top of page
  • dave6093

What do You Have to Prove: Part II Market Research

Why Conduct Market Research? Do it like the big boys!

I've had clients claim they don't need market research for their new food product because they have a "Golden Palate," believing they can "taste" the next trend. Retail buyers and restaurant chain chefs say this too.


While some might be confident in their instincts, I think we can agree that this is probably not the best way to go about proving you concept with market research. One of the first things I ask clients is “do you know if there are similar products on the market”? Many times, the answer is no. A quick Google search reveals something similar already exists in many instances. Maybe you’ve done the same thing — but did you know that’s market research step #1.


Food producers need market research. Large consumer packaged goods (CPG) companies and restaurant chains invest heavily to determine what they are putting out is the correct product for what the market needs. They are constantly scouring data and expensive reports and data from sources like Mintel, Euromonitor, or Nielsen to understand consumer preferences, market trends, and the competitive landscape. These services are very expensive.


We here at Food Forward have our own approach to market research. Contact us to learn more about how we can help you to get the same market research as the big boys for a fraction of the cost. These are areas that market research and help find out:


  1. Identifying Opportunities: Discover unmet needs and market opportunities that can inspire innovative and unique food concepts.

  2. Understanding Consumer Needs: Identify what consumers are looking for in terms of flavors, ingredients, health benefits, and convenience.

  3. Spotting Trends: Stay ahead of emerging trends and changing consumer preferences to create concepts that are timely and relevant.

  4. Analyzing Competition: Figure out our what your competitors are doing. Then figure out how you can blow them away!

  5. Validating Ideas: Test your concepts with target audiences to get feedback and refine your product before a full launch.

  6. Guiding Product Development: Use insights from market research to shape product features, packaging, pricing, and marketing strategies.

  7. Minimizing Risk: Reduce the risk of product failure by ensuring there is a demand and a market fit for your new food concept.


Market research is crucial for creating successful food concepts that meet consumer needs, stand out in the market, and have a higher chance of success.


Not sure where to start with your new food product? We develop food and drink products for every kind and size of food company. We've been there and done that. We can help you do your project the right way the first time.


If you're ready to turn your culinary vision into a retail reality, reach out to us at dave@food4ward.com or send us a DM. Let's bring your creations to life!

1 view0 comments

Comments


bottom of page