Market and Consumer Insights
Grünbiotics conducts stringent consumer / market research and demand validation activities prior to investing heavily in the research and development process.
By undertaking rigorous research activities prior to R&D we are able to obtain market and consumer insights to inform the decision-making process, including new product development, viability, product launch and rollout. At the pre-R&D stage, Grünbiotics decision making is comprehensively informed by robust data.
Pre-R&D Research and Demand Validation
The rationale behind collecting market and consumer insights includes:
Ensuring there is a genuine demand for the product
Providing insights into the potential total market
Determining available market share
Financial feasibility of product development and rollout
Ensuring focus is on an unmet consumer need
Gaining an understanding of the actual market size
Identifying products with substantial benefit over those currently in the market
Our Medical Food products are categorised as “Food for Special Medical Purposes” by the Codex Alimentarius Commission – FAO-WHO/UN, Australia and New Zealand, the European Union and China; “Food for Specified Health Uses” in Japan and “Medical Foods” in the US.
It is also important to note that Medical Foods differ in key ways to both nutritional supplements and pharmaceuticals. While Medical Foods are foods taken by people with a disease, medical condition or serious disorder to meet specialised nutritional requirements that cannot be obtained via their normal diet, nutritional supplements and functional foods are designed for healthy people to sustain their well-being. Pharmaceuticals are taken by the same target market as those who consume Medical Foods; however, they consist of medicines and drugs for treatment.
Pre-R&D Research Methods
The main methods used by Grünbiotics to gather market and consumer insights include:
Existing Research – Global Medical Nutrition Market Research
To begin the process of market demand validation, Grünbiotics examines the significant body of Medical Nutrition market research conducted by professional research companies.
Grünbiotics’ Market Research & Insights
To support existing market research findings and / or conduct our own market demand validation, some of the following might be undertaken (depending upon the actual scenario):
Competitive Analysis – discover competitor activity
Statistics Research – identify population and demographic data
Interviews with Experts – ascertain trends, knowledge and gaps from industry specialists
Computer-assisted Web Interviewing (CAWI) (e.g. Google Forms or Survey Monkey)
Search Engines and Keyword Research – gather consumer insights via keyword searches, including geographic validation via particular country searches (e.g. Google Trends)
Social Network Monitoring & Research – Using social analytics to understand activity around particular keywords or hashtags (such as Buzzsumo.com and Tweetreach.com)
Others – Identify target markets and engage in real time (such as in discussion forums, Facebook groups, LinkedIn groups, blogs or bulletin boards)
Grünbiotics’ Consumer Research & Insights
This component is used to confirm existing research and identify consumer insights. Both potential and existing customers are targeted.
Face-to-Face and Online Focus Groups
For further information about Grünbiotics’ Market & Consumer Research and market demand validation, please contact us:
Telephone: +613 8692-0006