New Product Opportunities

Situation

Operating in a highly competitive market, a confectionary company was tasked with developing new product strategies that would increase their relevance within an evolving snack food market.

Approach

To identify where new opportunities existed in the snack food market, a comprehensive examination of consumers’ snacking attitudes and behaviours was completed. Using layered analyses, we provided a segmented illustration of what drives consumption. This formed the basis for understanding:

The nuances of consumer needs
How well types of snack foods meet consumer needs
How well the client’s brands meet consumer needs
Where opportunities exist to improve brand positioning
Where new product opportunities exist to meet consumer needs

Outcome

By framing an understanding of why and how consumers satisfy their snacking needs, we were able to clearly indicate where the client’s brands had a strong hold and where there were opportunities to improve brand positioning and relevance. The research also looked beyond the current market scope for confectionary and provided clear direction on potential areas for new product development.

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Nearly one out of three consumers is willing to pay a 15% premium on ethically made products.

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IN 10 YEARS, MORE THAN 8 MILLION CANADIANS WILL BE OVER 65 – TWICE AS MANY AS TODAY.

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Albert Einstein
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CIRA Fact Book. (2014). CIRA.
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