Cynthia Tice: Product Innovations Should Stand Alone Without Novel Flavors
Cynthia Tice · Lily’s Sweets: Cynthia Tice · Sep 30, 2024 · at 38:19
Cynthia Tice, founder of Lily's Sweets, explains her product development strategy when creating the initial SKU lineup for her stevia-sweetened chocolate brand.
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“You know, my belief is that when you have an innovation, the innovation should stand on its own, and you shouldn't innovate with flavors outside of The innovation itself.”
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More from Cynthia Tice
Tice: Distrust of artificial sweeteners drove 2008 Coke and Pepsi diet slump
“So in 2008, Coke and Pepsi were experiencing this enormous downturn of diet beverages. And it was really due to the fact that there was enormous consumer distrust of artificial sweeteners.”
Tice: High doses of stevia cause a bitter, licorice-like aftertaste
“Stevia, especially when you're using enough to really sweeten something, has You know, has terrible aftertaste, and you know, has like this almost like a licorice flavor, and it just, it was terrible.”
Tice: Lily's chose not to lead brand positioning with charity
“We had large discussions that we did not want to be Alex's lemonade. We wanted to be a delicious chocolate bar that had a charitable Give back.”
Tice: Lily's Sweets was profitable every year after its first year
“So we lost money the first year. We lost a little bit of money, not a lot. And every year, subsequently, we were profitable.”
Tice: Founders must communicate desired post-acquisition roles to new partners
“And I really, really encourage any founder to spend some time developing your own thoughts and communicating that effectively to your next set of partners. You know, the old paradigm is that you have to sort of wipe out the old team, but that's an old paradigm…”
Tice attributes Lily's success fifty-fifty to retail experience and timing
“I mean, I think, fifty-fifty. I think my experience was instrumental, but I think there was a big aspect of luck with regards to timing that I didn't really understand at the time. I took advantage of it, but I didn't, you know, I did not know that there would…”