Fast Moving Consumer Goods (also known as consumer packaged goods) are defined as products with a rapid shelf turnover. These goods include consumer goods such as food, drink and toiletries.
Here in Ireland, the FMCG Industry has seen a 32% year on year growth in revenue as of Dec 2020. Additionally, the global FMCG Industry is projected to reach $15,361.8BN by 2025 according to MarketWatch.
In an ever growing and increasingly competitive industry, many of the FMCG industry’s biggest players are pouring their resources into market research and consumer insight platforms such as Bounce in order to gain competitive advantage over their competitors.
Market research is the process of assessing the viability of a new service, marketing campaign or product through the use of research conducted with potential consumers. This research allows companies to discover and analyse previously unknown consumer opinions and feedback regarding their interest in the firm’s products or services. This research can be conducted in-house, but many firms lack the resources, expertise and panel size to gain any significant insights from research conducted this way.
Another option available to firms is to use third party companies that have the expertise, panel size and resources available to conduct research on their behalf. This research is usually conducted through the use of surveys, product testing or focus groups, all of which have their own respective advantages and disadvantages.
Respondents are the consumers being interviewed through the use of these surveys, focus groups or product tests and are usually compensated monetarily or through the distribution of product samples for their cooperation.
Market research is a critical component of the research and development process, especially when it comes to the FMCG industry. The data gathered, analysed and disseminated amongst teams within a company form the very foundation of every single decision taken thereafter. This foundational knowledge touches all areas of the business, from product, marketing and distribution. Failure to secure reliable information that you can trust and can move fast enough to keep up with consumers can, and has, cost companies in the FMCG industry billions of dollars.
There is a profound importance on the reliability, speed and engagement of respondents in order to deliver data these FMCG brands can trust. However, traditional methods of market research in this multi billion dollar industry have left brands to deal with slow, unreliable and disengaged panels that provide dubious insights and tainted results.
This is one of the main reasons we founded Bounce. We solve this problem by taking a respondent-first approach, delivering a flawless experience for both our panel and our clients. This allows us to provide the speed, reliability and agility required by modern brands in the FMCG industry.
Anybody in the FMCG industry that cares about what their customers think and feel, conducts market research. The goal of this research is to gather consumer insights that empower firms to take informed action on their marketing, product and vision for the future.
Market research gives companies the opportunity to uncover previously unknown or repressed information, emotions and feedback. Albeit, this feedback can emerge positive or negative, taking action towards gathering insights before executing on a plan is the best course of action for FMCG companies in the long run, as their competitive advantage hangs on consumer perception and demand.
Traditional methods of market research are struggling to keep up with changing client demands and industry conditions. The issues of data integrity, speed and engagement levels are becoming more and more obvious to brands as they switch to alternative methods of market research.
Our hypothesis for the future of research emerged three years ago when we recognised that as respondent engagement fell to it’s lowest point in 30 years, an alternative solution was required if brands were to maintain their connection to their customers via consistent research and insight.
This alternative solution needed to be non-intrusive, seamless for the respondent and accessible globally. The future needed to be mobile, Mobile surveys allow for speed, specificity of respondents, high engagement rates and proper data integrity. At Bounce, we began building the future of market research via our mobile app, which to date has amassed a user base of over 10,000 people across Ireland alone. Due to the mobility aspect of delivering surveys via an app, our engagement rates are the highest in the industry.
Mobile surveys also solve the issue of slow turnaround times too, with our clients enjoying a 24 hour turnaround time from launch to results in hand via our interactive dashboard. This is something completely different from any other solution on the market today.
Using Bounce as a case study, we’ve proven that Mobile Surveys are the way forward for gathering consumer insights at scale, and the FMCG industry is already benefitting from access to our unique insights platform.