “snacking frenzy,” according to Sally Lyons Wyatt, IRI’s executive VP and practice leader of client insights.
During her presentation at SNAC International’s SNAXPO 2021 tradeshow, being held Aug. 22-24 in Charlotte, NC, she focused on how the pandemic has caused the market to accelerate and evolve … and how snack companies can keep up.
With shifting consumer attitudes on comfort, convenience, nutrition and more, she says snack companies should focus on two things above all else. “If you’re able to maintain agility and differentiation in this environment, you will find growth,” she said.
The increase in overall at-home eating occasions boosted core snack sales, especially in the e-commerce space. Clear trends emerged throughout this growth, including different package sizes, sustainably-marketed products and more sweet flavors.
While these insights can hold the key to success for snack companies, it’s not always easy to translate them directly into actionable steps. That’s why Lyons Wyatt provided action ideas — all backed by IRI data — for snack companies to future-proof their business and incorporate trends and innovations into their operations.
- Continually monitor the role(s) your snack products play with your consumers, as well as your competitive set
- Identify ways for each brand in your portfolio to drive incrementality via consumer targets, occasions and/or nutritional needs
- Invest in paid search, social media and shopping apps aligned to key product attributes and nutritional benefits to build online presence and drive consumers to your brands in-store and online
- Engage with your consumers with personalized solutions and variety (flavors, packs, sustainability, etc.) via digital and social media
- Build unique experiences both in-store and online to attract, retain and/or gain consumers
- Understand the effect of your pricing and promotion on specific shopper segments to drive penetration and incremental revenue
- Collaborate with retailers to execute assortments and variety to address shifts in mobility and at-home occasions, while adding focus to optimizing the front-end for the variety consumers want
- Focus innovation on attributes and wellness benefits that really matter to your most valuable consumers and with packs relevant to and tailored for the channel (e-commerce, dollar, etc.)
