Varying consumer preferences and the growing shift towards healthier beverages pose several challenges for companies in the beverages industry, especially when it comes to identifying the profitable market segments.
The global beverage industry is currently witnessing a period of rapid change. And owing to the recent industrial transformation, companies in the food and beverage industry are witnessing rapid changes. Although the global beverage industry is constantly reshaping to acclimatize itself to the ongoing changes in the market landscape, these efforts are mainly focused on avoiding traditional approaches in the market for the ones with handcrafted aesthetics. Several such factors have prompted market leaders to stay ahead of the competition by predicting consumer preferences, setting new industry trends, and penetrating newer market segments.
The Business Challenge
- The client: A leading carbonated beverages manufacturing company
To profile the right market segments with profitable customers and devise a robust marketing strategy to enter the new market segment in North America, a leading carbonated beverages manufacturer approached Infiniti to help them conduct an in-depth market segmentation assessment. The client wanted to devise effective market segmentation strategies to better position their products in the market and meticulously track their performance. They also wanted to gauge the attractiveness of the new market segment, identify bottlenecks, and understand the potential growth opportunities in various market segments.
How Can Market Segmentation Help Players in the Carbonated Beverage Segment?[spacer height=”10px”]
The relentless pressure to stay relevant in a rapidly accelerating marketplace such as the carbonated beverages segment makes it a necessity for players in this industry to invest in market segmentation assessments before entering newer market segments. This early stage of research is typically implemented to discover new unmet needs of the customers by venturing into new markets.
Though it typically deals with such factors, organizations in the carbonated beverage industry space need to invest considerably to validate new market opportunities. To do so, and to help organizations identify potential market segments and understand the market structure, the market segmentation experts at Infiniti conducted a detailed market research by applying both quantitative and qualitative techniques that guide strategic decision making.
Summary of Our Market Segmentation Assessment Engagement
Client Journey[spacer height=”10px”]
With the help of Infiniti’s market segmentation based solutions, the carbonated beverages manufacturer was able to expand their business by gauging the growth projections in North America. The solutions offered also helped the client to identify relevant data and use it to gain a stronger foothold within the geographical segment.
Furthermore, to help the client identify the market dynamism and future potential in their region of interest – ‘North America’ – the market segmentation experts at Infiniti conducted a detailed market survey to help them gain a better understanding of the food and beverage industry. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the food and beverage industry.
Solution Benefits and the Business Impact[spacer height=”10px”]
The solutions offered by the market segmentation experts at Infiniti uncovered much-needed insights that helped the beverage industry client to profile various segments and devise suitable market entry strategies to drive profitability across segments. Also, with the help of our solution, the beverage industry client was able to understand the market for carbonated beverages and devise effective strategies for long-term success.
The Future[spacer height=”10px”]
Beverage industry players have witnessed a rollercoaster of changes within the market segment, including new challenges and impressive growth. Owing to the rapid industrial transformation and the changing industry standards, the beverage industry, particularly the carbonated beverages segment is set to witness enormous growth opportunities in the coming years. While a few millennials are still unsure about their preferences when it comes to beverages, leading manufacturers of carbonated beverages have started increasing their focus on delivering new and innovative solutions by venturing into new and unexplored market segments.