Challenge
A fresh food technology company aimed to penetrate the United States market with a novel approach to delivering affordable, delicious, and vegetarian-friendly products. Prior to product launch, the company sought to grasp its primary target audience, build anticipation, craft a distinctive selling proposition, and fine-tune a market entry strategy. To accomplish this, the company engaged Cognitive Market Research to conduct a comprehensive two-phase research study blending qualitative and quantitative methods.
Solution
Initially, Cognitive Market Research organized online focus groups to delve deeply into three primary audience segments, each exhibiting unique eating behaviors. The aim of this qualitative inquiry was to breathe life into the target audience by unraveling their desires, requirements, and attitudes towards the brand.
Building upon the insights garnered from Phase One, Cognitive Market Research conducted an online survey encompassing the following components:
Segmentation, which classifies consumers into distinct groups beyond basic demographics and behavioral traits. Leveraging advanced analytics, this methodology efficiently identifies consumers with a heightened likelihood to adopt this food technology, providing the company with segment sizes and potential customer acquisition figures.
MaxDiff analysis to ascertain which brand attributes would most effectively persuade the target audience to embrace the new food technology.
Results
The comprehensive analysis yielded the following insights:
- Audience Segmentation: By delving into distinct segments, we identified demographics (e.g., age, ethnicity), behaviors/attitudes, and geographical preferences of potential customers. This enabled targeted communication with interested parties.
- Feature Preference Analysis: Leveraging the MaxDiff technique, Cognitive Market Research identified the most compelling product features among both the general audience and those inclined to try the product.
- Market Perspective & Size Estimation: Armed with insights, the brand now has an estimate of potential consumers in the US, along with detailed profiles of individuals with varying dietary habits.
- Naming & Branding Recommendations: The research outcomes guided the selection of terminology for the new food technology and provided a foundation for strategic branding suggestions.
