For V8, it’s time to update image
Campbell’s spicing up offerings to lure ‘the fit and hip’ from rivals
NEW YORK — Pricey fruit and vegetable juices have become fashionable among those on a quest for fitness, and now V8 is trying to grab their attention.
Campbell Soup Co. is hoping it can spark a turnaround for the struggling beverage brand by hitching it to the growing popularity of new brands that mix more exotic ingredients like coconut water, kale and ginger and tout their freshness. Whether the health and fitness crowd will swallow an older brand like V8 remains to be seen.
During Campbell’s annual investor meeting Monday, Ed Carolan, president of the company’s U.S. retail unit, noted V8 has historically targeted “people who struggled to be healthy,” or those who just wanted to get their daily servings of fruits and vegetables.
Now, however, V8 plans to target the “fit and hip explorers” — those who are genuinely enthusiastic about their health-and-well-being. Essentially, the idea is to position V8 as a more affordable way to get in on the juice habit, which can get expensive.
“We’ve been j u ici ng for more than 80 years,” Carolan said in explaining V8’s potential to get in on the trend.
More expensive “premium” bottled juices, including PepsiCo’s Naked juices, have grown in popularity and juice bars have been popping up in major cities. Starbucks also recently began selling bottles of Evolution Fresh juices in its cafés, with a bottle costing as much as $6.
But V8’s image has been suffering. Sales are down 16 per cent in just the past two years, according to Euromonitor International, a market researcher. Part of the problem is that people are increasingly gravitating toward foods they feel are fresh. And V8 juices, which are shelf stable and typically sold in the centre aisles of supermarkets, don’t exactly convey freshness.
Campbell plans to introduce new V8 flavours early next year that come with names reminiscent of the popular premium juices on the market: “Healthy Greens,” “Golden Goodness” and “Purple Power.”
Campbell is also adding three flavours to its core line of vegetable juices — Spicy Mango, Sea Salt & Clam and Mint & Lime.
To capitalize on the protein craze, Campbell is also rolling out V8 protein bars and shakes this September.