Food market intelligence is integral to business growth

Author

John Hood
Jun 12, 2018

Food market intelligence is integral to business growth

Reliable market intelligence and consumer insight is vital in helping companies find potential customers, identify market opportunities and develop the right products to meet the needs of current and new customers.

Invest NI’s Business Information Centre holds research covering both consumer and industrial markets. Several of these resources focus on the food and drink sector and provide up-to-date research to help companies make decisions about their products.

Businesses also use these resources to explore packaging ideas and help develop marketing messages which will resonate with the consumer.

 

Consumer Reports

In addition to these resources, local companies in the food and drink industry are also accessing consumer insight reports on buyer patterns and product trends based on Tesco Clubcard data.

  • These reports are available free of charge for customers with a turnover of less than £6.5m.
  • The initiative is a partnership with Queens University and the University of East Anglia.
  • Invest NI’s access to this data is available until April 2019.
  • Reports are produced on request from our customers.

What does a report show?

A Consumer Insight Report analyses the performance of products which used effectively can help a company drive its sales.

A report details:

  • How a product is selling.
  • What stores it is selling in.
  • What customer segments are buying specific products.

Check out what your report would look like.

How does this data help a business?

  • This data highlights the strengths of a product and also any areas that need to be improved or addressed.
  • It helps to guide strategic decision making at a business - particularly about the development of new products that the market is seeking to buy.
  • Used effectively this data can help a business map out strategies and sales plans to help drive sales further.

Want to find out more?

If you are a food and drink business selling into Tesco, contact us and we will put you in touch with a member of the food team who will explore how this tool could help you drive your business forward.

We will help you interpret the insight reports and develop this data into commercially valuable information.

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