Renaming a product is something that food and beverage manufacturers consider from time to time. Sometimes it’s the right thing to do. By contrast, there are other circumstances whereby renaming a product is likely to have negative consequences and potential knock-on effects for your wider brand.
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Making your product stand out on the shelf is more challenging than ever. With as much as 85% of household shopping derived from repeat purchases, it’s become harder than ever to convince consumers to switch to your food or drink product from their current preferences.
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When developing new products, there’s a massive difference between thinking you have a winning product concept and knowing you do. With extensive product concept testing, you could be pouring significant resources into a project that is doomed from the start.
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Did you know that of 12,000 food product launches across Europe, 76% fail to retain their listing after 12 months? Worse, as many as two-thirds even fail to reach the milestone of 10,000 units sold. If you’re in the final stages of launching a new product or revamping an existing one, those statistics make brutal reading.
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When developing food and drink products, taste plays a pivotal role in consumer acceptance. That’s why leading food brands and manufacturers team up with taste testing companies to gather crucial insights into how their products perform within target demographics before investing in production or marketing campaigns.
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Sensory testing (or sensory profiling as it’s often referred to) involves the objective evaluation of food (and beverage) products based on the five senses. Rather than using members of the public, sensory food testing required trained panellists who evaluate products based on sensory factors such as smell and taste.
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Rebranding, renaming or revamping existing products can be a worthwhile endeavour for products in desperate need of a new lease of life or a significant sales boost. But rebranding is not without risk, and getting it wrong can be incredibly costly both in terms of brand reputation and resources spent. Even the biggest brand names in the world have made costly errors before, as we shall now explain.
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Packaging research is a crucial component of product development. Yet, this vital phase of branding (and rebranding) is often overlooked, creating enormous issues for the brands that didn’t carry out consumer testing correctly.
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Central location testing (CLT) is a vital piece of the puzzle for brands looking to gain consumer insights into their products. CLT is a qualitative market research approach in which research takes place in a specific, controlled environment such as a testing lab, restaurant, shopping center, department store or other suitable locations where the brand wants to have a presence.
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Product concept testing is an early market research method that maximises the odds of you launching a product that people want to purchase. You explore the viability of a product with its target consumer early on and improve its development from the feedback and data acquired from the testing.
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