The competition for consumer attention and loyalty has never been fiercer. In fact, according to research released in 2017 by Hartman Group Inc. for the Food Marketing Institute, just 47% of the 2,145 grocery shoppers surveyed stated that they did most of their grocery shopping at a primary supermarket—down from 61% a decade earlier. These statistics mean that supermarkets, and the brands they stock, have to innovate and adapt to remain at the forefront of a consumer’s thoughts and needs.
CPG marketing and data-driven insights are effective ways to harness a competitive advantage for your brand. By investing in data, brands can gain the upper hand with retailers and consumers. Extensive analysis of your data can drive your presence before consumers and allow you to make compelling decisions that move your business forward.
Data can give your brand insight into:
- How you are performing compared to your competitors
- Your consumers and their shopping behavior
- Future forecasted trends
- The effectiveness of your promotional campaigns
Analyzing the data behind your brand is key to advancing in today’s market, and many companies are utilizing it to scale. According to Criteo CRTO and Forbes Insight, “nearly four out of every five brands and retailers consider customer data key to their strategy.” Data is becoming central to a brand’s success.
Committed CPG Brokers can provide an alternate, more detailed view of how your brand is performing. By employing data and analytics, you can better understand the complexities of your brand and how it performs in its category. A CPG sales and marketing team can analyze how you compare to other brands (including what promotions and opportunities should be offered), as well as how efficient your spending is, in-depth price point analysis, analysis of in-store displays, sales forecasting, distribution recommendations, and complex insight into emerging trends.
It isn’t only businesses that are craving data, many shoppers are more than willing to supply personal information to brands and retailers in order to gain a more tailored experience when they shop. According to Access’ 2018 Customer Engagement and Loyalty Statistics, “67% of savvy millennial and gen x shoppers reported they would give retailers and brands more information about themselves to gain access to a more personalized shopping experience, and 53% admitted it would help that seller earn their loyalty.” Given this it’s worth considering how you can further tailor customer experiences.