Welcome to the first in a series of blogposts discussing the product development philosophy that helps drive the Liift CBD brand forward.
In this blogpost, we will be focussing on the product development process as a whole and how Liift are aspiring to emulate the likes of the big household names of Cadbury, Britvic and United Biscuits in how they bring great tasting CBD products to the marketplace. In later blogs, we will delving more deeply into topics such as how we developed our methodology to produce our Liift CBD Waters, the importance of packaging and how we are addressing the novel food submission criteria set by the FSA.
Developing a product, be it for the food category or any other, is essentially split into three key phases:
In multi-national companies in the Fast Moving Consumer Goods (FMCG) sector, the progression from one phase to the next is driven by the acquisition of data and the assessment and management of risk. In order to launch products at that scale, there must be careful consideration to the potential risks (or rewards) to their flagship heritage brands. This desire for data, quantification and mitigation of risk is a key factor to success.
The downside is that it creates a certain level of risk aversion; but not only that, fundamentally, it takes time. This is where agile, organically growing organisations have stepped in to fill the gap; to bring innovations to the marketplace at a pace that is quicker than the “monoliths” of the food industry. This is how it is for the CBD industry. There are no big players making products containing CBD – not surprising really – one only has to look at how long it took Pepsi to bring an energy drink to the market vs. when Red Bull first start selling its products back in the 1990s.
It is also vitally important to talk about the consumer. To the giants of the FMCG sector, the consumer is king. Making products that target a specific consumer need, consumption moment and / or consumer trend is at the heart of what they do. Being consumer-centric, testing, re-testing and testing again with consumers is how a product eventually sees the light of day. Confidence in commercial success through consumer-based data.
Liift uses the principles of approach that the big players deploy in terms of the acquisition of relevant data in order to fuel decision making, but we are bold in making informed, intuitive, aligned steps forward when such data is not available. It is also to put our consumer first – not only in the development of great-tasting products but also in terms of product quality assurance. We want consumers to reach for that bottle of Liift water (or click on the Liift icon) over the competition because they know the product delivers time and time again.
In next week’s blogpost, we’ll dig further into the detail behind the commercialisation of Liift’s first product to market, Liift CBD water.