Whether it’s a budding entrepreneur or an existing business owner, everybody dreams of creating a billion-dollar brand in the packaged food segment. But here’s the deal. If you don’t understand the market, the trends and what your target consumers are craving for, chances are that you will be barking up the wrong tree. A thorough market survey will answer all your questions. And if you skip this step, it is detrimental to the long-term success of your product.
While many believe that market surveys a complex and expensive process, it is not so. It just consists of some fundamental steps and requires attention to detail. Check out our tips on conducting a survey for the food-market with 0 investments and no stress:
HELLO TARGET MARKET
You have to understand how your consumers think, what they want to eat, what drives their purchase decisions and how much they are willing to spend on your product. Gather demographic data, geographical characteristics, spending patterns, employment, family size, income group and major challenges. You can do this through detailed questionnaires (Google Forms), taking online surveys, social media, personal and telephonic interviews, government documents, records and case studies.
Both new food entrepreneurs and existing businesses require market information. The former needs it to build their strategy. The latter has to keep updating their strategy according to trends of the industry in order to survive.
IDENTIFY YOUR INDUSTRY COMPETITORS
This is not just taking note of the other brands. Understand their products, packaging, marketing and distribution. Observe their online presence to see the use of content for promotion. Download market reports, visit their websites and social media pages, read their product catalogues and company statistics. New brands enter the market every day. You have to keep a tab on them in order to up your game.
CARRY OUT A SWOT (STRENGHT, WEAKNESS, OPPORTUNITY and THREAT) ANALYSIS
After gathering information,consolidate your findings. A SWOT analysis will help you identify the internal and external threats to your product and reveal consumer information you hadn’t considered previously. It tells you what your competitors are doing to market themselves. Most importantly, you build your game-plan based on all these findings. A food market survey will be a complete eye-opener. And with so much information available online and different communication channels, you no longer have to invest in agencies or professionals to do it for you. Follow our simple steps for the best results!