A nutritional CPG company sought to develop customer and market insights to drive strategic planning following acquisition and new leadership
Situation: The company, dedicated to providing natural products that enhance consumer health and well-being, was looking to better understand the marketplace and develop insights into their current and potential customers so that they could better manage the several brands in their portfolio. The company had recently faced increased competition, as well as changing consumer tastes and wanted to conduct a comprehensive market study to inform its strategic marketing plan.
Actions: BIE was engaged as a consulting partner to execute an In-depth analysis which included:
- Conducting comprehensive analysis of the current market landscape, including competitors, customer needs, and industry dynamics (stakeholders, tastemakers, and KOLs).
- Interviewed and surveyed current and potential customers with an interest in natural nutritional products.
- Evaluated effectiveness of current marketing channels
Result: BIE’s marketing study provided valuable insights that shaped the company’s strategic marketing plan including:
- Identified market segments jobs to be done, and
- Revealed what customers valued
- Identified gaps in the current marketing strategy
- Provided data-driven recommendations for optimizing the product mix and pricing strategy
- Suggested a restructuring of marketing channels
These insights enabled Naturade to develop a comprehensive market plan that effectively communicated its enhanced value proposition, target the right customer segments, and leverage appropriate channels to drive growth.