In the fast paced world of FMCG, it’s essential that you get the edge over the competition and the industry requires constant innovation to keep consumers engaged. Product innovation is the key to consistently providing value to customers and ensuring longevity in the FMCG sector. Innovative products require both insight into the current needs of customers, along with foresight into the future desires of the market. FMCG research, such as product resting, works to provide better insight and develop ideas for the future.
The FMCG Focus on Value Creation
The focus on FMCG companies is to provide real value to the consumer and tapping into the needs and desires of the market. Providing value to consumers through product innovation allows for companies to consistently provide products which have a unique place in the market. Careful product innovation also leads to a reduction in costs as there is less guesswork as to the viability of a new idea.
FMCG research is essential in developing innovative products as it allows companies to test products before they are launched to the market. This means that consumers are invited to provide feedback to ensure a product is in line with the desires of the market. Not only is FMCG research focused on product testing, it also looks at broader gaps in the market that a FMCG could potentially fill. FMCG research can include product testing, package testing, brand positioning, market analysis and product development.
Market Opportunities and Future Trends of FMCG
For businesses providing FMCG, there continue to be significant opportunities within the marketplace for ongoing profit and innovation. However, success will hinge upon an organisation’s willingness to keep up with the needs of consumers and alter their practices accordingly. Consumers are becoming increasingly savvy and there is an increasing preference for FMCG businesses to provide a personalised approach, embrace the changing social environment, and behave ethically.
The rise of e-commerce in recent years has continued to grow quickly with global online sales predicted to double within the next five years. This provides further opportunities for FMCG to reach a growing customer base. There is also set to see a rise in smaller brands as millennials increasingly look for alternatives to the ‘Big Brands’.
Leading Market Research in Australia
Colmar Brunton provides tailored solutions for your business based on innovative market research techniques and we specialise in FMCG across the Asia Pacific region. Our team of quantitative and qualitative research experts deliver insights into your customer base to inspire new thinking and ideas for your business. With over 25 years of experience working with a range of clients, we understand the Australian population better than anyone.
To find out how your business can embrace FMCG research, speak with Colmar Brunton today.