The beverage industry is extremely competitive. New entrants must comply with low prices, attractive packaging and consumer taste standards. Not to mention that large companies such as Coca Cola and Anheuser Busch already control a significant part of the alcoholic and non-alcoholic beverage markets. In an industry as competitive as the food and beverage industry, knowing how your competitors interact with customers can offer your brand a significant advantage.
Nearly 72% of food and beverage companies focus on competitors' trust metrics. Monitoring and monitoring the way in which customers interact with the brand and publications of the competing company can provide accurate information about customer preferences and also present ideas to innovate in your product and marketing strategy. Product innovation and adaptation to different moments of consumption is one of the keys to the competitiveness of the sector. Products must be versatile enough to adapt to the diverse needs of consumers, depending on the times when they can be purchased.
This explosion of unstructured, real-time conversations means that artificial intelligence (AI) and a unified customer experience management (CXM) platform are now essential for your food and beverage brand. Food and beverage manufacturers and distributors are also strengthening their ties with each other, as it is necessary to unite the aspirations of both interested parties. Innovation is essential to address many of the key challenges faced by companies in the food and beverage industry, making it a key challenge to address in and of itself. From social listening to AI and competitive benchmarking, here's how your food and beverage brand can better interact with your customers.
As the regulatory, in-demand, and competitive nature of the food and beverage industry continues to evolve, it's essential to ensure that your company is at the cutting edge. Another fundamental element for the development of the food and beverage industry is the role of distribution, which has an enormous influence on the competitive dynamics of the sector. Finding the best solutions to the key challenges of the food and beverage industry doesn't have to be a challenge for your company. Since innovations and improvements occur in virtually every sector, food and beverage production is no exception.
The sophistication and increase in the level of quality of products, together with the way they are marketed and sold in developing countries, have experienced significant growth, which is causing a change in the mechanisms for managing the value chain of companies in the food and beverage industry on an international scale. Within today's growing population, the immediate demand for solid and highly efficient innovations for the production and distribution of food and beverage consumables is growing every year. This has led the food and beverage industry to lead many sectors in terms of maximizing efficiency and innovative technologies. Unlike the global consumer trends mentioned above, which are very representative of the industrialized world, there is also another type of consumer (defined by Professor CK Prahalad as the “base of the pyramid “), which requires a different approach.
The increase in demand for higher-quality manufactured food and beverage products has directly led to new cases of quality control. There is increasing collaboration between the food and beverage industry and companies working in other sectors with the aim of making the products offered more attractive to consumers. .