REINVENTING A DECLINING CAMPBELL'S SOUP
Walking Supermarket Aisles With New President Jeremy Fingerman
CAMPBELL LOOKS TO BOOST SOUP SALES
New Ads Back Improved Condensed Varieties
The expansion will be supported with roughly $60 million in trade and marketing spending against the new products and a new "M'm! M'm! Good to Go!" platform.
44% of women
The Camden, N.J., soup marketer said its own research has found that one out of four meals are eaten on the go and 44% of women carry lunch to work or school.
Speaking at the Consumer Analyst Group of New York at a meeting today, Campbell CEO Doug Conant said, "We see the opportunity to shift the paradigm so that our consumers think about soup as a 'meal solution' for many new usage occasions."
He said the new products are part of an aggressive innovation program that fits into Campbell's overall strategy to revitalize its U.S. soup business. Campbell virtually owns the $1.3 billion condensed soup business with more than an 80% share, but its sales in the segment fell 4.7% to $1.1 billion in 2002. Ready-to-serve soup, which makes up far less of the company's overall profits, is up 7% to $1 billion.
New products in July
New convenient offerings, which will hit shelves this July, include seven new varieties of the sippable Soup at Hand lineup, including three targeted at "tweens," as well as four varieties of Campbell's Select, which will be packaged in single-serve microwaveable bowls. Omnicom Group's BBDO Worldwide, New York, will handle both ad efforts.
Campbell will also launch six varieties of its Chunky soup in microwaveable bowls. WPP's Y&R Advertising, New York, will handle the new portable Chunky advertising and the new "M'm! M'm! Good to Go!" umbrella advertising effort.