The desire among consumers to lead healthier lifestyles has led to the proliferation of protein products in the food and drink category. However, as protein is now well established in food and drink products, brands often find it difficult to stand out in the marketplace. It is no longer sufficient for brands to simply rely on the inclusion of high concentrations of protein to entice consumers. Instead, consumer and industry trends must be recognized and acted upon in order to succeed.
- New product line extensions should not be viewed upon as a remedy for core business problems. In V8's case, core beverage operations began to decrease and a protein line extension was essentially an attempt to offset this decline by tapping into the growing protein trend.
- Additionally, consumer willingness to experiment with new formats and flavors when it comes to food and drink also means that products that lack aspects of differentiation will not catch consumers' interest. In the oversaturated marketplace of protein products, this was especially evident with V8's protein range.
- Treating protein as a stagnant macronutrient is also risky. Protein trends are shifting to include trendier protein sources including plant proteins. This can result in brands being left behind.
Failure Case Study: V8 Protein Shakes and Bars is part of Canadean's Successes and Failures research. It examines the details of and reasons behind the failure of V8's protein range. It delivers the critical "what?", "why?", and "so what?" analysis to teach you crucial lessons that increase your chances of launching successful products, especially within an oversaturated marketplace.
- Reduce the risk of failure by learning from brands/products that have under-performed: failed innovation can severely impact profit and reputation.
- Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
- Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
- Access valuable strategic take-outs to help direct future decision-making and inform new product development.