Why Is Market Research So Important For The Alcohol Industry?

Market Research for Alcohol industry

If you work in the alcohol sector, you’ve probably heard about the disturbing seltzer trend. Consequently, several new brands with a fresh spin on hard seltzer are launching daily due to this astronomical rate. Some claim to contain fewer calories, carbohydrates, sugar, antioxidants, and the list. Existing companies in the market have also introduced hard seltzer to their product lines. Because of the increased rivalry, companies may wonder how they may better advertise their product and make it the preferred beverage of choice.

As a result, several alcoholic beverage companies are undertaking alcohol market research

To see how they can better sell their product as a preferred beverage. Here’s how to do it. Consider a market research experiment. The research study’s aims, solutions, and methodology are described below. Before you can launch your product, it is important to know your targeted audiences. This is where market research companies in Singapore can help you.

1. The Alcohol Brand’s Objectives

The alcohol business sought to obtain feedback from target customers to understand their drinking habits and preferences.

  • What role does hard seltzer play in the lives of consumers?
  • Where do booze drinkers go to get their fix?
  • What effect does sparkling seltzer have on them?
  • Is it something they only drink on certain occasions?
  • What distinguishes hard seltzer from beer or wine?
  • How eager are they to try new flavors?

The solutions to these questions will aid the alcohol brand in better marketing its products and, as a result, enhance sales.

2. Consumers for the Market Research on Alcoholic Beverages

Like with every market research study, participants must meet the requirements of your target audience. The alcohol brand searched for individuals who met the following criteria for this in-home use test.

  • Pass a regular security screening with no vocations that are considered sensitive.
  • There hasn’t been any alcohol or adult beverage research in the last 12 months.
  • It would help if you were between the ages of 25 and 42.
  • You must know how to make sparkling water or seltzer (non-alcoholic).
  • You must be familiar with seltzer or hard sparkling water (alcoholic).
  • Alcohol beverage buying decisions chiefly (or equally).
  • Must be willing to buy hard sparkling water with alcohol in the future.
  • A minimum of a high school diploma is required.
  • An outgoing personality and a willingness to participate in groups and test new items are needed.

As the financial services market research companies are doing the research work properly, as goes the same with the alcohol research company.  It will do the research work for the alcohol-based industry regarding consumption and other details. It will help analyze the annual growth and the consumption rate among the different age groups. 

To Sum It Up

As a result, many alcohol companies perform market research with target customers to get information and feedback on their drinking habits, preferences, and attitudes. Competitive market research is a valuable tool for putting your brand and products into context in the real world. After all, getting to where you want to go is difficult if you don’t know where you are now. If you’re looking for distribution for the first time, it’s crucial to figure out how many SKUs are identical to yours. Instead of being lectured on how “saturated” that category is, being knowledgeable helps you talk boldly to potential distribution partners about your product’s appropriate place in a portfolio.

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