How to stay relevant to your consumers

An unpredictable economic environment continues to influence consumer spending. A clear value proposition helps brands communicate the benefits they offer their consumers and, in turn, develop brand loyalty.

“Food today is about connection,” says Patrick Khouzam, managing director with MNP Corporate Finance. While we need food to fuel our bodies, he adds, purchasing power also lies in consumers believing in the products they purchase.

Develop your value propositions

Value propositions act as a compass for brands, helping companies identify and remain aligned with their vision. They also differentiate your brand offers from others, showcasing your product, features, or services. Coca-Cola, for example, is guided by “Refresh the world. Make a difference.”

"Your value proposition is the critical piece in building and fostering your relationship with the consumer," Khouzam says.

Get into the heads of your consumers

“Understanding your consumers' wants and needs will help ensure that your consumer outreach resonates with your audience," says Hannah Messineo, communications coordinator of the Small Scale Food Processor Association (SSFPA).

She says research can provide insight into the competitive landscape, including who the other brands are in your category and what consumers like and dislike about their brands. Research connects you with your current and future consumers and allows you to gain immediate feedback.

"Social media will allow you to see how people would react to launching a new product if you are in that space, or even just to tweak what you already have," Khouzam says.

These consumer insights, whether testimonials or feedback, can help the brand take safer, more calculated risks.

Resources to help

Conducting market research and crafting a well-developed value proposition can be challenging. Processors can alleviate this strain by tapping into the tools and resources available in their network.

• Market research: The Government of Canada has an extensive list of resources available.

• Creating a value proposition: Check out these online resources on value propositions.

• The SSFPA has several tools for their members, including an online resource library.

Resources designed to help build your business plan also allow you to reflect on business goals and vision, which help build your value proposition.

Six ways to stay relevant with consumers

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