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Top Consumer Products Insights from 2023

With 2023 coming to a close, I’ve highlighted some of our most pertinent consumer products pieces from the year. Produced by our industry experts and leaders, these pieces showcase a few key insights, trends, and challenges for 2023 and beyond. From ERP strategy to product life cycle management vendor selection, these pieces cover a wide range of topics that consumer products firms should continue to think about as we approach the new year. For all our 2023 consumer products insights, you can read more here.

Top 10 Consumer Products Insights from 2023

1. Building an Effective Consumer Engagement Strategy: Taking Stock

In our digital world, there’s a growing gap between how consumers want to be engaged and how companies are adapting. An effective consumer engagement strategy serves as a bridge to establish intentional interactions and brand loyalty. In this podcast, Steve Rosenstock chats with Amy Levine and Idoia Hidalgo about the most important factors for an effective consumer engagement strategy. 

Learn how to build an effective consumer engagement strategy >

2. ERP Strategy and Transformation Roadmap for the Food Industry

ERP selection and adoption is becoming increasingly important as firms digitalize to support automation, data reporting, transparency, and process enhancers. A firm’s ERP strategy should be tailored to each firm with both the present and future in mind. In this article, Ling Lin and Sebastian Valencia share three key principles for an effective ERP strategy and transformation.  

Dive into key principles for an ERP strategy in Food >

3. Key Benefits of a Price Pack Architecture Model​ for CP Companies

Price pack architecture (PPA) helps firms understand the motivation behind consumer purchases and optimize those drivers across all channels. By capturing the best product configurations for consumer desires, PPA helps to maximize ROI, profit margin, and best leverage brand equity. In this piece, Amy Levine outlines both why and how to implement price pack architecture modeling.  

Explore the benefits of a Price Pack Architecture Model >

4. Establishing a Product Innovation Strategy to Drive Business Growth

Product innovation is vital for firms to stay competitive, distinguish themselves in saturated markets, and instigate growth. Consequently, it’s important to be strategic to ensure innovation supports and enhances the goals of the firm. In this piece, Amy Levine and Addie Schmidt discuss considerations for establishing a growth-oriented product innovation strategy. 

Read about establishing a product innovation strategy >

5. Capturing the Voice of the Customer (VOC)

The modern consumer consistently expects more benefits for less because of the increased number of market competitors. Standing out is difficult, and it’s now imperative that firms pay attention to customers’ demands and behavior to survive. In this article, Jessica Wagner and Aaron Chio break down what the Voice of the Customer is and how to leverage it.  

Learn about capturing the voice of the customer >

6. Establishing Revenue Growth Management as a Center of Excellence for Your Organization

Revenue Growth Management (RGM) utilizes a data-focused mindset that emphasizes collaboration, integration, and coordination across various departments within an organization. By essentially uniting the efforts of an entire firm, RGM unlocks a company’s full potential and provides an edge in an ever-evolving market. In this piece, Amy Levine and Ryan Mulligan explore how establishing RGM can lead to improvements across a firm’s operations.  

Read about establishing revenue growth management

7. Product Lifecycle Management (PLM) Process Optimization and Roadmap

This case study highlights a global, direct-to-consumer products industry leader in nutritionals and personal care, who recently transformed its product development lifecycle (PDL). By significantly reducing the time to develop and commercialize new products, the client is now well-positioned to capitalize on market opportunities and customer needs. In this case study, Cara Ridenhour and Shane Partington outline how Clarkston conducted an end-to-end assessment of the firm’s product development process, strategy, organization, and technology.  

Dive into a case study about optimizing product lifecycle management >

8. Considerations for Expanding into New Pet Food Markets

Entering a new pet food market requires careful consideration of many factors, including industry trends, target consumers, competitive landscape, and more. With tremendous forecasted growth in pet food, firms should evaluate their potential for success across regions. In this article, Reed McKenzie and Lorraine Mackiewicz highlight key considerations for pet food manufacturers exploring the potential of expanding into new pet food markets. 

Explore considerations for expanding into new pet food markets 

9. Key Considerations for a Product Lifecycle Management (PLM) Vendor Selection

Today’s competitive landscape requires companies’ product development (NPD) process to be effective, agile, economical, and efficient. Utilizing a technology vendor helps accelerate innovation and further growth ambitions. In this piece, Evan Shirley outlines five considerations for making the most out of a product lifecycle management vendor selection.   

Learn key considerations for a product lifecycle management vendor selection >

10. Gross Margin Improvement: Operational and Financial Analysis for a Consumer Brand

This case study examines a leading consumer products supplement brand who recently completed an operational and financial assessment to identify and prioritize projects for gross margin improvement. Given evolving market dynamics, new factors have introduced pressures to focus on improving gross margin, optimizing profits, and reinvesting in the business to facilitate rapid growth. In this case study, Drake Jaglowski, Idoia Hidalgo, and Sarah Broyd share how Clarkston conducted an assessment of the client’s current plan of initiatives, pinpointed gaps and opportunities, and benchmarked against industry best practices.  

Read about gross margin improvement with operational and financial analysis >

Learn more about our Consumer Products Consulting Services. 

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Contributions from Jake Park-Walters

Tags: Consumer Products Trends, 2023 Trends