Sheridan Budin

As pet ownership rates soar, a 2023 survey Pew Research study found that 62 percent of Americans are pet owners and nearly 97 percent of these consider pets as part of their family. And a little over half (51 percent) also say they are as much a part of the family as a human member. The bottom line: "It's a great way to signal to the new generation of workforce to show that you care about them beyond their job titles and that you understand that life outside of work impacts them at work," Sinner said. #petsasfamily #percare #petownership #petbereavement #employeebenefits

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Reflecting on this monumental moment, I wanted to wait until the news was "official" before sharing my thoughts and feelings... Almost 7 years ago, a good friend now who started as a good client invited me to his new office in NJ to explore a plant-based protein company he was considering acquiring. That's when I first encountered OWYN. Honestly, I wasn't sure what to make of it initially. Plant-based, vegan protein drinks weren't in my usual "repertoire" of ideation and marketing. But after trying the product that day, I knew I wanted to be part of the journey. And what an incredible journey it has been! Throughout the last 7 years, in my capacity as a "strategic advisor," I've embraced a multitude of roles and responsibilities, working closely with a diverse array of talented leaders. From individuals who made significant contributions from the outset and have since moved on, to those who have ascended to leadership positions, such as CEO Mark O. and Chief Sales Officer Matt OConnell, as well as "more recent" additions like CMO Julia Perez, who came in and made an immediate and substantial impact, our collaboration has been characterized by passion, mutual respect, and an unwavering commitment to innovation. Now, fast forward to today. After countless hours of strategic discussions, meetings, and partnerships, we've achieved something remarkable. We've taken a niche brand, crafted with the finest ingredients, and found the perfect successor in our recent acquisition. If you notice, even as a "consultant" I always will refer to it as we. When I work with brands, especially from day 1, I consider myself a true part of the team. Being part of a brand from inception to this pivotal moment is incredibly special. As a matter of fact, it's been a huge goal of mine since that fateful day 7 years ago. I'm eager to see what lies ahead for OWYN and hopeful that I can continue contributing to a product and brand that means so much to me and countless others, especially our consumers. #OWYN #PlantBased #Acquisition #Journey #Gratitude #Business #CPG #SimplyGood https://lnkd.in/emY6UT2g

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Can you make bold candy colors… naturally? For the last several years, consumers have been looking for a way to better prioritize their health and wellbeing, which means cutting out what's artificial. That certainly doesn't mean you still can't partake in a piece of candy or two – I definitely enjoy some myself – and it's important to remember that the industry is moving away from artificial coloring, slowly but steadily. Challenged to keep up taste and appearances, it's just an effort in innovation to see who can do it first! #Snacking #Candy #Innovation

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Consumer behavior has never been more fragmented, and ROAS just doesn't work as a way to measure it. How should brands navigate that, especially mid-sized brands with limited budgets? I was lucky to get to share my thoughts at the Encore Leadership Conference by Encore Consumer Capital. A big thank you to Robert Brown for inviting me to lead this conversation. Digital marketing attribution, always a flawed methodology, has suffered a major blow since iOS 14. Up to 85% of U.S. iPhone users disabled ad tracking, according to one source, and Apple controls a majority of the U.S. mobile phone market. That means ROAS is much less accurate than it used to be. The solution is marketing mix modeling (MMM), which used to be too expensive and complex for private equity-backed brands. But Smoketown has partnered with an affordable, accurate and nimble firm called NoiseGrasp to bring those services to growth-stage companies. Here's an example of what we've learned: ➡️ For brands with a significant ecom and brick-and-mortar presence, there is a consistent halo effect, where marketing tactics focused on one channel (e.g., Amazon) also drive revenue on the other (e.g., Walmart). But that impact is hidden from ROAS measures and digital attribution. ➡️ All tactics have a point of diminishing returns and a minimum spending threshold, which ROAS misses. Overspending on the “best” tactics is common. Fragmentation amplifies the challenge. ➡️ Many brands have a tendency to overspend during their peak season when the spending is less necessary, and / or underspend during the “off-season” when the impact would be greater. ➡️ Growth brands often have no understanding of their base business (i.e., the portion of sales driven by the brand’s equity and loyalty), because it is impossible to measure without marketing mix modeling. Base weaknesses are often “covered up” by advertising or trade spend. Intrigued? DM me to learn more about whether MMM could be the right solution for your brand. #consumerbehavior #contentfragmentation #roas #digitalmarketing

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When Consumers Pull Back, Only brands with high perceived value earn the right not to be traded down. This WSJ article (may be paywalled) made me reflect on how food companies adjust to consumer feedback. - Consumers are pulling back in the U.S. and China, indicating a slowdown in spending. - Restaurant chains and food manufacturers are responding to consumer dissatisfaction with high prices by offering deals and introducing new products. - Companies like Domino's Pizza are raising prices at a slower pace and implementing more discounts to attract customers back to their brands. Profit Margins Remain Strong for Food Industry: - Major restaurant chains and food manufacturers have seen profits soar, with some reaching or surpassing 2019 levels. - Gross margins for many food makers are at or near prepandemic levels, indicating financial stability. Economic Growth Boosts Food Company Earnings: - Food companies have enjoyed record quarterly profits, aligning with economic growth trends. - Efforts to become more efficient and scale back pandemic-era measures have contributed to increased profits. Consumer Response to Pricing Strategies: - Consumer sentiment on food prices is mixed, with concerns about overcharging and shrinking product sizes. - While some consumers are cutting back on dining out, others are adjusting to higher prices and looking for value deals. Promotions and Discounts to Drive Sales: - Companies like McDonald's and Starbucks are launching promotional offers to attract customers back and improve sales volumes. - Food makers like Mondelez and General Mills are lowering prices, offering discounts, and enhancing product taste to drive consumer interest. Challenges in Winning Back Consumer Trust: - Executives acknowledge the challenge of winning consumers back post-inflation, requiring sustained efforts and investments. - The slow pace of consumer trust rebuilding highlights the complexity of addressing pricing concerns and ensuring affordability. Focus on Value and Affordability: - Restaurants are emphasizing value meals and affordable options to retain and attract customers. - Food manufacturers are reducing prices, offering discounts, and improving product quality to maintain competitiveness. Future Strategies and Consumer Engagement: - Companies anticipate a gradual process in winning back consumer trust post-inflation and emphasize the need for sustained investments. - Enhanced promotions, discounts, and product improvements aim to engage consumers and drive sales growth. Hiring Slowdown Fuels Bets on Rate Cut: - A hiring slowdown is fueling expectations of a larger rate cut by the Federal Reserve. - This development reflects concerns about the economic outlook and the potential need for monetary policy adjustments. I write about training marketers so that CMOs have a focused team to build profitable brands. Get a copy of my BrandTips® newsletter. See more in the comments. #marketing #branding #management #mentoring

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“We created this study for produce marketers and all food marketers to better understand how today’s curiosities will influence tomorrow’s trends,” said Cristie Mather, vice president, food for Curious Plot. “While it’s clear that simplicity and affordability are ruling the day, it does not take away from the fact that early adopters’ curiosity for fruits and vegetables, global flavors and functional ingredients remains strong.” 💡 Don't forget to download the 2024 Consumer Curiosity Report: https://bit.ly/4csBBfy #foodtrends #consumerresearch #foodmarketing #producemarketing #produce #fruitsandveggies

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