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How can you identify your food technology product's target market?

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If you are developing a food technology product, such as a smart appliance, a biodegradable packaging, or a novel ingredient, you need to know who your potential customers are and what they want. Identifying your target market is crucial for designing, testing, and marketing your product effectively. In this article, we will show you how to use a four-step process to find and understand your target market for your food technology product.

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Beuuy Sanga

Agritech Entrepreneur | Agri journalist with over 5M+ Impression
Mehmood Yousaf

Operations Manager at Valley Irrigation Pakistan (Pvt.Ltd) || Managing the maintenance and repair of Irrigation System…
Dr. Merve Kaya

Future-Driven AgriTech Transformation Leader

1 Define your product value proposition

The first step is to define your product value proposition, which is the unique benefit or solution that your product offers to a specific problem or need. You should be able to answer these questions: What is your product? How does it work? What problem does it solve or what need does it satisfy? How is it different from existing products? Who is it for? You can use a simple template like this to craft your value proposition: [Product name] is a [product category] that [product benefit] for [target customer].

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Mehmood Yousaf

Operations Manager at Valley Irrigation Pakistan (Pvt.Ltd) || Managing the maintenance and repair of Irrigation System || Collaborating with other departments to develop & implement strategies
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Conduct market research to understand consumer needs and preferences. Utilize surveys, focus groups, and data analytics to identify and define your food technology product's target market.

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2 Segment your potential market

The second step is to segment your potential market, which is the group of people or organizations that could benefit from your product. You can use different criteria to divide your market into smaller and more homogeneous segments, such as demographics, geography, behavior, psychographics, or needs. For example, if your product is a plant-based cheese alternative, you could segment your market by age, location, dietary preferences, health awareness, or environmental values. The goal is to identify the segments that are most likely to buy your product and have the highest potential for growth and profitability.

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Beuuy Sanga

Agritech Entrepreneur | Agri journalist with over 5M+ Impression
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Select your beachhead market is very important, Let's say you are selling food, the first thing you need to understand is whether are you selling foods to healthy-conscious consumers or just people who don't care and question what they want. If you understand this, it will be easier to tailor their need to your goal

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3 Evaluate your market segments

The third step is to evaluate your market segments, which is to assess the attractiveness and feasibility of each segment. You can use different methods and tools to do this, such as market size, market growth, market share, competitive analysis, customer feedback, or SWOT analysis. For example, if your product is a smart oven that can cook recipes automatically, you could evaluate your market segments by estimating the number of households that have internet access, the demand for convenience and quality food, the level of competition from other smart appliances, or the feedback from potential customers who have tried your product. The goal is to select the segment or segments that have the most value and potential for your product.

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Dr. Merve Kaya

Future-Driven AgriTech Transformation Leader
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Consumer behavior data can be found in various sources and databases. Market Research Firms: Companies like Nielsen, Euromonitor International, Kantar, and Mintel often provide reports, insights, and data on consumer behavior. Government Databases: the Bureau of Labor Statistics. Social Media Platforms: Platforms like Facebook, Twitter, and Instagram provide insights and analytics to businesses or advertisers. They offer data on user engagement, demographics, interests, and behaviors. E-commerce Platforms: Companies like Amazon, eBay, and Alibaba have access to vast amounts of consumer behavior data Academic Research: Academic databases like Google Scholar, PubMed, or JSTOR

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4 Position your product for your target market

The fourth step is to position your product for your target market, which is to communicate how your product fits the needs and preferences of your chosen segment. You can use different strategies and techniques to do this, such as branding, pricing, distribution, or promotion. For example, if your product is a biodegradable packaging that can extend the shelf life of fresh produce, you could position your product by creating a distinctive logo and name, setting a premium price that reflects the quality and sustainability of your product, distributing your product through online platforms or organic stores, or promoting your product through social media or influencer marketing. The goal is to create a strong and positive image of your product in the minds of your target customers and differentiate your product from competitors.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you identify your food technology product's target market?

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1 Define your product value proposition

2 Segment your potential market

3 Evaluate your market segments

4 Position your product for your target market

5 Here’s what else to consider

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