Key Takeaways:
- Brands like M&Ms, Coca-Cola, and Doritos excel at introducing new products and experiences, driven by consumers’ desire for personal growth, novelty, and breaking routine.
- Successful strategies in this “Discovery Era” include diverse offerings, limited-time products, bold flavors, and leveraging social media platforms like TikTok.
- Brands can thrive by adopting an antifragile approach to quickly adapt to changing consumer preferences and market trends.
What do M&Ms, Coca-Cola, and Doritos have in common? They’re experts are getting new products and experiences in front of consumers.
That’s according to the results of a global study from MMR Research involving over 2,500 consumers based in the U.K., the U.S., China, South Africa, and Brazil. Consumers participated in in-depth interviews with MMR’s AI-powered chatbot, QBot, sharing their insights about what drives them to try new products and which brands excel at product discovery.
The result was a ranking of the “World’s Greatest Discovery Brands,” highlighting the food and beverage brands that have mastered the art of delivering new experiences.
What motivates consumers to try new products
Based on MMR’s findings, there are several key reasons consumers decide to try new products, including:
- Personal growth: New experiences spark curiosity and continuous learning.
- Thrill-seeking: Discovering novel products generates excitement and anticipation.
- Breaking monotony: New products add spice to everyday life.
- FOMO: Consumers want to be the first to experience something unique.
- Social media: Platforms like TikTok have made it easier to stumble upon new products.
- Perceived superiority: There’s an assumption that new products will be better than existing ones.
- Brand trust: Consumers are more likely to try new products from familiar brands.
The recipe for success in the “Discovery Era”
In the U.S. market, food and beverage brands that rank as high-performers in product discovery include Lay’s, Doritos, M&M’s, Coca-Cola, and Kellogg’s. These brands employ various innovation strategies to capture consumer attention and drive product discovery, including diverse offerings, limited-time offers, and bold new flavors. For example, Coca-Cola’s “Creations” franchise has created buzz on platforms like TikTok, while brands like Doritos and Pringles are attracting consumers with sensory-extreme flavors. Additionally, offering inclusive options like vegan alternatives broadens appeal and aligns with consumer values.
In today’s “Discovery Era,” brands seeking long-term success should adopt an antifragile approach. This strategy embraces uncertainty, turning challenges into opportunities for growth. Unlike mere resilience, antifragility encourages continuous innovation and product evolution to meet changing consumer preferences. It empowers brands to innovate efficiently, adapt swiftly, and stay relevant.
Check out the report for a full list of the “World’s Greatest Discovery Brands” and more insights from MMR.
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