dispatches from fie 2015
The 4 biggest mistakes in healthy marketing
This content item was originally published on www.nutraingredients.com, a William Reed online publication.
According to Euromonitor International, the European food supplements market is set to grow from €7bn in 2014 to €9bn by 2018.
Impressive figures and there’s an increasing number of companies outside of the straight supplements players hoping to get a slice of this healthy growth.
However the failure rate for new products is 80%.
So before rushing in, companies should consider the four biggest mistakes in health marketing, Peter Wennström, president and founder of the Healthy Marketing Team, told us at the industry event Food Ingredients Europe (FiE) in Paris last week.
The most common mistakes were:
1. Relying too much on health claims
2. Overestimating market size
3. Targeting mass market too soon
4. Mismatching brand / benefit / format
The four mistakes were taken from a 2014 New Nutrition Business report Failures in Functional Foods and Beverages.
These no-nos will form the basis of the Healthy Marketing Team's 'success' FourFactors Innovation Academy to be launched in 2016.
The FourFactors of success starts by asking:
1. Who needs the product?
2. How do they accept the ingredient?
3. How do they understand the benefit?
4. Do they trust the brand to deliver the above?