By Formula Foods Australia | 21 March 2024
In the ever-evolving landscape of consumer preferences and the food and beverage industry, one factor stands out above the rest: flavour. Surveys by the International Taste Institute consistently show that taste reigns supreme in influencing purchasing decisions, with a staggering 88% of consumers citing it as the primary reason for buying a product.
In a market saturated with options, designing a powerful flavour strategy can be the key to standing out and engaging a loyal customer base. Based from “Flavor as a Business Building Strategy“ by PreparedFoods.com, here are the key advantages of placing flavour central to your strategic plan.
Offering unique flavour experiences can drive consumer decisions. When foodservice operators provide distinct flavours, they become destinations or products of choice for consumers seeking novel experiences. Keeping in mind unceasing and tough competition, standing out is essential for engaging a customer base and fostering loyalty.
Unique flavour offerings also become trademarks contributing to your brand resonance or a lasting brand impression. Successful examples are TGIF’s Jack Daniels Glaze, Korean Soy Garlic Chicken popularized by Bonchon and Starbucks’ signature espresso Pumpkin Spice Latte.
Consumers are increasingly seeking adventurous culinary experiences, actively exploring new flavours, fusions, and cuisines. This desire for novelty presents an opportunity for businesses to cater to consumers' psychological needs for new experiences and personal pleasure.
Research shows that a significant majority of consumers enjoy trying new flavours and are more likely to visit establishments that offer innovative menu options. According to the Flavor Consumer Trend Report by Techonomic, 65% of consumers like trying new flavors from time to time, while 73% of consumers are more likely to visit a restaurant that offers new flavors.
A superior taste experience can lead to repeat purchases and customer loyalty. When flavours are "crave-able," they leave a lasting impression on consumers, encouraging them to return for more.
This is crucial for businesses as acquiring new customers is significantly more expensive than retaining existing ones, and loyal customers tend to spend more on average. According to the BIA Advisory Services via Business.com , “Acquiring new customers costs five to 10 times more than selling to a current customer, and current customers spend 67 percent more on average than those new to your business.”
Highly differentiated flavours allow businesses to command higher price points, creating value for consumers and outperforming competitors. Investing in unique flavour profiles can elevate products into premium offerings, enabling businesses to capture greater market share and profitability.
By leveraging specific flavour profiles, businesses can create bundled or additional offerings that enhance the overall customer experience. Whether through complementary proteins, side dishes, beverages or sweet treats for to go, a cohesive flavour strategy can drive sales of multiple products as part of a solid culinary experience. Ultimately and when successfully designed, this adds to your establishment’s or brand’s bottom line.
These five points truly show the undeniable impact of flavour. From how it affects customer choices to how well it contributes to your establishment’s or brand’s success, Flavour is not “mere taste” but a matter that must be revisited multiple times in making those all-important business decisions.
These reasons somehow describe Formula Food Australia’s ethos. Indeed, putting high-quality flavours center to our clients’ strategy drives our everyday. If you are in need of exciting new flavours and designing a flavour strategy to set your business apart, look no further. Let’s talk and embark on this innovative journey together.
FORMULA FOODS AUSTRALIA
Unit 10, 493 South St, Harristown, QLD 4350 Australia
1300 FFOODS (1300 33 66 37)
flavours@formulafoods.com.au
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