Enhancing Product Positioning and Pricing Strategy: A Case Study in the F&B Industry
Challenge:
A client in the Food and Beverage (F&B) industry faced the challenge of optimising its product's claims, design, and pricing strategy. With a highly competitive market landscape and evolving consumer preferences, the client recognized the importance of aligning its offerings with customer expectations to maintain relevance and drive growth.
Approach:
To address this challenge, Milieu proposed a multifaceted approach to gather insights from both purchasers and consumers of the packaged drink category, with a focus on the client's specific product. The target sample size was set at n=1,000 respondents, comprising both purchasers and consumers of the product, ensuring a robust dataset for analysis.
The study targeted primary purchasers and consumers of the product, with a minimum sample size allocated for two of the client's key brands within the packaged drink category. Through a combination of quantitative surveys and qualitative interviews, the research aimed to uncover valuable insights regarding consumer behavior, preferences, and decision-making processes.
Outcome:
The results of the study provided the client with actionable insights to enhance its product strategy across multiple dimensions:
- Understanding Consumer Behavior: By analyzing reasons and occasions for consuming the product category, the client gained a deeper understanding of consumer behavior and consumption patterns. This insight enabled the client to tailor its marketing efforts and messaging to resonate with target audiences effectively.
- Identifying Key Buying Factors: Through comprehensive data analysis, the client identified key factors influencing purchase decisions within the packaged drink category. Whether it was taste preferences, packaging design, health benefits, or brand loyalty, understanding these factors allowed the client to prioritize aspects of its product offering that mattered most to consumers.
- Optimizing Product Claims and Design: Armed with consumer insights, the client was able to refine its product claims and design elements to better meet customer expectations. Whether it was highlighting specific product attributes, adjusting packaging aesthetics, or enhancing flavor profiles, these optimizations were guided by empirical data to maximize consumer appeal.
Pricing Strategy Decision: By benchmarking its pricing vis-à-vis competitors and analyzing consumer willingness-to-pay, the client gained clarity on its pricing strategy - striking the right balance between perceived value and competitive positioning