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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57% of the decisions to buy a product are made online.

57% of the decisions to buy a product are made online.
BDC. (2013). Four game-changing consumer trends.
47% of consumers conduct an online search before buying.

47% of consumers conduct an online search before buying.
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Nearly one out of three consumers is willing to pay a 15% premium on ethically made products.

Nearly one out of three consumers is willing to pay a 15% premium on ethically made products.
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83% of retailers recognize that shoppers can easily find a better deal elsewhere, making customer service more important than ever.

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1 in 5 Canadians were born outside of Canada
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79% of all conjoint studies are choice-based conjoint.
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You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.

You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions
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Learning is not just about if were we successful, but [learning] how we can optimize before we actually launch.

Learning is not just about if were we successful, but [learning] how we can optimize before we actually launch.
Risa Schwartz, director of consumer insights at Chicago-based Hillshire Brands
Not all things that can be counted count, and not all things that count can be counted.

Not all things that can be counted count, and not all things that count can be counted.
Albert Einstein
You can have data without information, but you cannot have information without data.

You can have data without information, but you cannot have information without data.
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When it comes to marketing research, always remember, GIGO: Garbage in, garbage out

When it comes to marketing research, always remember, GIGO: Garbage in, garbage out
Dr. Madhav Sega