In Part 5 of our series recap, we reveal how the Co-Creation MegaTrend also represents an opportunity for food brands on many levels. Soliciting consumer feedback, particularly through social media, lets consumers co-create the new products and flavors they want, which builds trust and supports exciting limited time offerings (LTOs) that can quickly generate new sales.
Feedback = Trust
In an era of declining trust in large businesses, strengthening the connection with consumers is more important than ever. Listening to consumers’ feedback is an effective way to do this. According to Innova, the majority of consumers think companies should listen to them more when developing new products.1 It's no surprise that social media is the best way to engage them in this two-way communication.
About one in four American and European consumers and one in two Asian consumers say they share their opinions about food on social media, while nearly half of global Millennial and Gen Z consumers believe brands listen to them through social media.2 Companies that can make consumers feel they’re a part of the process will gain their trust—especially when their feedback leads to innovative new products.
Check out our on-demand 2023 MegaTrends webinar.
Lift of the LTO
One powerful way to co-create with consumers is through LTOs. This process engages consumers to make them feel heard, creates a lot of buzz around the brand, and generates additional revenue for the company since LTOs tend to be impulse purchases. Datassential reports that of the last LTO purchases consumers made, 63% were impulse purchases.3
LTO launches have been on the rise (with 30% average annual growth over the past three years),4 underscoring how even in economic hard times, a fun and innovative flavor will still drive impulse purchases. This is especially true for snack products. Doritos’ LTO successes—which range from Doritos Locos Tacos to the Doritos ReachOut.com packages for mental health awareness—show us that LTOs can be more than just new flavors.
Feeding the Needs of the Future
Understanding the potential impacts and opportunities of today’s MegaTrends puts brands on the right track to create the products their consumers are looking for—even as their needs evolve. At the core of these MegaTrends, we see values like wellness and trust that we expect will continue to resonate with consumers into the future.
Download our 2023 MegaTrends Guide for a deep dive into our consumer insights.
