Campbell Soup Co. said it plans to step up investment in its baked snacks and soup product categories in a bid to boost sales in the US and abroad.
The firm yesterday (12 July) outlined long-term growth plans for its core businesses in baked snacks, simple meals and healthy beverages during a meeting with investors at its recently-opened Campbell Employee Center.
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Douglas Conant, Campbell’s president and CEO, outlined plans to drive sales growth in baked snacks through increased innovation and higher levels of marketing support.
Conant also revealed plans to expand what the company calls its “global soup leadership position” by stepping up innovation and increasing its emphasis on emerging markets for long-term growth, as well as increasing its focus on meal makers such as broth, sauces and cooking soups.
“I am confident that over time we can win in these categories by leveraging our leading brands, regional scale, world-class product technologies, financial strength and organisational excellence and vitality. We have clear strategies to drive our growth going forward,” Conant said.
In baked snacks, Mark Alexander, president for North America baking and snacking, said the firm will focus on the Goldfish snacks brand in North America and Shapes crackers in Asia Pacific through increased marketing.
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By GlobalDataHe added that Campbell plans to drive growth in fresh bread through continued innovation and a focus on health and wellness trends.
Larry McWilliams, president of Campbell International, said the firm will also look at increasing its marketing efforts around cooking and meal preparation with a focus on easy dinner ideas and other meals, with an emphasis on further establishing its business in emerging markets such as Russia and China.
In addition, the firm plans to introduce an umbrella advertising campaign to reposition Campbell’s soup in simple meals and support its entire US soup portfolio, with spending levels “well above” US$100m.
“We intend to deliver sustainably good performance in our primary businesses and plan to grow them over the long term by broadening our innovation, increasing marketing support for our leading brands, fully establishing our businesses in emerging markets and pursuing a disciplined approach to acquisitions that will complement our existing portfolio,” Campbell CFO Craig Owens added.
