Stay Abreast of Consumer Trends
This seems to be a common problem: we've got less money, and less time, but we want more value, higher quality, and we want it now. Good business is often reading consumer trends and forming a strategy that targets growth in key technologies and market segments to capitalize on these trends.
As packagers and package printers, we need to be in tune with trends and changes in buying habits in order to remain successful. Often, what has brought you to a place of success today will not continue to bring you success in the future. Manufacturers must be familiar with consumer trends to ensure product offerings, packaging features, and marketing messages are changing as consumer buying habits change. Right now consumers are looking for products that more or less encompass three major areas: time-saving, lower cost, and improved quality of life.Time-saver products are an obvious trend. As more and more activities compete for our time, we are drawn to products that minimize this precious resource. The recent growth of frozen microwaveable and "steamable" products is a primary example. Other time-saving trends in packaging are easy-open, quick cleanup products, recloseable products, individual use packets rather than bulk, compact storage, or easily transported packaging. All of these are designed to make meal, snack, or cleanup time quicker and more effortless for the consumer. Cans, now considered "old technology," are being forced to change. Can openers are becoming a thing of the past as pull tabs become more pervasive. Older formats like cans and glass will continue to struggle to conform to new-generation buying habits. All of these are reasonably successful products capitalizing on the consumer's desire for high quality, time-saving solutions.
Time saving is important even in retail stores. Studies have shown the consumer will take between 3 and 6 seconds to choose a product. Think about that. In the sea of similar products, only a few seconds separate competing brands.
Another current trend is lower cost. With savings and 401(k) accounts in the dumpster, consumers have become tighter with their money. What has suffered? It's easy to see that the auto industry has suffered. Retail stores and restaurants are also among those suffering from the lack of spending. Consumers still enjoy the same types of products, but costs force changes in spending or buying habits. An example is the change in the frequency, location, and types of restaurants consumers visit during economic downturns.
An interesting phenomenon occurs in bulk or large buying versus smaller unit buying. Some consumers tend to move toward the lower dollar spend, meaning they buy only the necessary amount to get through until the next shopping opportunity, while others go for the lower dollar spend over time or bulk buying. In struggling economies it is the former. Many countries would be astonished at the size of toothpaste tubes in the U.S. Only the smallest hotel size is affordable in some countries.
Other trends include shifts toward private label or lower-cost items versus major brands. Coupon shopping, stepped up retail and brand sale events, and convenient locations can often draw consumers looking for savings.
So where do we go with all of this and how does it relate to package printers and packagers? It is clear that manufacturers need to follow consumer trends in order to compete for sales. What brought us success in the past will not always bring us success in the future. Successful products need to provide some benefit in cost or functionality. Packages must stand out to grab the consumer's attention. Remember that 3- to 6-second window for a consumer decision. A new format in a sea of "me too's" will stand out. Partnering with suppliers that can help develop new concepts and make them reality will be key for success.
Focusing on high-growth trends and being willing to move from successful "old" technologies to current or future technologies will provide germination for future growth and success. I'm currently on my way home from a business trip as I write this. My plan is to grab a bag of steamable broccoli, garlic, imported Italian pasta, a small bottle of unfiltered extra virgin olive oil, a $13 bottle of wine, and a loaf of bread. I'm looking forward to 20 minutes in the kitchen and a restaurant-quality dinner and wine with my wife at a fraction of the cost and time to have a similar fine meal at a local restaurant. How many others are doing something similar and what is your company doing to capitalize on this? Don't gamble on your company's future. Watch how consumers are changing and invest in the future.
Sal Pellingra is the innovation and marketing director at Ampac Flexibles (www.ampaconline.com). Previously, he spent 25 years with ExxonMobil Film Business in various roles including product and market development. Pellingra holds BS and MBA degrees from The Rochester Institute of Technology.
