Brash, bold, and fresh: beverage innovators are constantly working to create new products that will capture customers’ attention and spark their imaginations. How can they bring that innovation into retail stores – both in terms of getting their product on the shelves in the first place, as well as giving it the best chance for success once it’s there? These five secrets to product innovation in retail will help beverage entrepreneurs get a leg up as they’re looking to branch out and move into the big leagues.
1. New Products Are the Lifeblood of Retail
When people think of retail success in the beverage industry, they think of huge brands and well-known products. Beverages like Bud Light beer and Robert Mondavi wines are strongholds that drive the numbers. While this is true, in order to drive and propel growth, retailers need new products. These generate buzz, bring new customers in and create interest among longtime customers, and help those numbers grow.
In most retail chains, beverage categories are managed on a 52-week cycle. When those categories are refreshed, managers start looking for new products to test out. These category refreshes are ideal times for beverage companies to get a foot in the door with their new product. Before doing so, however, it’s important to be prepared.