(BRK.A), (BRK.B)
Berkshire Hathaway’s Lubrizol Life Science Health (LLS Health) is taking a new, consumer-led approach to its added-value nutraceuticals.
At Vitafoods Europe in Geneva, which takes place from May 9 to 11, 2023, LLS Health will unveil its mission to synchronize supplement makers with their customers’ behaviors. The company’s increased consumer focus will highlight the strengths of its current portfolio of insight-based solutions designed to deliver strong, market-driven product benefits for its customers.
LLS Health has partnered with 113 industries, an AI-driven research company that specializes in developing consumer behavior models using machine learning and AI to gather and analyze vast relevant consumer-generated content. The objective was to gain deeper insights into the purchasing behavior of dietary supplements based on conversations and activities on social media platforms. The research characterized several types of supplement consumers, including health-hooked consumers eager to explore new products to maintain overall well-being, informed seekers of solutions to personal problems, irregular users, mechanical users, skeptics who believe in “food first and supplements only when necessary,” and fertility/pregnancy-minded consumers.
Lubrizol’s goal is to satisfy both the logical, fact-driven, and the emotional, sensory-driven sides of the consumer mind. By investing in new market research and focusing on trending health benefit platforms, Lubrizol brings its customers actionable insights coupled with unique, science-backed branded ingredients while collaborating on supplement innovation. The company’s approach puts consumer needs first, helping manufacturers align with consumer insights and goals.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.