Shorten the supply chain
The supply chains in the food and the bio-based sectors have been...
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Satisfy the customer new needs
Background
Customers’ needs are evolving all the time. Some trends have been affecting our society for already few years and will probably keep on doing so (i.e. Climate change, globalisation, urbanisation) while others might apply on a shorter timeframe or are only relevant in certain regions. It is important to acknowledge trends as both risks and opportunities. In both cases it is best to work pro-actively with trends and not just to become a spectator of their potential impact. It’s better to surf the wave than to get hit by it. Plant-based and insect-based proteins, gluten-free products, non-processed food, alternative and domestic textile fibres, ecological and sustainable materials for bioconstruction, renewable energies, are a few examples of growing trends. If you are looking to modify your business model one option is to investigate if you could alter some processes (activities, resources, partners) in your business to satisfy customers’ new needs emerging from those trends.
Requirements
To be able to surf the wave you will need to spot it. Many organisations publish public reports listing current trends. The H2020 project Ruralization has screened a set of trends affecting rural areas which could be relevant for your business. You can also find other trends more specific to your own sector via a simple search online.
Once you spotted the wave you will need to predict its direction and timing. It can grow bigger for a long time and then suddenly end after only a few months. However, without having a deep understanding of your sector and the different actors this screening is difficult, so you need experience, expertise, and luck.
Benefits
By satisfying new customers’ need you can reach new markets or segments. Being a pioneer in a new market can bring you more than increased sales. Indeed, media are often looking for those new innovative actors. This extra marketing activity may result in further increased sales.
Challenges
It is extremely difficult, if not impossible, to forecast how strong and how long a trend will last. Investing your resources in a weak trend may cause some difficulties in the future. Moreover, you might be developing your business into a niche market that may disappear after few months/years.
Extra readings
- • Rural trends from the project Ruralization
- • SmartProtein: THE NEXT GENERATION OF SMART PROTEIN FOOD
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