How To Win in the Food & Beverage Industry
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Jiri Boudal
- 20. May 2024
Europe’s food and beverage market is experiencing a renaissance, with unprecedented opportunities for brands to thrive.
From alcoholic innovation to non-alcoholic options to food experiences, the avenues are endless.
It comprises approximately 290,000 companies, employing 4.25 million employees for an annual turnover of €1.089 billion. Amidst this bustling landscape, competition is fierce, making it essential for companies to invest wisely and strategically.
That’s where brand tracking emerges as a secret weapon for accelerating growth and staying ahead of the curve.
How do the market leaders do it?
In the midst of this flourishing industry, it’s crucial to analyze the strategies employed by key players such as:
- Coca-Cola
- Beyond Meat
- and craft beer companies like BrewDog
For instance, imagine Beyond Meat launches a campaign promoting its plant-based burgers as a sustainable and healthier alternative to traditional meat.
However, what if this message fails to resonate with its target audience of environmentally conscious consumers? How can Beyond Meat ensure that its marketing efforts effectively connect with consumers and drive sales?
Similarly, consider Coca-Cola’s approach to promoting its classic beverage.
What if their marketing campaigns aren’t resonating with health-conscious consumers who prioritize natural and organic ingredients? How does Coca-Cola adapt its messaging to better align with evolving consumer preferences?
Without a thorough understanding of consumer perception, these investments would fall flat.
This is where brand tracking comes into play, providing invaluable insights to ensure that marketing investments yield desired outcomes.
Demystifying brand tracking
Brand tracking serves as a comprehensive roadmap in the ever-evolving culinary and beverage landscape.
It involves the continuous monitoring and analysis of various metrics to gauge consumer perceptions of a brand over time.
This encompasses:
- assessing the effectiveness of marketing campaigns
- evaluating competitive positioning
- and understanding overall brand sentiment.
Essentially, brand tracking provides brands with actionable insights to monitor growth trajectories and measure the return on marketing investments.
Key metrics in brand tracking
Brand awareness
This metric gauges the extent to which consumers recognize and recall a brand.
In a saturated market, robust brand awareness can differentiate products and influence purchase decisions.
Brands like Coca-Cola and PepsiCo have achieved remarkable brand awareness through decades of consistent strategic marketing and iconic branding initiatives.
Brand association
This metric delves into the emotions, associations, and experiences evoked by a brand.
For instance, BrewDog’s rebellious and innovative image resonates with consumers seeking unique experiences.
Conversely, organic food brands like Whole Foods Market evoke associations of health, sustainability, and ethical sourcing, appealing to environmentally conscious consumers.
Brand salience
It is important to understand what particular offering the consumer is considering a brand for.
Understanding consumer preferences is crucial for crafting products and marketing strategies that resonate with target audiences.
Starbucks, for example, excels by offering customizable beverages and seasonal promotions that cater to diverse consumer tastes.
Brand emotion
Brand emotion in the food and beverage industry refers to the feelings, associations, and connections that consumers have with a particular food brand.
It goes beyond the functional aspects of the product or even the taste and taps into the emotional resonance that the brand evokes in its audience.
When people think of Jameson, they often associate it with feelings of tradition, authenticity, and camaraderie. The brand has successfully cultivated a sense of nostalgia by highlighting its Irish roots and centuries-old distilling techniques.
Challenges and Solutions in Brand Tracking
While brand tracking offers numerous benefits, it also presents challenges, particularly in an industry characterised by rapidly evolving consumer preferences, changing market dynamics, and intense competition.
Navigating these complexities requires a nuanced approach and sophisticated tools that can adapt to the fluid nature of the food and beverage sector.
This is where platforms like Behavio come into play, providing tailored solutions to simplify brand tracking for food and beverage brands. Behavio offers:
Winning in the food and beverage ecosystem: Dive into streamlined insights that drive food and beverage. No more drowning in a sea of presentation slides – Behavio delivers actionable data straight to your dashboard. Say goodbye to complexity and hello to clear, concise insights that propel your online business forward.
Streamlined insights: Immerse yourself in the right insights that fuel success. No longer overwhelmed by endless slideshows – Behavio brings actionable information directly to your fingertips. Bid farewell to confusion and welcome precise, easy-to-understand data that propels your online business to new heights.
Swift Onboarding: Invest just half an hour in Behavio’s initial onboarding. We understand your hustle in establishing your online presence, which is why we’ve simplified our onboarding procedure. Wave goodbye to technical frustrations and say hello to a seamless setup that swiftly launches you into action.
Budget-Friendly Tracking: Track brilliant metrics without breaking the bank. Behavio offers budget-friendly brand tracking solutions tailored for the food and beverage industry. With our cost-effective approach, you can optimise your brand’s performance without stretching your resources thin.
