Creating A Winning Product 2.0: Insights from industry experts at ANUGA Select India

The panel discussion titled “Creating A Winning Product 2.0 – By Innovation or Inspiration” at ANUGA Select India, held on 28 August 2024, at BEC Mumbai, brought together industry experts to delve into the essential elements of crafting successful products in today’s competitive market. The session, moderated by Gopalakrishnan Chakarapani, Country Manager at Innova Market Insights, featured an esteemed panel of experts: Sudeendra UR, Vice President R&D – Foods at Tata Consumer Products; Vandana Gupta, CEO of UniBourne Food Ingredients; Kiran Giradkar, Chief Marketing Officer at BN Group; Sandeep Gupta, Director of Business Development at Alchemie Finechem; and Shantam Khandelwal, National Trade Marketing Manager at Storia Foods and Beverages.

Setting up the stage - Understanding the ingredients of success

Gopalakrishnan Chakarapani introduced the panelists, noting the diverse expertise they brought to the table. He described his role and Innova Market Insights’ contribution to the food and beverage industry, “Innova is a global market insights firm known for tracking innovations, new products and trends across more than 200 subcategories. Our insights help B2B and B2C companies make informed business decisions.”

Gopalakrishnan opened the discussion by setting the tone for what was to follow. “The passion that creates a winning product, whether through innovation or inspiration, is what defines a successful product,” Gopalakrishnan stated, emphasizing the significance of a deep understanding of market trends and consumer needs.

Identifying the right inspiration

The discussion began with the Vice President R&D – Foods at Tata Consumer Products, Sudeendra UR’s perspective on identifying the right inspiration for product development. “There are four factors to consider,” Sudeendra explained. “Firstly, be clear about the objective—are you addressing a pain point, matching an existing product, or entering a new market? Next, focus on strategy and long-term priorities. Ensure the idea fits within the regulatory framework and is financially viable.” He highlighted the stage-and-gate process used at Tata Consumer Products to filter and develop ideas that align with consumer needs and business viability.

Global inspiration with local relevance

Vandana Gupta, CEO of UniBourne, shared her approach to harnessing inspiration from an ingredients perspective. “We understand market trends, customer needs, and claims from various sources,” Vandana noted. “The key is to get inspired globally but make it relevant locally. Collaborating with science and translating these inspirations into market-ready products with synergy is crucial.”

Balancing innovation and consumer needs

Kiran Giradkar, Chief Marketing Officer at BN Group, provided insights into balancing innovation with consumer needs. He said, “As a marketer, I constantly juggle between driving innovation and meeting consumer needs. While there's always a push to introduce groundbreaking products, they must also align with what consumers are looking for. Take Amul, for example—a company renowned for its ability to launch products that cater to market demands, all while ensuring proper packaging and pricing. In a competitive category, finding a niche and offering something unique is crucial. For instance, in the cooking oil sector, we discovered a market gap for oils designed for specific age groups, such as one tailored for growing children. It’s about finding a white space and filling it with the right product."

Validation and testing

Sandeep Gupta from Alchemie Finechem discussed the importance of validation and testing. “The key question at our board level is: what problem are we solving? Is this problem persistent, and will it continue until we solve it?” Sandeep explained. He emphasized focusing on the weakest part of the value chain and leveraging technical expertise to address it, blending inspiration with practical innovation.

Challenges in market fit

Shantam Khandelwal of Storia Foods and Beverages addressed the challenges of launching new products in diverse markets. “The biggest challenge is ensuring the product fits well in the market,” Shantam said. He shared an example of launching innovative products like sweet potato and vegetable rice in the European market, highlighting the importance of trial packs to build market awareness and ensure proper fitment.

Understanding product success

Vandana highlighted a fundamental truth in the industry, "Everybody is now understanding that the product has to speak for itself." This sentiment was echoed by Gopalakrishnan, who pointed out that even products with attractive packaging and unique flavors can fail if the quality doesn't meet expectations. "I've seen many products fail miserably because the quality was not up to the mark," Gopalakrishnan stated, emphasizing the importance of substance over style.

Addressing global inspirations, Vandana mentioned innovations like yoga treats and new cheese varieties, noting their success due to natural, fresh ingredients and international trends. She underscored the value of learning from global experiences and adapting successful innovations to the local market.

Innovation vs. inspiration

The discussion delved into the balance between innovation and inspiration. Kiran emphasized the importance of starting with a problem-solving mindset rather than a sales-driven approach. "The biggest problem I've seen is when organizations start with a statement like 'We need a new product' without addressing a specific problem," Kiran said. He stressed the need for a forward-looking approach and highlighted the importance of availability and awareness for product success.

Sandeep offered a thought-provoking perspective on the future of food. He emphasized the need for more sustainable and affordable options, citing the increasing global population and environmental challenges. "Can we be more vegan, more affordable, and still provide a healthy living for future generations?" Sandeep questioned, stressing the need for a balance between innovation and traditional values.

Balancing innovation with risk

The panelists also discussed the risks associated with innovation. Sudeendra pointed out that not every product will be successful. "To have one successful launch, you need at least ten launches, and to have one launch, you need to start with ten ideas," Sudeendra explained. He highlighted the importance of a culture that embraces experimentation and learning from failures.

Gopalakrishnan added that balancing innovation with risk involves creating new departments and teams dedicated to innovative products. "When you launch a new product, it requires complete focus and commitment from dedicated teams," he said, emphasizing the need for a strategic approach to product development.

Communication and market positioning

Inspiration plays a crucial role in shaping successful products. Vandana discussed the influence of global trends and local adaptations. "We've seen inspirations from cafes and restaurants influencing our product development," she noted. Similarly, Shantam shared how effective communication of a product's story can enhance its market appeal. "It's very important how you communicate with your marketing to consumers," Shantam said, referring to the success of product marketed as “direct from Europe,” emphasizing the importance of clear communication and positioning to enhance the consumer experience.

The future of food and beverage

Looking ahead, Gopalakrishnan and Sandeep agreed that the food industry's future will be driven by health and wellness. "Companies are increasingly focusing on health and wellness," Gopalakrishnan noted, referring to brands like Tata Consumer Products that are evolving to meet these demands. Sandeep added that technological advancements, including artificial intelligence, will play a role in shaping the future, but emphasized the need to balance innovation with traditional values.

Key takeaways

The panelists agreed that creating a successful product involves a delicate balance of innovation and inspiration. As Gopalakrishnan put it, “Creating a successful product involves both innovation and inspiration. While consumers may not always see the difference, the balance between these elements is key to meeting market needs.”

The discussion underscored the importance of clear objectives, local relevance, thorough testing, and effective communication in product development. The insights shared during this panel discussion provided valuable guidance for industry professionals aiming to navigate the complexities of product development and stay ahead in a competitive market.