Launching a new product? Have you consulted your market? Tastewise can help
Many CPGs think that they’ve consulted their market in depth before launching a product, but many miss a crucial step.
Launching a New Product? Have You Consulted Your Market? Tastewise Can Help
Consumer-centric decision-making is a critical element of new product development in the consumer packaged goods (CPG) industry. By placing consumers at the center of the process, Tastewise data lets companies ensure that they are creating products that deliver customer satisfaction by simply meeting the wants and needs of their target audience. This approach not only improves the chances of a successful product launch but also builds brand loyalty and trust among customers.
Where can companies use the data they have?
An innate benefit of consumer-centric decision-making is that it allows companies to create products that are tailored to the specific needs and preferences of their target audience. Those needs would have been established by conducting market research and gathering data on consumer behaviors and trends. The traditional data collection methods of surveys and focus groups suffer from a long turnaround time to deliver their findings. This is especially apparent when one considers the breakneck speed at which consumer sentiment changes. To take advantage of market data, you need speed, and that is what makes Tastewise different. Tastewise empowers companies to gain fast, focused insight into the types of products or variations of product offerings that their customers and potential customers are looking for. This consumer insight is used to inform product development decisions, such as the ingredients, features, flavor profiles, and packaging of a new product.
Identify customer pain points and fix them
In addition to creating future customer favorites, consumer-centric decision-making also allows companies to identify and address potential pain points or unmet needs in the market. Tastewise’s AI-driven data is customer-centric and provides organizations with real data that isn’t skewed by any form of human bias. This enables Tatsewise clients to make data-driven, myth-busted, and bold decisions in response to demonstrated market needs. This information can also be used to identify areas where there is a gap in the market or to develop new products that address these unmet needs. Some very real food for thought is that around 70% of customers will switch to a competing product after having just one bad experience.
Inclusion and consultation build trust and loyalty
A healthy side-effect of consumer-centric decision-making is that it makes the process of building trust and loyalty among customers easier. When consumers feel that their needs and preferences are being taken into account, they are more likely to have a positive perception of the brand and to continue purchasing its products. This type of consultation and inclusivity is particularly important in the CPG industry, where the Pareto principle reigns supreme. In short, 80% of your sales come from only 20% of your customers. According to Salsify in 2022, an impressive 46% of consumers say that they would pay more for a brand they trust. Repeat customers are a key driver of food and beverage revenue.
It makes your messaging more effective
Consumer-focused decision-making plays a crucial role in new product development in the CPG industry. By considering the needs, wants, and preferences of their target audience, companies can create bespoke products, thereby addressing unmet needs, and building trust and loyalty among customers. With a focus on customer-centricity, the company can create and launch successful products, increase revenue, and reinforce a positive brand image.