We now live in a world where bad news goes viral in seconds, where lawyers eagerly watch for and sue companies over misleading labels, and where shoppers can use free mobile apps to learn exactly what is in a food product and how its maker rates from a sustainability perspective. All of this is helping to shift power away from the corporation and into the hands of the consumer.
How can companies survive and even thrive in such an environment? By embracing transparency—in product formulation and sourcing, in manufacturing, and in marketing.
As we explore in NEXT: The Natural Products Industry Forecast 2013, transparency will be the price of doing business in tomorrow’s food world. This is great news for the consumer—but what will it to do the competitive landscape for healthy products companies that will now need to innovate in an environment where there are no secrets and imitation is even easier than it is today?
We posed this question to industry thought leaders, including Brendan Synnott, CEO and founder of Revelry Brands and former CEO and co-founder of Bear Naked Granola. As Synnott explains in the video below, the trick to successful innovation within the natural products space lies, paradoxically, in deconstruction and in creating your own category where you can be number one.
The era of giving lip service to transparency is over—particularly in the nutrition industry. How is your organization responding, and what is the rise of transparency doing to your approach to innovation? Share your thoughts in the comments below or on twitter via #next4cast.
NEXT: The Natural Products Industry Forecast 2013is now available. Learn more and purchase your copy of the report at www.nextforecast.com.