Consumer trends are moving faster than ever before.
Social media is supercharging conversation. Discussing new beverage brands or food ingredients is no longer limited to just friends but is extended to the globe for influence from near and far. Trends that historically took years to evolve can now emerge, fade and grow again in a matter of months, weeks and even days.
On top of that…
‘It’s like a shoal of piranhas…’ Insight Director, Global FMCG
Today’s fragmented, digital marketplace has eroded market entry barriers. Traditional brands are losing share to waves of smaller, nimbler brands, able to establish a market foothold by reacting to consumers’ changing preferences much faster.
A different approach is needed
So, what should brands do? How can they identify new and emerging trends earlier to catch the tailwind? Or get to market faster to maintain market share? The answer lies in data-driven decision making.
Introducing Trendscope; there’s power in the crowd
Developed in partnership with PepsiCo’s Global Insights team, Trendscope continually analyses millions of social media inputs to identify, analyse and predict new and emerging trends. Users have 24/7 access to proprietary intelligence about the latest ingredients, products, benefits and themes trending by geographical market. It’s most effective when adopted by Insight and Innovation teams as a data-driven approach to drive new product development strategy.
What does this mean in practise?
1) Never be ‘caught-out’ by an unknown trend
With Trendscope, a category trend or growth driver is never undiscovered or unknown; if it’s being talked about online it will appear, and be ranked, in the tool. For each category, Trendscope continually ingests and analyses the latest two years of relevant social media data including news, blogs and boards. AI and Machine Learning tools clean, enrich and structure this data before applying topic expansion and trend identification algorithms to find patterns, associations and discover new and unknown topics.
For example, the USA Non-Alcoholic Beverages dataset continually monitors 1,100 ingredients, 600 products, 120 Benefits and 150 Themes. It’s the equivalent of having a thousand trend analysts reading the internet every day for you – only algorithms are far more efficient and accurate.
2) Context, context, context
It’s context that’s truly king. Without comparative measurement against the wider market, nothing meaningful can be determined from analysing a single trend. On the face of it, a new ingredient growing 100% YoY appears highly interesting, until you discover there are 100 other ingredients growing even faster.
Trendscope’s algorithm scientifically ranks the entire category’s trends by plotting their relative positions on a trend adoption maturity curve. This gives users a simple priority ranking to act upon and avoids the common issue of information overload when researching trends.
3) Predicting the hard to predict
Is it going to be mainstream or niche? Is it a fad or here to stay? The answers to these questions are hugely valuable as they allow brands to prioritise resources against the trends with the highest probability of success. Trendscope effectively brings foresight to a brands’ innovation process. The Trend Prediction Value (TPV) algorithm models and predicts a trend’s future trajectory by analysing its characteristics and comparing them against seven years of historic category data. Needless to say, this offers huge business benefits, from efficient allocation of R&D budgets to identifying white space and new product opportunities earlier.
What outcomes does TRENDSCOPE drive?
Most simply, having robust, real-time data prioritised by science means serious cost saving and increased speed. You reduce research time and accelerate decision making as your information sources are neatly gathered into one tool. Much of the validation is already done for you as the tool uses actual, not claimed behaviour from a robust consumer source containing millions of category conversations. And with decision making improved, significant efficiency in time to market can be achieved, cutting the innovation process in half for some of our clients.
To find out more, book a TRENDSCOPE demo today.