(NEW YORK) – Campbell’s Soup Co. will attempt to reach a younger, wider crowd by launching more than 200 new products to deal with what CEO Denise Morrison calls “seismic shifts” in the food marketplace, AdAge reports.
In meeting with Wall Street analysts Wednesday, the soup giant said that it would not be abandoning the baby boomer audience that comprises most of their soup sales, but would instead try to reach out to a younger generation. This outreach comes in the form of increased emphasis on all-natural and fresh products.
Campell’s will increase the marketing behind the recently acquired Bolthouse Farms division, which offers fresh carrots, salad dressings and beverages. They will also incorporate a new type of V8 juice geared towards millennial shopping habits, and the new Campbell Homestyle soups.
Campbell’s is also trying to make Goldfish more than just a kiddy snack, hoping that products like Goldfish-branded Mac & Cheese will make the brand part of meal time and not just snack time.
The company does seem to be recovering after a lengthy slump. Soup sales increased by 5 percent in the U.S. during the first nine months of the fiscal year, though executives note that a colder winter may have played a part in that increase.
Still, the company is expecting that the new products and direction can keep the momentum going, aided by a revised marketing budget. The company is spending 40 percent more on digital marketing, AdAge reports, but is expecting that overall advertising spending will decline by 12 percent.
Copyright 2013 ABC News Radio
Julia Horowitz, CNN
Ivaylo Vezenkov and Lauren del Valle, CNN
Paul Menser, BizMojo Idaho
Matt McFarland, CNN