The lack of relevant focus and in-depth data around consumer food habits and preferences is costing retailers and brands in the F&B sector unparalleled lost opportunities each year. Vinhood looks at how to collect the right data points
In the dynamic world of business, making informed decisions regarding product development, marketing strategies and customer satisfaction is crucial, especially in the food and beverage (F&B) market.
One significant challenge that companies face in the sector is determining the suitability and acceptance of a product without having all the direct insight into consumers’ preferences they need.
“Without access to accurate data, companies are left in the dark, relying on assumptions or guesswork”
It is very difficult to get inside the minds of customers, yet identifying and understanding these preferences is essential for businesses to create products that resonate with their target audience.
However, without access to accurate data, companies are left in the dark, relying on assumptions or guesswork, which can lead to significant risks and potential failures.
Avoid failing to know what your consumers want
By harnessing the power of data on consumers’ habits around taste and consumption, F&B companies can gain insights into customer behaviours, preferences and trends.
This, in turn, can enable them to make informed decisions on their marketing, communication and commercial strategies, which are more likely to resonate with their target audience.
Embracing data-driven decision-making not only reduces risks, but it also enables companies to deliver products that cater to customer needs, ultimately driving growth, profitability and customer satisfaction.
Adopting a profitable consumer-profiling approach
Whether in-house or outsourced, retailers should be utilising the armoury of analysis that is available to them in order to create a unique approach that can combine both science and behavioural data.
“It is important to really try to get under the surface of what consumers want”
That way, marketing teams can ascertain people’s tastes through their perceptions and emotions, to understand what guides and satisfies them.
It is important to really try to get under the surface of what consumers want – whether that be the shopping environments they enjoy, the smells they like, the tastes they prefer or the ways in which they want to shop.
This knowledge allows companies to create the best products and promote them on the market, in order to acquire new customers and build unique relationships through successful strategies based on consumer preferences.