Market Mix Model Assessment – Millennials Become the Major Target Audience for Food and Beverage Manufacturers
Quantzig’s recent study of market mix models for a consumer food products manufacturer assess the buying preferences of millennials and the technological innovations in the food and beverage industry. New marketing tactics and innovative technologies The rapid changes in the lifestyle and buying preferences of consumers are evolving the food and beverage industry. Millennials are […]
Quantzig’s recent study of market mix models for a consumer food products manufacturer assess the buying preferences of millennials and the technological innovations in the food and beverage industry.
New marketing tactics and innovative technologies
The rapid changes in the lifestyle and buying preferences of consumers are evolving the food and beverage industry. Millennials are becoming an important target audience for manufacturers and retailers in the industry. By leveraging technological innovations and marketing organic and natural products, companies are aiming to gain a larger market share. Recent market studies show that around 50% of millennials try to buy products from brands that support the causes they care about. Many companies are using this as a marketing strategy to promote their products that are aligned with causes that interest the consumers. Marketing tools such as virtual reality, web series, social media campaigns, and interactive advertisements are considered as next-generation marketing tactics to reach a larger group of end-users. Quantzig’s market mix model solutions help companies to quantify the contribution of marketing activities with a view of calculating ROI and its effectiveness. The study also evaluates the returns on marketing spend on various consumer promotions, advertising, and digital media platforms.
Technology and revolution in the food industry function together to extend shelf-life of varied products and help companies to meet the sustainability goals. Manufacturers are investing in technologies to implement efficient green systems that reduce water consumptions, wastage of raw materials, innovative and sustainable packaging, and use of renewable energy to power production plants. Such initiatives will help companies to promote their brand identity in niche markets.
Organic and natural ingredients
The growing demand for natural and organic food and beverages is the latest trend in the market. Manufacturers are producing products that are made of organic and natural ingredients, reducing the number of unhealthy sugars and fats. The growing awareness of using products with natural sugars, pesticide-free, and sustainably grown food products is boosting the demand in the industry. Moreover, governments of various countries are promoting organic food products as it helps the growth of local farmers and supports sustainable food practices. Marketing such products will help companies to sustain the competition on the market.
Emergence of green packaging
According to market studies, 86% of consumers demand for healthier packaging materials that prevent chemicals and other additives from contaminating their food and beverage products. The vendors are using biodegradable and recycled materials to package products that are eco-friendly and chemical-free. Innovating packaging techniques are a great way to advertise these products in the market. Glass bottles and cardboard packaging are gaining momentum in the food and beverage industry.
Outcomes and solutions offered
Quantzig’s analytics team provided a marketing mix optimization assessment for a leading consumer food products manufacturer that improved their future media investment strategy and decision-making ability in the food and beverage industry. Some of the solutions are listed below:
- Provided insights into contribution of brand equity vs. advertising on incremental sales and the ROI from each media type
- Assessed and revised budget allocations based on revenue and ROI forecast for each channel
- Designed a statistical and data analysis model that assessed purchase patterns and preferences of the end-users
- Offered real-time solution for investment decisions and calculated cost per point metrics for each media type
The complete case study on market mix models improves companies’ profitability in the food & beverage industry is now available.
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