August 01, 2023
Social listening proves key ingredient for F&B success
If you’ve ever wondered what your customers think, there has never been a better time to ask.
FaBA Data Scientist Dr Edgar Brea has been analysing global food and beverage manufacturing trends – and overwhelmingly found people want more customised products that meet personal tastes, budgets and preferences.
He studied food and beverage (F&B) trends identified by more than 50 organisations – including articles and reports from Nestle, Credit Suisse, Euromonitor and CSIRO – to identify the top five themes for the industry.
“The themes are interlinked and, importantly, are all focused around customer-centric needs,” he said.
“People are becoming more sophisticated in their choices and they expect F&B producers to be listening.”
Social listening (or monitoring social media for brand mentions) gives companies previously unimagined access to their customers – and it opens up the opportunity for unique collaborations.
“Previously companies looked to work with similar organisations to themselves. Now we are seeing the opportunity for more ‘open collaboration’, where businesses work with government, research institutions and customers directly to develop novel ideas that can be adopted and developed,” Dr Brea said.
“Combining social listening with a data driven mindset can be very powerful.”
The trends identified by Dr Brea, in FaBA’s Innovation Pathways Program, are grouped into these five themes:
- Sophisticated demand
- Healthier products
- Environmental concerns
- Techno-economic forces
- Business resilience
“COVID, rising inflation and the war in Ukraine have impacted availability, prices and consumption patterns like few events before them. Whether it be cafes switching to grocery stores to deal with COVID restrictions or redefining pricing strategies to counter high costs, companies need to adapt to survive,” said Dr Brea.
He warned the period of uncertainty was far from over, due largely to the changing climate and weather events.
“Companies need to have the tools to pivot their business quickly. There is a high chance of El Niño in Australia later this year and companies that don’t know their options will have a hard time. Business resilience is vital.”
Dr Brea said FaBA was well placed to help companies ensure they are resilient for the future.
He expects the full report to be published towards the end of 2023.