Photo: ©FASCINADORA – STOCK.ADOBE.COM BATTLE CREEK, MICH. — Four former Whole Foods Market executives discussed the evolution of the food and beverage industry during a Feb. 15 webinar presented by Brandjectory, an online platform dedicated to connecting early-stage consumer packaged goods entrepreneurs to investors. The wide-ranging conversation touched on a variety of topics, from shifting consumer behaviors to product trends to strategic insights for brand founders. Here are four key takeaways: Taste remains king. The industry must constantly adapt to evolving consumer needs; however, “the reality is consumers buy food products and beverages because they taste good,” said Michael Schall, founder and managing director of Schall Consulting and consultant with FocalPoint, a division of B. Riley Financial, Inc. While various eating patterns have emerged in recent years, influencing product development as companies strive to retain relevance among shoppers, “taste is what will drive sales,” said Mitchell Madoff, senior vice president of private label and supply chain at Foxtrot. To that end, he said, product sampling is one of the most effective marketing approaches for new brands, noting, “You can do a lot with social media, but you’ve got to figure out a way to get it into someone’s mouth.” […]
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