What is the one thing that is important to every consumer around the world? It can be counted as an essential commodity, one with which we all have an emotional connection. We are talking of food and beverage industry. As one of the fastest growing industries around the world, it is also in need of comprehensive and relevant market research like never before.
As a result what we see are a number of specialist F&B Consumer Research Services. The industry has specialized to such an extent that we now need experts to understand and conquer this market. The good news is that this is an industry with a vast untapped potential, especially in markets like India. But, it is not without its challenges.
Challenges in the F&B industry
Increasing Specialization: This is not just a simple division between food and drinks. Now we have multiple segmentation within the industry. Health food, organic food, fast food, special cuisine, Ayurveda food, alcoholic beverages and so on. It is important to find your niche in this spectrum.
Health concerns: A dominating factor when it comes to concerns regarding the F&B industry today are health concerns. From the intrepid blogger to the award-winning scientist — everyone has something to say about it and chances are that it is not always good news for you. Despite this, we find during F&B consumer research services that many clients are still not aware of this impending roadblock.
Reducing Operational Costs: One of the overriding concerns for any globalized industry is the spiraling operational costs. This also applies to the F&B industry. These costs are associated with factors like sourcing of ingredients, bringing new operational methods and steep taxes.
Consumer Research Services in Food Industry
With its direct interaction and dependence on the consumer, the food industry can benefit enormously from consumer research services. This is not just essential to meet the above challenges, research can give us valuable insight and help us meet any impending risks.
Finding a Niche: The food industry is actually a wide ambit and includes animal food, dietary supplements, food ingredients, fast food chains, fine dining, food retail chains and more. This makes the food industry a complex and an extremely competitive business. Over time it has also become increasingly specialized. This makes it essential that you are clear on what your niche is.
For instance, the category of food retail industry is not sufficient. One must now specify whether their products come under organic, Pharmaceutical, Ayurveda and so on. This is important in further branding and marketing strategies. Consumer Research Services tell us what people are looking for, emerging trends and food concerns.
Finding the Right Market: Too often entrepreneurs have preconceived notions about who their target market is. This is even more common for foreign firms with little understanding of Indian culture and traditions. Consumer research services often reveal surprising results in this scenario. Even when the
results are expected, research can reveal a completely unexpected outcome.
For instance, a catering service repackaged itself as a corporate tiffing service after research revealed a growing need for home-cooked lunch service in its market. They found their niche and a brand new market!
Anticipating the Next Big Trend: The food industry is one of the fastest changing industries. What was fashionable an year ago seems almost retro today. Consumer research services are often the only way of anticipating the next big trend. It can keep you a step ahead of the vicious competition in the field.
For instance, a snack joint switched over to breakfast with super food ingredients a couple of years ago after research revealed that its customers were looking for something different from traditional options. Research also revealed a growing demand for health food.
Finding Potential: For many overseas F&B companies the main concern remains the acceptance of their product by the largely traditional Indian market. While some products like instant noodles may find takers across the board, other exotic or elitist items, like wine, are restricted to smaller pockets. Consumer research services can reveal where this potential market exists so that it can be further exploited.
Consumer Research Services have become an inseparable part of the F&B sector. It is vital to evaluate the success of existing products, find improvements and new markets.
Summary: The overcrowded and fiercely competitive F&B sector can benefit highly from consumer research services. It can help companies to find their niche and new markets.
As a result what we see are a number of specialist F&B Consumer Research Services. The industry has specialized to such an extent that we now need experts to understand and conquer this market. The good news is that this is an industry with a vast untapped potential, especially in markets like India. But, it is not without its challenges.
Challenges in the F&B industry
Increasing Specialization: This is not just a simple division between food and drinks. Now we have multiple segmentation within the industry. Health food, organic food, fast food, special cuisine, Ayurveda food, alcoholic beverages and so on. It is important to find your niche in this spectrum.
Health concerns: A dominating factor when it comes to concerns regarding the F&B industry today are health concerns. From the intrepid blogger to the award-winning scientist — everyone has something to say about it and chances are that it is not always good news for you. Despite this, we find during F&B consumer research services that many clients are still not aware of this impending roadblock.
Reducing Operational Costs: One of the overriding concerns for any globalized industry is the spiraling operational costs. This also applies to the F&B industry. These costs are associated with factors like sourcing of ingredients, bringing new operational methods and steep taxes.
Consumer Research Services in Food Industry
With its direct interaction and dependence on the consumer, the food industry can benefit enormously from consumer research services. This is not just essential to meet the above challenges, research can give us valuable insight and help us meet any impending risks.
Finding a Niche: The food industry is actually a wide ambit and includes animal food, dietary supplements, food ingredients, fast food chains, fine dining, food retail chains and more. This makes the food industry a complex and an extremely competitive business. Over time it has also become increasingly specialized. This makes it essential that you are clear on what your niche is.
For instance, the category of food retail industry is not sufficient. One must now specify whether their products come under organic, Pharmaceutical, Ayurveda and so on. This is important in further branding and marketing strategies. Consumer Research Services tell us what people are looking for, emerging trends and food concerns.
Finding the Right Market: Too often entrepreneurs have preconceived notions about who their target market is. This is even more common for foreign firms with little understanding of Indian culture and traditions. Consumer research services often reveal surprising results in this scenario. Even when the
results are expected, research can reveal a completely unexpected outcome.
For instance, a catering service repackaged itself as a corporate tiffing service after research revealed a growing need for home-cooked lunch service in its market. They found their niche and a brand new market!
Anticipating the Next Big Trend: The food industry is one of the fastest changing industries. What was fashionable an year ago seems almost retro today. Consumer research services are often the only way of anticipating the next big trend. It can keep you a step ahead of the vicious competition in the field.
For instance, a snack joint switched over to breakfast with super food ingredients a couple of years ago after research revealed that its customers were looking for something different from traditional options. Research also revealed a growing demand for health food.
Finding Potential: For many overseas F&B companies the main concern remains the acceptance of their product by the largely traditional Indian market. While some products like instant noodles may find takers across the board, other exotic or elitist items, like wine, are restricted to smaller pockets. Consumer research services can reveal where this potential market exists so that it can be further exploited.
Consumer Research Services have become an inseparable part of the F&B sector. It is vital to evaluate the success of existing products, find improvements and new markets.
Summary: The overcrowded and fiercely competitive F&B sector can benefit highly from consumer research services. It can help companies to find their niche and new markets.
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