In this episode, we discuss overcoming the hurdles of risk aversion in the food industry, particularly relating to NPD. We kick off the episode by sharing personal anecdotes and insights from our extensive careers, emphasising the importance of empathy and understanding within various business departments to facilitate smoother product development and introduction. Lucy brings an interesting perspective with an example of a chicken tikka masala pasta product to discuss market strategies that can revive consumer interest and maintain business growth even in tough times. The episode also covers practical steps to engage stakeholders early in the NPD process and how qualitative data can be more effective than quantitative in understanding market needs.

Timestamps:

- [00:00:25] Introduction to the topic and hosts’ background

- [00:01:06] Deep dive into risk aversion and new product development

- [00:02:10] Real-world challenges faced by clients in NPD

- [00:04:14] Discussing specific food categories prone to risk aversion

- [00:12:04] Thanks to the episode sponsor, Daymer Ingredients

- [00:13:26] Utilizing AI and qualitative data in market research

- [00:18:19] Breakdown of chicken tikka masala pasta product as a case study

- [00:22:23] Strategies for engaging stakeholders in the NPD process

- [00:24:20] Closing remarks and invitation for listener interaction

Links and Resources:

Website Link: https://ohforfoodssake.co.uk/

FB Link: https://www.facebook.com/groups/ohforfoodsake

LinkedIn: https://www.linkedin.com/company/oh-for-food-s-sake/

You can follow us here on Instagram: https://www.instagram.com/oh_forfoodssake/

For industry consulting from Lucy, connect with her on Instagram or LinkedIn.

For further support with industry coaching and facilitation from Amy, find her on Instagram or LinkedIn.

See you next time!