Demographic shifts and customer-centric product innovation are driving new approaches to building lifetime customer value, according to the 22nd annual New Product Pacesetters report, produced by IRI, Chicago.

For example, Millennials are digital natives who are changing how business and communications work. Social media plays a vital role for them in learning about and purchasing new consumer packaged goods (CPG) products.

Customer-centric companies that have a keen understanding of different shopper priorities and behaviors and can create new products that solve specific needs and provide better experiences will realize significant customer loyalty.