2011 ‘the year of product benchmarking’
The next 12 months will see a substantial rise in the amount of food and drink product benchmarking, as companies bid to maintain a competitive edge and hold or build their market share, according to Campden BRI.
The UK-based food and drink research organisation says it has seen demand for its product benchmarking services increase tenfold in the past year as retailers and brand owners realise the benefits of comparing their products with the rest of the marketplace.
“The economic climate has driven the need for food and drinks companies to really get under the skin of consumers and find out what they are looking for in products,” explains Janetta Hylands of Campden BRI’s consumer and sensory sciences department. “In addition, retailers have seen an upsurge in sales of their own brand products and are increasingly looking to benchmark their brands against those of their key competitors. This will continue into 2011 and beyond, and we will also see premium brands benchmarking themselves more against rival domestic as well as international brands as globalisation continues apace.”
Such is the increase in demand for product benchmarking services, Campden says it has had to expand its consumer and sensory sciences department, as well as its kitchens, product preparation and evaluation facilities.
“There is no doubt that 2011 will be a landmark year for product benchmarking as the process moves from a ‘nice to do’ to a ‘must do’ process for retailers, brand owners, marketers and food manufacturers,” adds Hylands. “Product success depends on the ability of brands to keep consumers coming back for more. The only way to guarantee this is to exceed consumer expectations every time and to continually have new and updated products in the pipeline to meet consumers’ changing requirements. Product development is a costly process and it is vital to get it right. And that’s exactly where obtaining an objective assessment of a product’s quality in the market comes in.”