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Mass Personalization: product and branding strategies in order to serve increasingly demanding consumers

  • October 2015
  • -
  • GlobalData
  • -
  • 86 pages

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Summary
Personalization offers an important growth area for brands across Food, Drinks and Cosmetics and Toiletries. However, the right Personalization strategy is needed or brands risk personalizing products in a way that will only interest a niche audience. As consumers become overwhelmed and fatigued with the abundance of products presented on retail shelves, manufacturers need to come up with ever more unusual and eye catching products and experiences in order to differentiate themselves. In food and beverage, personalization should be used to offer novelty, such as pushing the boundaries of the extreme and helping consumers make the product their own. In personal care, personalization is more about providing better results; with a third of global consumers feeling that their needs in personal care are not understood, there is an opportunity for manufacturers for further personalization.

Key Findings
- Providing “right-for-me” products and experience currency are some of the most effective ways personalization offers growth opportunities across CPG markets

- 32% of global consumers feel that personal care manufacturers do not fully understand their needs, pointing out to an opportunity for further personalization to target their needs more closely

- When it comes to food and beverage, personalization is mostly about fun and novel experiences, however, when it comes to personal care, it is more about efficacy

- Across all food categories, consumers are the most likely to look for personalization in Dairy and Soy

- In personal care, mass personalization will be especially successful in Skincare and Make-up sectors, motivating over a fifth of their consumption

Synopsis
Mass Personalization: product and branding strategies in order to serve increasingly demanding consumers identifies the key trends driving the demand for mass personalization and shows how to tap into them, especially as this is an important strategy to reach the crucial millennial age group. This will help manufacturers and retailers to launch products that create the “right-for-me” feeling and successfully attract consumers' attention.

What else does this report offer?

- Identifies key consumption motivators behind consumers' desire for personalized products and consumption experiences

- Identifies key target groups and categories

- Explains how to effectively target the desire for individualism in the personal care and food and beverage sectors

- Shows how to use personalization to add value by providing important benefits, such as the desire to maximize personal relationships with friends and family

- Product innovation examples targeting consumers need for individualism - see how market leaders are already targeting this trend

Reasons To Buy
- This report details the seven strategies manufacturers can use to target the new opportunities emerging in food, beverage, and personal care markets due to consumers growing desire for individualism.

- This report shows how to align products with the key need states of the consumers who are looking for tailored products

- Find out what type of personalized products consumers are looking for, why, and what they will be looking for in the next few years. Product examples and key recommendations will help you derive key strategies in areas such as formulation and packaging.

- Product analysis highlights proven product strategies you can adapt to your category before your competitors

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