What would you be able to achieve if you could correctly identify the right up-and-coming trends for your business or category? It would likely make a big difference to the overall strategic decisions you make as well as inspire different product innovations and ideas. In turn, this could lead to more confident and successful first-to-market product launches and reach that coveted top-of-mind space with your ideal consumers. This is the power that early signals identification and trends prioritisation have in the food business world.
If we have learned anything from the year 2020, it is that we need to be more proactive in our search for opportunities through future scenario planning.
There have been many new trends emerging in the food industry over this past year, and with the newer virtual and/or hybrid ways of working, it is important to keep an eye on which of these trends will vanish and which will remain, as well as focusing on what trends or early signals might be just around the corner in your market or category.
The illustration below will give you an idea of the typical evolution of a trend and at what point you should engage so that you can properly enjoy the success of the trend in question.
The challenge for most businesses in this area lies in the fact that collecting, structuring, and understanding all of this data, then analysing it, sharing it and finally turning it into actionable insights requires a lot of time and specific analytical skills that are not always sufficiently available in many food organisations.
iNewtrition provide a full set of modular and turn-key intelligence solutions, and online platforms aiming at B2B / B2C food, beverage, and wellness businesses to help them gain agility and anticipation.
Our aim is to let your teams focus on execution while we identify, screen, monitor and crunch the most useful information for your market, category, or segment. We do this by collecting early signals of the future to help you detect opportunities and threats earlier, and provide you with actionable insights, foresight, and the holistic real-time view needed to make lower-risk decisions.
We also collaborate with you and your team to mitigate against risk velocity for your business, in order to estimate the probability of several scenarios, and foster strategic thinking while developing a short, medium- and long- term strategy.
It all starts with asking the right business question.
Examples of this can include:
- Are there any cross-category or industry innovations you can leverage for your brand?;
- Will your target consumers continue to shop online in the same way in 3-5 years time?;
- What potentially new or undiscovered trends are we seeing from the current data that we can dive into deeper?;
- Which channels or categories are experiencing the most growth within a certain time period?;
- What are the major trends and challenges for alternative protein products and what are the unmet needs that can be leveraged?
Once you have your business goal in mind, it is important to get to work as soon as possible. More often than not, organisations spend money and/or time identifying current trends but they identify them too late in the trend cycle (as pictured above) for them to be useful or actionable.
Compiling and analysing the right data quickly is key to ensuring a strong business strategy that is not only successful but also sustainable as you grow.
We can help you with this by searching the food web to identify early signals and prioritise the right industry trends for your business. Critically, we can also identify weak signals through market analysis and show you where you should not be spending your time.
All of this work is essential so that you can make the right decisions to make your business more resilient. It will also ensure that you are not missing out on emerging trends or missing out on a huge growth opportunity. You should also be able to identify the early adopters, track emerging risks and implement robust mitigation strategies.
iNewtrition was launched to help you plan for the significant changes ahead and better navigate uncertainties in the future. If this is where you need guidance, send an email to me at [email protected] and we can discuss in more detail how to help you achieve your goals.
– Raphaelle, Founder of iNewtrition