Reese’s Medals

Welcome to Innovation Spotlight! Each month we’ll spotlight a brand that’s capitalizing on a current consumer trend with a new product innovation. We'll uncover the product's in-market potential, who it appeals to and why, and what you can learn from it to innovate smarter.?

Innovation spotlight: Reese’s Medals

While Reese’s is known world-wide for their delicious peanut butter cups, the brand has become an icon in seasonal innovation; launching different limited edition shapes during key moments of the year. We’ve seen Reese’s eggs for Easter, pumpkins for Halloween and an assortment of Christmas shapes including snowmen, stockings and bells.?

In anticipation of the Olympic and Paralympic Games Paris 2024, Reese’s has launched brand new “Reese’s Medals” — their first ever summer season shape.?

The medals commemorate a long-standing partnership between The Hershey Company and Team USA. The launch of the medals is also accompanied by a wider campaign called “Legend vs. Newcomer” which allows the audience to get to know more about returning and new athletes competing for team USA and showcases both the original Reese’s cups and the new Reese’s medals.?

Why is it interesting??

In our recent analyses of seasonal innovations, a clear pattern emerged across Halloween , Christmas , and Easter innovations: Less is more. Keeping the base of a core-selling product and enhancing it with a relevant twist like themed packaging, seasonal shapes, etc. tends to be more favorable than launching a brand new product or flavor variant.?

And across all seasons, Reese’s seasonal shapes were top-performing products. They maintained the formula of the much-loved cups, honoring that “less is more” approach.?

We were curious to see whether the medals would be received with as much excitement — especially as they are in support of an event that isn’t necessarily associated with the category.?

What’s the potential??

Reese’s Medals score in the top 10% of all food innovations we have tested in the US market on trial potential and in the top 45% on breakthrough potential.?

They sit in the right-most “short term trial” box of our potential quadrant, meaning they appeal to a mass audience but aren’t particularly differentiated or superior versus what’s already available in market.?

Products sitting in this section of the quadrant typically don’t stand the test of time as they might create momentary hype and drive short-term sales but can struggle to maintain performance in the long-term. This is exactly where we expect a successful seasonal or limited edition product to sit.?

Most of Reese’s seasonal or limited edition products we have researched sit within the same “short term trial” areas of our potential quadrant. Only one manages to score a “scale and sustain” spot, likely because it’s the only one which features a variety of seasonal shapes rather than a single one and therefore scores higher on breakthrough potential being seen as more differentiated and advantageous.?

Reese’s have clearly struck gold with their limited edition shapes and have now expanded into a season in which they typically don’t innovate. We can’t wait to see where the brand goes next!

Who does it appeal to??

People who buy chocolate or chocolate candy at least once a week naturally showed greater interest in the product with 84% claiming they would be likely to purchase the medals.?

Reese’s Medals are particularly popular among ‘Early Adopters’ — consumers who tend to try new products or services before the average person: 93% of them say they would be willing to purchase the product (vs 87% norm for the average US food product among Early Adopters).?

Early Adopters are a crucial audience to attract when launching a new product; they tend to contribute disproportionately to sales especially during the earliest stages of launch and are also more likely to speak to others about the product, increasing reach.?

Interestingly, parents are more likely to want to purchase the medals (purchase likelihood T2B: 75% vs 61% non-parents); particularly those with kids 12 and under (80%). This could be an indication that respondents also see the product as a treat for the kids during the Olympic and Paralympic season.?

What do they like about it??

People enjoyed the shape of the medals, finding them fun and creative. They like that it fits the Olympic theme and they love the support for team USA.

The classic taste of Reese’s products with the combination of chocolate and peanut butter was highly mentioned, with some people sharing their loyalty to Reese’s saying they’re willing to try anything from the brand.

What can we learn??

1. Innovation does not need to have longevity to be successful. Seasonal or limited edition launches can be a great addition to your range to boost incremental sales over a set period and drive further engagement for your brand and category during a relevant time.
2. By playing with a core product and enhancing its shape, packaging, color, etc. to cater to an event or season, you can drive great levels of engagement to your brand without having to launch a brand new product. Seasonally-relevant enhancements can attract new consumers and increase volume of? purchase among existing consumers.?
3. Market leaders tend to have more freedom to innovate during seasonal periods given the reach of their core range and breadth of their consumer base. However, it’s important to ensure that when innovating, your distinctive brand assets are clear so the power of your brand can be truly leveraged (e.g.: if your brand is known for a particular color, ensure your innovation still reflects that).

For more data & analysis

This was just a summary, for the rest of our analysis please head to our blog .?

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Until next time!?

Janine Klimko