I always find it amazing anyone would consider launching a food or drink product without testing it with consumers first. While getting feedback from friends and family is better than no-one, they may not be totally honest! There are many reasons to gather proper consumer research – objective, structured feedback for your product.
But just why is it so important? It means you are putting your consumers first, and that is what all successful food and drink businesses do. Real insight allows you to get to the heart of what your target consumers really want and value, as well as what they think about your product specifically.
Understanding your target conumers
It’s essential to be guided by your sense of what your product should be, of course. However, you need to test your ideas and get real, honest feedback. Taking note of the people that you want to be buying your food or drink product is one of the is such a crucial part of enabling your business to grow. So really understanding their preferences, needs and what they might buy instead is one of the fundamentals.
When should you do consumer research?
Consumer research shouldn’t be something you do before you launch as a last minute check that you’re ready to go. Although, this is when it’s critical, keeping close to your consumers throughout your journey is vital. Finding out they don’t understand your product, don’t like it or won’t the price you’ve set for it just before launch is too late. Making changes at that point is likely to be costly, time-consuming and highly disruptive to your growth plans.
Instead, use research all the way through your product development journey to guide and check your progress and be confident you’re on the right track. It will also keep you focussed on what consumers want and how their needs or buying patterns are changing.
The more you know about your consumers, the better placed you are to be able to adapt your products and keep them relevant. It will even give you ideas for targeting and refining your product, choosing the right flavours and variants, and even extending your range.
Investing in consumer research
Financial considerations make consumer research an even more compelling investment. The cost of developing and launching a new food product is significant, and the risk of failure is high. Thorough research can dramatically reduce this risk by providing concrete data about market potential, pricing strategies, and consumer preferences. Not only that, but you’ll also be able to use the findings as evidence that there’s demand for your product and that it aligns with their customers’ preferences.
Gaining real insights about what your consumers think of your product will help you with so many things in your business:
- How you communicate with your consumers (both on pack and off)
- Finding a unique positioning for your product
- Getting your pricing right
- Persuading retailers that they need your product
The above list is by no means endless. Basically, the more you know about your consumers – the easier it is for you to sell your product to them. Research transforms guesswork into strategy, helping you create products that not only taste great but also meet the deeper needs and desires of your target consumers.
In a market where competition is often fierce, and consumer expectations are changing, understanding your audience isn’t just an advantage; it’s a necessity. And it doesn’t have to break the bank!
For cost-effective ways to carry out consumer research head over to a recent webinar I did on this subject. To talk about the right level of consumer research for you, contact me now.