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FMCG is a competitive, fast-paced market where innovation is required to develop new ideas. Not only is the development of new products important but factors such as advertising and branding also need to be considered. With innovation being such an important part of the Australian FMCG model, market research provides essential insight into consumer trends.
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FMCG Research For Australian Businesses FMCG, or Fast Moving Consumer Goods, is a term used to explain or categorise products which are high demand, low cost, and sold relatively quickly. FMCG is a competitive, fast- paced market where innovation is required to develop new ideas. Not only is the development of new products important but factors such as advertising and branding also need to be considered. With innovation being such an important part of the Australian FMCG model, market research provides essential insight into consumer trends. FMCG research in Australia To gain a competitive advantage in the crowded Australian FMCG marketplace, new products need to be perfectly catered towards the target market and strategically introduced to consumers. With so many competitors constantly developing new products, product innovation is essential to offer low-cost products which meet the needs of consumers. Market research helps businesses discover new opportunities within their niche and can help avoid making a costly mistake with new product development. With such a huge amount of choice available within the FMCG sector, businesses need to contend with consumers becoming overwhelmed with choice. Keeping the price low isn’t enough to secure a foothold in most instances, so companies need to have a focussed approach where they can differentiate their product from the crowd. Consumers are also becoming increasingly savvy when it comes to marketing and advertising which makes market research essential to tap into the needs of FMCG customers to develop a fresh approach. Benefits of FMCG research If Australia FMCG businesses invest in long-term market research, the corresponding evidence-based data can assist in the development of robust products which have a place in the market. While smaller FMCG companies may be uncertain about embarking into the world of market research, valuable insights can be obtained even with a tight budget using the right research solutions. If you’re considering aspects of FMCG such as category exploration, new product development, brand improvement, product testing or product feedback then market research can be used to great effect to offer insight into these areas. Every FMCG business has a unique set of needs and market research can be adapted to support your business objectives. Innovation in FMCG The nature of the FMCG means that Australian businesses are called upon to meet the immediate needs of the market and keep consumers engaged with short-term strategies. However, long-term insights are also required to predict where the market will be in the future and prepare for market changes. So, how does FMCG research keep up with the ongoing requirement for short and long term innovation? Collaboration is required to
combine the insights obtained from market research with innovation specialists who can develop products and strategies based on data. To find out more about how FMCG research can be integrated into your business, speak with Colmar Brunton today. We have convenient locations in Melbourne, Sydney, Brisbane, Canberra and Adelaide.
