Feb
Tapping Into The Global Consumer Products Market Growth
jerry9789 0 comments Brand Surveys and Testing, Brandview World
SIS International shared that growth for the global consumer products market is predicted to go over $3.6 trillion by 2035, driven by the following key trends:
- Consistently strong demand for essential consumer goods, such as food, beverages, and household products
- Premiumization and brand differentiation in developed markets
- Expansion into emerging markets to tap into rising disposable incomes and urbanization
- Production innovation through sustainability and packaging development
The demand for packaged goods has always been tied to population growth and urbanization, but there has been a noticeable shift to its nature. For consumer products companies looking for their market share of that projected growth in the coming years, they would need to manage and strategize not only against fluctuating input costs and wavering customer loyalty but also the shift from volume to value.
SIS recommends acquiring knowledge in the following areas to take advantage of these trends:
- “Premiumization” Positioning: Test consumer willingness-to-pay before introducing high-price points tier.
- Maneuvering Into New Markets: Understand cultural nuances in high-growth regions to help ascertain your product’s marketability in new target areas.
- Portfolio Optimization: Refine your product offerings by recognizing which product lines to discontinue, repackage, or prioritize investing in.
- Brand Health Tracking: Monitor your brand value to guide decisions on whether to maintain or pivot strategies.
These are just a few examples of how effective consumer research benefits Consumer Products companies. Those who are consistently leveraging insights like these are positioned to tap into new opportunities as trends shift and new markets emerge.
Image: Tumisu
Featured Image: athree23
Top Image: kc0uvb
Jan
Financial Services Sector Expanding Rapidly But There Will Be Growing Pains
jerry9789 0 comments artificial intelligence, Brand Surveys and Testing, Brandview World
SIS International says the outlook for the financial services sector is one of solid and consistent growth, expected to reach $47.55 trillion in 2029, but it is not without anxieties. They shared that around three-quarters of financial services executives on a recent survey expressed concerns over their institutions’ ability to navigate economic instability, adapt to emerging technologies and shifting regulations, as well as sustain existing revenue sources in the coming decade.
SIS points to five key trends where financial institutions could focus their research priorities at as the financial services landscape continues to develop and change:
- AI implementation: Despite high technology adoption rates, a good majority of banking customers struggle to trust AI applications.
- Digital Banks: More and more customers are switching to neobanks. Learning the reasons behind this growing preference would help traditional financial organizations reposition themselves while digital banks would benefit from these insights through sustainable growth and expansion.
- Mobile Banking: Digital channels have established themselves as the primary form of interaction between customers and their banks, and fostering engagement and a more personalized experience through research could lead to improved loyalty.
- Expanding Financial Services Options: Delving into growing technology-oriented fronts open up exploring new and additional avenues to offer financial services digitally.
- Addressing Security Concerns: Adopting security measures against fraud and privacy is just the start but targeted research would help recognize which protections build confidence and trust based on the concerns expressed by different customer segments.
High-quality market research would help financial institutions understand what would cause their customers to hesitate or quickly adapt to new technology or measures, the most effective way to communicate benefits and advantages, targeting the most receptive customer segment, and identifying new opportunities and channels, just to name a few.
Overall, effective market research into these five key insights should enable financial organizations to make confident and strategic decisions aligned with business goals.
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Featured Image: Tima Miroshnichenko
Top Image: Jakub Zerdzicki
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