I have business expertise in corporate change, so this topic is fascinating. There were several reasons that Noble felt changes should be made to the product. (To what extent Allen is involved is hard to say, though he clearly would have wanted his investment to be successful.)
Cardboard versus tinfoil
This seems as if it were just a quality issue; however, Noble intended this to influence the marketability, as well (ie, shiny🟰eye catching).
Later, varying types of increasingly thinner aluminum foil were used.
Embossing shift
The mints themselves were originally imprinted "Crane Cleveland"; the shift to "Life Savers" further emphasized the shape of the product, as well as emphasized the brand name.
Labeling increasingly emphasizing brand's name
This involved a labeling shift from an emphasis to the name of the flavor ("Peppermint"), to an increased focus on the brand name, "Life Savers."
Expanding flavors
Why, oh why, did Crane not invent a maple Life Saver? His father had been in maple manufactyring. Crane himself had started a maple canning company which became very successful, and which he sold before beginning his chocolate business.
While "any color as long as it's black" worked for Model-Ts, Noble knew he needed something for customers who didn't like the taste of mint--or perhaps didn't want to be limited to it.
For more on flavors, see How many flavors of Life Savers? The definitive list.
Referring to the flavors with an ⭕ in their names
Besides being iconic, this further tied the flavor into the shape, a key part of the brand--Wint⭕Green, Malt⭕Milk, Cinn⭕Mon, etc.
Sources
"Packaging's Hall of Fame: Life Savers," Modern Packaging 1951-12: Volume 25, Issue 4. Digitized from IA1643112-05. pp. 92-98, 180-185. Retrieved from https://archive.org/details/sim_modern-packaging_1951-12_25_4/page/180/mode/1up?q=Life+savers+candy
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Life Savers™️ is a trademarked name currently owned in the US by Mars Wrigley Confectionery, having been owned and/or licensed by many previous companies, varying by country.
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