Understanding the target consumer and trends in the market place is key to building a successful brand. Market research is important during product and brand development but also post launch as the consumer and category evolve.
Hiring a market research firm is often outside of the budget for early stage companies, but there are some budget friendly approaches to consider:
1) Subscribe to industry news letters from organizations that publish research and industry insights.
Examples:
2) For insights on specific topics like ingredients, packaging, organic, plant based protein, etc. look for publications from large suppliers and specialty organizations:
Examples:
3) Business support organizations like BDC publish market research on Canadian issues impacting small business.
For example: Canadian Food and Beverage Industry Outlook: 2022 https://www.bdc.ca/en/about/analysis-research
4) Research companies have reports on specific topics available for purchase.
Examples:
Euromonitor: https://www.euromonitor.com/canada
NPD: https://www.npd.com/industry-expertise/food-and-beverage/ ,
Fortune Business Insights: https://www.fortunebusinessinsights.com/food-and-beverages-industry
Research and Markets: https://www.researchandmarkets.com/categories/food-beverage#hmc
It is helpful to be selective and strive to find the most meaningful publications to prevent information overload. For some early stage brand owners finding or purchasing meaningful market research can help build business growth strategy and serve as a valuable component of a product presentation to potential retailers and investors.
Written By: Venturepark Labs Team