Understanding consumer preferences is essential for beverage alcohol brands to gain a competitive advantage in the marketplace, but too many rely on big data and statistics. In the video above, Dr. Nicola Nice, CEO of Pomp and Whimsy Gin and Founding Partner of Think Conservatory, emphasizes the importance of qualitative data collection and analysis. Dr. Nice also explains the ways brands can collect this data and apply it.
Brands can collect consumer data through online observation including reviews, comments, and real-time customer feedback on social media and other online platforms. Data collected online must be organized to identify patterns and themes that can provide insights into customer preferences.
Brands can also observe consumers in stores, bars, and at distillery events. This helps brands identify consumer behaviors, preferences, and other important details such as their reactions to particular brands or products. Brands can use this information to make important business decisions when launching new products or improving existing ones.
Another way to collect consumer data is to solicit it directly from consumers. Brands can use feedback forms and open-ended questions to gather information about customer perceptions and experiences. Social media polls and email surveys can also be used to collect feedback. Dr. Nice also suggests conducting in-depth interviews with focus groups, if possible, to gain a deeper understanding.
Once brands have collected consumer data, Dr. Nice recommends identifying patterns and trends in the data to uncover key insights about consumer preferences. These insights can be used to test hypotheses and make informed business decisions.
More Resources on Data and Strategy:
Sign Up for the Park Street Newsletter to Learn More