Here's how you can identify new market opportunities for Food & Beverage Operations using strategic thinking.

Don’t forget to look at the fringes when you analyze the market. 10 years ago, kombucha was a little known product that no one had heard about. But because of unique food properties and a health-minded audience, it now has its own section in the grocery store. What starts as fringe can become mainstream with the right converging trends.

A comprehensive market analysis is your compass in the dynamic food and beverage landscape. It's about identifying those sweet spots where consumer demand is high, but supply hasn't caught up. Keep a pulse on evolving trends, from dietary shifts like plant-based diets to emerging preferences for specific cuisines or ingredients. Remember, the food industry is constantly evolving. By staying agile and adapting your menu or product offerings to meet these emerging trends, you can tap into new markets and stay ahead of the competition. It's all about spotting opportunities and being ready to seize them.

15 years ago, I worked on a project with Kellogg’s. We were looking at consumer trends and we brought up this emerging trend of consumers wanting gluten-free products. We were almost laughed at when we suggested taking some of their current products and making a gluten-free version, or even hyping up the products that were naturally gluten-free. Fast forward to today, after Cheerios ate Kellogg’s for breakfast, and the cereal aisle has dozens of gluten-free options. Many consumers, even those without celiac or gluten intolerance, decided they wanted less gluten in their diet and created this demand. When we see consumers changing, we need to lean into alternatives for them rather than thinking it’s just a phase.

Many times these emerging trends are deemed too small for big companies to go after. I was at GM during that time. I recall finding emerging trends from our Food Service / Out of Home team who saw trends in restaurants or in health care, schools and even daycares, before they became more “main stream”. Organic was another emerging trend that big companies thought was not significant enough. Then as it emerged big companies started buying a bunch of organic brands to catch up.

Knowing your customers is key to unlocking new opportunities in the food and beverage industry. Engage with them through surveys, focus groups, and social media to gain valuable insights into their preferences and pain points. Look for recurring themes in feedback that might indicate a broader market trend. For example, a growing demand for health-conscious options or an increased interest in sustainable sourcing can signal untapped potential. By actively listening to your customers and aligning your offerings with their evolving needs, you can create a loyal following and drive success.

Knowing the market is the basic principle for sustainable production and development. If, like Mr. Warren Buffett, we give the market a human aspect and interpret Mr. market, we must know Mr. Market's behavior. Mr. Market does not wait for you and finds his way to what is trending among the demands. this is you who should know market trends and create new markets in addition to marketing.

Innovation is key to success in our industry. Embrace technology, sustainability, and health trends to unlock new opportunities. Consider tech solutions like app-based ordering and sustainable practices to appeal to customers. Remember, innovation isn't just about keeping up; it's about leading the way. Continuously seek new and creative ways to meet evolving customer needs to remain relevant and thrive.

Recognizing your unique strengths is key to unlocking new market opportunities. Analyze what sets your business apart – whether it's exceptional customer service, a signature culinary style, or a prime location. Then, consider how these strengths align with emerging trends or unmet needs in the market. For example, if you excel at creating personalized dining experiences, you might explore catering to a growing demand for bespoke events. If your culinary style is innovative and unique, you could tap into the market for adventurous foodies seeking new flavors. By leveraging your competitive advantages, you can create a distinctive brand identity that resonates with your target audience and fuels your growth.

Strategic partnerships in the food and beverage industry provide access to expanded resources, expertise, and customer bases. These collaborations can lead to co-branded products, joint marketing campaigns, and joint ventures that foster innovation and expand your reach in the market.