THE SITUATION: 90% of the world’s data has been created in the last two years, yet CPG companies are not yet using it to their advantage. Low comfort and confidence has hindered corporations’ ability to navigate and extract value from the overwhelming number of data sources that have become readily available. Over half of CPG companies report that they struggle with getting value from their data.
OUR SOLUTION: Integrating and applying data sources need not be difficult. CPG research professionals will benefit from knowing how to efficiently and effectively leverage existing and accessible sources of data, especially traceable purchase behavior data sources.
Our Approach consists of 4 Steps to bridge the gap between high expectations and the capabilities needed to meet them: Audit, Acquire, Analyze, and Apply.
- Audit: We guide our clients to take advantage of the breadth of data sources available by auditing currently collected and externally available data sources. This includes identification of the data system and service providers in order to understand where each source resides, who owns it, how it is applied. The end goal of the audit phase is to have a solid understanding of existing data assets, which ones are most actionable and where gaps lie.
- Acquire: Next, new data can be obtained to fill any gaps and complement the data foundation. In our experience, traceable purchase data is one of the most powerful insight generators and often key to acquire at this point. We work with our clients to build an approach that includes planning data access with their customers.
- Analyze: We next guide clients to connect their data sources most effectively. Traceable purchase data, for example, can be linked to shopper segmentation strategies, attitudinal research, digital/mobile data and many other sources to unlock incremental insight and value.
- Apply: Finally, we support our clients to execute against the newly created insights within their own strategies or those of their customers.
END BENEFIT: Ultimately our clients, as well as their customers, are better and different as a result of data access, having collaborated on new marketing tactics to drive growth.TALK TO AN EXPERT