The world is changing; including our relationship with food and beverage brands. Developments in agricultural practices, society, communications, the list of the drivers of long-term changes go on and on.
The billion-dollar question is, how will these changes impact the Australian consumer; their attitudes, beliefs and purchasing behaviour?
For FMCG brands, now is the time to plan ahead for a new reality that will include a recession and consumers whose everyday behaviour has had its biggest upset in decades.
Drawing on a collection of almost 100 global and local reports, case studies, and insights from experts including McKinsey, Mintel, and Nielsen, we have curated a report that highlights seven key drivers of consumer behaviour. Reflecting on both the long-term trends and the short-term impact of COVID-19, this report speaks with the voice of the consumer; their lives and the role food and beverage plays.
What’s inside the report?
Here’s a snapshot of the seven consumer drivers covered in more detail in the Future of FMCG report:
1. You have to fit into my life – ‘cos it’s stressful enough already.
Planning a family meal is a mad rush and pretty stressful. Meal kits? Many consumers can’t see the value equation when they still have to cook the key components. Today’s consumer is taking control of their own food intake, and they expect brands to help them. Find that special niche in consumers’ lives, and your food brand will become part of theirs.
2. I’m not like everyone else – so forget mass marketing.
Forget mass marketing; you must talk about your brand in a variety of ways. With every customer potentially looking for something different from your brand – whether it’s addressing the “food as medicine” approach or particular nutritional requirements (e.g. diabetes-friendly, low calorie, vegetarian) – it’s imperative to be able to communicate your USP in as wide a range of formats and messaging as possible.
3. I am going to be healthy – help me or lose me.
Australia records the world’s fastest growth rate of committed vegans and vegetarians despite consumers finding the products too expensive to commit long-term. No matter the category, if you can’t promote some health aspect to your brand, you’ll lose your customers to those that do. Get on that bandwagon before it passes you by.
4. You need to keep it simple – ‘cos that’s the essence of healthy food.
Consumers want more than just lists and percentages. Every day, they find new grounds on which to evaluate ingredients lists with ‘minimally-processed’ and ‘non-GMO’ becoming increasingly popular. A key goal of your NPD must be to continually review your formulations in response to changing consumer preferences.
5. I love a lil’ variety – I want to spend my budget on new tastes and ingredients.
Your product might be healthy, natural, certified and come in recycled packaging, but the reality is that flavour is the first buying criterion in food and beverage. Consumers “actively seek out flavours to try on a regular basis” or “like trying new flavours from time to time”. Embracing Australia’s celebrated multiculturalism and diversity can be an opportunity for your brand.
6. My impact matters – I can eat and make a better world.
The average Australian consumer has learned that they have significant market power; that their voices and buying behaviour will impact both commercial organisations and governments and lead them to take action and/or change their practices. Consumers increasingly seek good social actions, their purchase decisions made on the basis of the environment, ethics or fair-trade.
7. You have to do better – share my values, and you can share my life.
The big question for FMCG brands is: “What is the opportunity to leverage good social attributes as a USP and attract customers to our brand?”. In response to the market context surrounding Covid-19, many Australian markets are moving their current marketing and messaging from performance-related to brand or cause-related activity.
Executive Presentations and Workshops
Our in-house executive presentations will further expand on the insights, industry trends, and drivers identified in the Future of FMCG report. Whether you need assistance with new product developments, repositioning or brand messaging, this session will enable you to workshop strategic opportunities for your brand with our Senior Strategist, Grant Davidson. The presentation will be tailored to best suit your current needs, the key focus being to help you build successful and resilient brands in 2023 beyond.