Tracking CPG data offers firms a highly accurate snapshot of what is going on in retailers in real-time.
FREMONT, CA: When it comes to the CPG sector, using data in overall business strategy is vital to staying ahead of the curve. Top performing brands take a data-powered approach to their businesses and find insights and trends to inform business decisions. A data-driven firm uses its CPG data analytics to develop a cycle of continuous enhancement in the field, enabling them to constantly evolve and adapt. Using CPG data analytics to get more from the team’s initiatives and enhance the returns firms get from their investments into sales and marketing. Here is what exactly CPG data analytics are and the different means that data analysis can propel the team forward.
By tracking the retail data and using that to fuel the cycle of continuous improvement, firms empower themselves and the team to quickly and effectively address the following questions. CPG analytics can be leveraged as a predictive tool for brands to prevent this fumble. With a data-driven team, enterprises will be aware when their stock levels at a certain retailer are decreasing so firms can replenish their shelves before customers are forced to choose for a competitor’s product.
If firms have a long-term analytics strategy, they will start finding and understanding patterns within several retailers. Firms will be able to more accurately predict when to adjust order sizes. This will save the firm, their reps, and store employees the stress of having to do a last-minute scramble for stock replenishment, enhancing overall in-store strategy. Innovative CPG brands can leverage data analytics to find noncompliance and win back lost sales. By keeping a close eye on sales in stores where they have negotiated and offered a secondary display, firms will be able to establish baseline metrics for the sales lift they can expect certain promotions to generate in certain accounts.
Getting the product on store shelves can be one of the complex parts of running a CPG business. Rather than depending on buzzwords or anecdotal testimonies, set products apart by leveraging data and analytics to tell data stories to retailers. Data stories take the messaging firms to interpret their analytics and make it into something seamlessly digestible for the reader.