A Market Research helps you to understand the market needs.
You have an idea or a food product in hand but don’t know what’s the next move. Especially starting up a new food business, you need sales and customers as soon as possible and wouldn’t want to make any hasty moves. The best way to get out of these uncertainties is by conducting market research for your food products.
What should you include in your market research?
- Customer demographics (e.g. age, gender, income)
- Social and lifestyle trends
- Needs and expectations
- Attitudes towards you and your competitors
How to do food market research?
Generally, many food business owners don’t fancy involving themselves in food market research reports and prefer taking a leap of faith by immediately diving into selling their food products in the market.
You are not looking for a one-wave sales and call it an end, right? So, take the time to conduct market research for your food business to strategize it for long-term growth, which is the whole point of running a business that provides food and beverage services.
So, before marketing your products online or displaying them on shelves, you will need to understand your core target customers and then conduct a competitors analysis.
In order for potential customers to choose your food product and stick with your brand for a long time, you need to first outshine other similar products and brands.
Hence, if you do not know who your customers are and what they like and dislike, you might be wasting all your time and energy on your business. So, the solution here is to have a food and beverage industry analysis.
Here are the Tips to Start Your Online Market Research.
Conduct a market survey for food products on Google Trends to find out what your targeted customers are looking for online. Key-in keywords that are relevant to your business. Set the criteria suitable to your target market and see the results. It is one of the easiest game-changing instruments for food consumer research.
Here is the Google Trends screenshot to see Google Trends Malaysia products
How to start a market survey?
#1 Step: Choose the country (We chose Malaysia)
#2 Step: Enter keywords (food product) you wish to search for
#3 Step: Enter other keywords for comparison
#4 Step: Search for the results
#5 Step: Change the default “Past 12 months” to any timeframe you like
As a result, from this easy market survey, we know that most searches on “Kek lapis” are from East Malaysia.
Also, the most searches from google trends product in Malaysia were during Hari Raya Celebration. So, now you can plan strategically and start promoting “Kek lapis” before Hari Raya Festival for upcoming years!
How do small businesses do market research?
You can conduct a market survey in many ways convenient for you. Conducting proper and thorough market research will help you understand why your customers might want to buy your food products. You should also think of other factors in their decision-making process that could begin with a personal reason to cultural and social reasons.
Primary market research
Primary research here is referred to as research carried out by you or your representatives that answer your specific questions.
Your primary research should focus directly on the customers and those who are first-hand contacts. Your survey can be as simple as reaching out to your target group or speaking to them over the phone. You should also consider speaking to your friends and family. They are sure to give you the most honest review of your food products.
Secondary market research
This type of research involves more studying of researches of similar food businesses and their reviews with some statistics to complement the results. All you need to do is find companies and businesses that already do the research you’re looking for. You might even get tips on improving your food products from them.
The best research to do for you to know what people feel about your food product is the primary one. They will get to taste and try your product first-hand and you get to obtain feedback and helpful advice instantly.
Ultimately, it is up to you and what you feel comfortable with. So, look out for:
- Who will your customers be?
- What are they currently buying?
- Why are they buying th particular product from you or your rival brand?
- Why would they want to buy from you?
We are more than happy to help you
After all the market researches, you might want to look at the certified food packaging logos to display only your food packaging. Well, we specialise in designing attractive yet unique food packaging that will help your food product look appealing for consumers. So, fret not, we will make sure your food product looks amazing. You are left to focus on making them taste good!