Peter McGuinness, the CEO of Impossible Foods , recently spoke at Adweek X in LA about what he felt were the mistakes made by Impossible in their early efforts to launch Impossible meat. And I have thoughts...⚠️👉🔥
Since I was there at ground zero for the launch of both Impossible and Beyond, I watched closely as consumers reacted to initial (food service) launch versions of both products, and then the gradual iterations of them (BTW, if you really want to freak out reluctant consumers, tell them that you are coming out with new releases of your proteins, like software updates).
But it's food, taste trumps all, right? Not exactly.
Initial versions of Impossible were yeasty and terrible. The "meat" had an unmistakable sourdough-type smell that was incredibly off-putting. The company seemed to feel that the mission and branding would be enough to convince consumers to switch from ground beef, because after all, the planet🌏. During the pandemic, this resonated, with booming sales and greater adoption. We saw this firsthand at Honeybee, where Impossible outsold Beyond Meat 5 to 1.
Did this last? Welp, not exactly. We watched as diners eagerly purchased these novel products and held their noses as they tried to convince themselves that they were eating beef analogs, not cows. At least they could feel good about saving water and reducing their carbon footprint, because they sure didn't feel good about paying what was a very premium price for burgers made with Impossible.
Which brings me to my second and bigger point: these products were and continue to remain extremely costly. When Impossible launched we were buying it for $12 a pound at food service. This compares to roughly $4 a pound for commercial ground beef. That translates into a burger that is roughly 2 to 3 times more expensive than a conventional beef burger. Again, in the early days, early adopters were convincing themselves that they were making a virtuous choice, and for the most part digested 🙃 the price difference. That didn't last either, as inflation drove consumers away and brought carnage to the vegan QSR Burger space.
That said, the CEO seems to feel that Impossible's struggles were more about ...messaging?
“So the way to get meat eaters to actually buy your product is not to piss them off, vilify them, insult them and judge them,” he said. “We need to go from insulting to inviting, which is a hell of a journey.” - Peter McGuinness
I'm afraid the horse (or cow) is already out of the barn on this one. You need price parity, dramatically improved taste and texture, and most importantly, you're going to have to convince people that food made in a factory is better than a classic veggie burger made of whole foods, NOT that it's better than beef.
That cow don't hunt.
Article by T.L Stanley of Adweek
https://lnkd.in/g4N4yJ36
Managing Director at The Harris Poll
1moThis is a terrific strategy - love that you're looking at the market through the lens of your more well known partners. Chris Tancrell, don't believe we're tracking Little Spoon just yet in our continuous tracker (maybe we add them?). But, believe we could showcase how these partnerships are lifting Little Spoon awareness, right? For fun, here's a quick look at Brand Momentum for Z's and M's (for Oatly)... obviously a great brand to partner with if your brand focusing on growing awareness among the younger gen's.