What is your favourite UK biscuit? Is it a delicious blend of sugar, chocolate, and flour? Or, is it an old classic like Shortbread? Whichever choice you make, the decision is probably a lot more important for business owners than you would think. So, consider The Top 3 Biscuits In The UK – Why It Matters.
Maybe you are wondering why such a trivial matter is so important. Or, why you would waste your time even thinking about it! However, did you know that according to one article:
And, when you are dealing with an industry with a projected revenue of £3.1 billion, getting 80% of the sales equates to quite a large amount of money. So, being in the 5% of products can mean the difference between success and failure, if you are a business manufacturer. However, what this information also teaches us is that the same method that can help you be top of the biscuit pile, can also help you in whatever product or service you will produce. There is one key way to enter the market successfully. But first….
The Top 3 Biscuits In The UK – Apparently
So, let’s now look at which biscuits make the top UK list of three. A word of warning, the choices may not be your personal favourite, however they are ranked as the top 3 biscuits by consumers in general. So, here is number one!
The Mirror.uk reported in a survey about the most popular UK biscuit that there were some clear favourites!
The old favourite, the Chocolate digestive biscuit has been crowned king in the biscuit tins, the study revealed.
With a whopping two thirds of UK folk voting for it, the Chocolate digestive was a clear afternoon treat favourite!
And In Second Place….
The combination of chocolate and flour is not necessarily unique to the Uk. Well, at least not as symbolic of the UK as the biscuit that came in second place…drum roll please!
So, with no further ado, the second most popular biscuit in the UK was….Shortbread!
Yes, that is right…Shortbread is the second most popular biscuit in the UK!
According to the same survey, UK folk have put the iconic shortbread (finger) in second place. Do you agree with this? We certainly do! For us, nothing symbolises the UK biscuit better than the relatively simple recipe of Shortbread.
Last But Not Yeast….
And so, now we come to the third placed prize for the category of most popular UK biscuit.
The Importance Of Being In The Top Three…
Now that we have established the list of the top 3 biscuits in the UK, can you see why that is important?
With eighty percent of sales coming from only 5%, getting a biscuit brand ranked in the top three is vitally important for the success of a biscuit brand. Being there is the difference between being a household name, or obscurity. But, more importantly, having your biscuit brand at the top of the consumer Wishlist means the difference between success and failure.
We mentioned earlier that the Mirror had conducted a survey to find the list of the most popular biscuits in the UK, and herein lies a vital key to success. Can you guess what that is?
The Role Of Market Research…
And, Market Research is very similar. In fact, without proper Market Research, you could be allocating massive amounts of funds to a project that has no chance of success…because it is not something that the consumer needs…or wants.
The only real difference between the Mirror’s survey, and Market Research is that the survey is post production, whereas the Market Research is pre production. But, what exactly is Market Research?
Market Research – A Definition
According to Wikipedia:
“Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. It is a very important component of business strategy and a major factor in maintaining competitiveness.”
The key word in the quote above is ‘target’.
Picture for a moment a dartboard. The target is the bullseye..or the triple twenty..mostly the bullseye! This is the target for the darts player. Sales is the same principle.
Just as the darts player trains his eye, or focuses on the target that they aim for, the sales budget and plan must be focused on a target audience of consumers. But how do you determine how to choose a target?
Just as the survey above determined which biscuits rank among the top 3 in the UK, Market research uses similar methods to determine which prospective products will be top of consumers choices in the marketplace. For instance, if you survey 100 people, and they all say that M&M flavoured Cookies are their favourites, would you decide to produce Oreo flavoured Cookies instead? Clearly, the answer is no. That is the power of Market Research…it can help you not only be successful, but to be successful with less waste of resources.
As regards how to conduct Market Research, there are various means, and these will often vary according to the type of product or service that you are intending to bring to the market. However, some examples are:
- Primary Research -Focus groups, Interviews, Polls, Surveys
- Secondary Research – Articles, eBooks, Infographics, Videos, White papers
Whilst the differing means of Market Research will adjust according to the type of business or service, the goal remains the same…establish which product or service has the greatest chance of success. To put this into perspective, consider a biscuit company. The decide to introduce a new biscuit into the market. They gather their R&D team and come up with 5 ideas.
Now, they make samples of these 5 biscuits and conduct Market Research by means of a focus group which samples the biscuits, and gives their preferences. They might then follow this up by handing out samples in a Shopping Centre and asking the following questions:
- How do you think our product or service compares with our competitors?
- What features do you like about our product or service and why?
- In what areas do you think our product or service can be improved, and why?
The Top 3 Biscuits In The UK – Why It Matters To You
When we began this article, we discussed The Top 3 Biscuits In The UK – Why It Matters. Now you know why!
You see, the top 3 biscuits in the UK are not there by accident. With 80% of sales coming from only 5%, the best profits are made by only a select few.
So, to share in the larger portion of profits requires a manufacturer that knows what the consumer wants…and how to provide it. Herein lies the importance of adequate market research.
Now, applying that to your business. Before bringing your product or service to the market, are you sure that there is a consumer demand for it? Failure to know this important question could send you out of business.
So, next time you sample your favourite biscuit..spend some time thinking about how Market Research brought that biscuit to your table…then apply the same to your business!