In today’s volatile environment understanding the consumer is more important than ever since consumer behaviour is changing and retailers must work harder to maximise revenue. Retailers are battling for consumers and seek manufacturer partners who bring insights about how people shop that translate into ideas that increase traffic, category and aisle sales.
In today’s volatile environment understanding the consumer is more important than ever since consumer behaviour is changing and retailers must work harder to maximise revenue. Retailers are battling for consumers and seek manufacturer partners who bring insights about how people shop that translate into ideas that increase traffic, category and aisle sales.
To gain an understanding of the consumer, we must first understand their lives, their consumption patterns, their relationship with categories and the brands that they choose. These shopper insights are currency for building strong customer relationships.
Bord Bia’s two latest consumer research reports paint a picture of today’s Irish and International consumer and the common themes and behaviours among them. The report uses the Consumer Lifestyle Trends programme which identifies the current global trends and applies these to highlight how Irish and International consumers are following these.
The reports identify the current economic climate and factors affecting consumers and how they are coping with these, so that brands can understand how best to reach and keep these consumers. For example, despite the pressures on price, brands have a great opportunity to connect more deeply with consumers in today’s environment and room now exists for brands to fill some of the void in consumers’ lives. If brands can achieve this, it is likely to be rewarded with loyalty and advocacy.
Once a deeper understanding of the consumer has been achieved, the report explains what this means for brands and what it is that they must do in order to maximise revenue and ensure consumer loyalty i.e. brands must offer value through new formats and constantly reinforce their quality through innovation.
Finally, the reports conclude with a section looking ahead to the future of the Irish and International consumer and what insights and trends can we expect in the coming years so that brands can proactively anticipate market developments.
Tom Collins, Insight and Innovation Analyst, Bord Bia – Irish Food Board
Source: Bord Bia – Understanding the Irish & International Consumer
