Innovation vs. Inflation: Strategic Design Initiatives to Keep Your Brand Innovating
It's hard to avoid hearing about the inflation we are all experiencing, both consumers and businesses. Many companies are feeling the effects of inflation, and perhaps none so much as the chocolatiers. It's well-documented that cocoa prices have been soaring and continue to climb. In the face of these steep costs, businesses are pulling back on their innovation initiatives.
But this may be a perfect time to roll out an exciting new product! We've pulled together a few tips on how your brand can continue to focus on innovation in a tight economy.
Keep an Eye on Retail Price Point
Doing the work to understand your team's cost constraints will keep you on target as you plan for a new product. Additionally, partnering with key suppliers like packaging companies, co-packers, etc. to get insights on cost will result in faster and more confident decision-making. This lays the groundwork for a smooth commercialization.
Focus on Feasibility
When brainstorming, teams often focus on connecting innovative ideas with consumer insights. What does the customer want and what are creative ways to achieve that? This is a great start; in a time when materials are high and the appetite for risk-taking is low, a key piece of the puzzle is feasibility. Connecting your ideas with both customer interest and what's physically possible to pack will result in fewer revisions to the concept.
Target Pallet Efficiency
When developing the consumer unit, designing your item to meet retailer shelf specifications and then troubleshooting pallet patterns to determine the most efficient can provide substantial cost savings. Doing this in parallel with the consumer unit development is key.
Keep Automation in Mind
As a co-packer, we are looking through the lens of the capabilities of our machine or how someone on the line will put the pack together most efficiently. When companies are designing a pack with only the consumer and aesthetic in mind they lose out on the other piece of the puzzle to help get to the price point consumers want. Consumer needs and feasibility should be activated in parallel.
Work with WDG!
Ideation up front with Werkshop Design Group through idea labs or working with us early on project briefs will ensure you get everything right from the start.