The alcohol beverage industry is a fast-growing, multi-billion-dollar sector in the U.S., but understanding the dozens of niche markets and appealing to the right customers can be difficult for brand owners and marketers. Alcohol market research firms offer companies valuable insights into their target market, helping them to identify growth potential, access leading-edge industry trends, and develop product marketing strategies.
In this guide, we’ll explain the process of evaluating and understanding the various opportunities available from research firms specializing in alcohol beverage and foodservice markets. We’ll also discuss how to select and compare firms to guarantee the best return on your investment.
What Do Alcohol Market Research Firms Do?
Alcohol market research firms offer a range of services, including industry analysis and forecasting, competitive intelligence, consumer profiling, and menu analysis. The goal is to provide brand owners and marketers with the data needed to create successful marketing campaigns and grow sales.
For alcohol industry clients, these firms focus their learning and research efforts on five core objectives:
Understand Industry Markets: Alcohol market research firms help clients to identify the key trends impacting their industry and develop customized approaches to capitalize on them.
Develop Winning Strategies: Companies rely on research firms to gain access to insights that allow them to create winning marketing strategies, target potential customers, and enter new markets.
Uncover Consumer Insights: In-depth consumer market research helps brand owners to segment their target audiences and customize their message accordingly.
Grow Brand Appeal: A research firm can provide valuable insight into how customers view their brand and help the company to create brand campaigns that resonate.
Access Unique Datasets: As well as accessing data from primary sources, research firms often develop their own unique datasets to help companies to identify market opportunities.
How to Find an Alcohol Market Research Firm
The best way to start is by researching market research firms online. Make sure to explore the different services offered by each firm to ensure they meet your needs.
Pay attention to reputation, exclusivity, and quality control when selecting a firm. Look for a company that is independently rated with consistently positive feedback from clients. Check the client list and speak to people at companies that have used the research firm in the past.
A good alcohol market research firm should also be well-connected and willing to utilize different sources of data from all over the industry, from government information to product price fluctuations and consumer surveys.
How to Compare Alcohol Market Research Firms
Once you have identified a list of potential firms, compare their services along several key factors. These include:
Experience: Look for firms that have years of experience in the alcohol industry. Don’t be afraid to ask for case studies that show the results of their research projects.
Costs: Every firm has different rates, so make sure to compare fees against the services offered and potential return on investment.
Data Quality: A good firm will be able to provide accurate and timely data from reliable sources. Ask for detailed information about their data sources and double-check that the data is up-to-date.
Timeliness: Research firms should be able to provide data quickly, with minimal delay. Ask them for an estimated timeline and, if possible, request a project sample to get an idea of how quickly they work.
Security: Ensure that the firm is capable of securely storing and transmitting data, in compliance with any relevant regulations.
Conclusion: Crunching the Data With an Expert Alcohol Market Research Firm
When it comes to understanding the alcohol industry, an experienced alcohol market research firm can provide you with the essential data and insights you need to make informed business decisions. They’ll be able to provide accurate market data and consumer insights as well as cut through the complexities of the industry to help you capitalize on emerging trends.
Take the time to evaluate and select the best company for your needs, and remember that not all firms specialize in the same areas. Before making a decision, understand your business objectives, research your potential firms, and compare their services to ensure the best return on your investment.
