Highlights of the Case Study:
|Client||Our client, a leading player in the Asia Pacific region’s food and beverage industry, needed to identify target customers for its varied product portfolio.|
|Business Challenge||The client wanted to gain a detailed understanding of different consumer personalities to ramp up their marketing initiatives.|
|Impact||Quantzig leveraged its advanced analytics solutions to provide the client with a database system that had two separate categories – market data and customer data. With these inputs, the client could make informed decisions and identify the target audience suited to specific product offerings.|
Game-Changing Solutions for Food & Beverage Manufacturers with Artificial Intelligence:
With AI in the mix, the food and beverage industry are evolving rapidly, with consumers’ tastes and preferences changing quickly. This leads to an invisible shift in the target audience for individual products. The challenge lies in identifying this shift faster than the competitors. Brands are constantly monitoring consumer behavior trends to place the correct product in front of the right customer. This mandates the ability to identify the audience whose interest aligns with the available product offerings or services and invest accordingly.
Quantzig’s comprehensive customer analytics and sales analytics solutions provide real-time, data-based insights into profitable and reliable customer groups by analyzing purchase behavior. These insights can help businesses identify the highly individualized needs of customers and create a focused strategy for planning and executing targeted promotions, ensuring customer retention, and thus, achieving customer brand advocacy.
The Challenges of the F&B Client
A major manufacturer in the food and beverage industry located in the Asia Pacific partnered with Quantzig to find target customers for its varied product portfolio. The client wanted to understand the different consumer personalities to ramp up its marketing initiatives. The client approached Quantzig for support in analyzing consumer behavior and preferences and matching it to its existing product portfolio. Some of the pain points of our client were as follows:
- Volatile supply chain
- Changes in consumption pattern
- Lack of structured data on target customers
- Identifying the target customers for specific products
- Changing market trends
Food and Beverage Data Analytics and AI Solutions
Quantzig’s food & beverage analytics solution helped the client position its extensive range of product offerings in such a way that it covers audiences from 5-year-olds to working-class professionals. Big data analytics solutions can strengthen players in the food industry by providing them with critical decision-making information for product promotion, pricing, product development, and demand forecasting.
Other benefits include improved sales effectiveness, targeting the right customers, enhanced product innovation, higher margins and profitability levels, prolonged customer reach, enhanced marketing ROI, and improved loyalty and customer satisfaction. The Quantzig solution examined product portfolio databases and combined them with marketing and sales data to recommend customer preferences based on demographics.
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Quantzig’s AI in Food and Beverage Industry- Impact Analysis
Quantzig’s industry expertise and advanced analytics solutions helped our client create a database that had two separate categories: market data and customer data. Market data, also known as third-party data, had all the information related to consumer spending history and buying patterns curated using our sales analytics system. Consumer data was consensually shared by the consumers with the company and was curated using customer analytics. This robust database equipped the client to make informed decisions and identify the target audience for specific product offerings.
Quantzig’s artificial intelligence advanced analytics solutions helped analyze food consumption patterns, consumer spending history, and buying habits. All these inputs helped the client to arrive at detailed customer profiles that could be targeted for specific product segments. The F&B client could use these artificial intelligence data-driven insights to plan and execute its marketing and sales initiatives and spearhead its new product development (NPD) program.
Broad Perspective on the role of Advanced Analytics Solutions in the F&B Industry:
Today, the food and beverage industry are a driving force promoting the economy’s growth via globalization. Data science technologies help the food and beverage industry to identify and reach the target audience in a much more efficient manner compared with traditional approaches. Data analytics is changing how the food and beverage industry identifies customers. With the power of data science, the brands can forecast future purchases of the customers based on present and historical purchase behavior. Along with serving the existing customer base, analytics can also assist companies in identifying new target groups and, thus, exploring new markets.
Key Takeaways of AI in Food and Beverage Industry
- Identify target customers
- Enhance customer loyalty by offering suitable products
- Increase margins
- Generate insights for NPD
- Identify and cater to market trends
- Categorize market segments with the highest profit potential
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