Learn how to navigate the ever-changing CPG industry and drive your business to success with these top 4 secrets from cpg analytics companies.
How can CPG data analytics company help your business succeed?
The CPG industry is currently undergoing high growth, as well as rapid changes. Major events, demographic shifts, new technologies and dynamic consumer behavior are forcing companies to adapt quickly if they wish to survive.
Many businesses find themselves overwhelmed and struggle to understand how to structure a strategy for success and on which aspects they should focus. Here is where cpg data analytics companies come into play, thanks to their expertise in the industry and their technological know-how.
Here is a summary of the 4 key factors cpg analytics companies believe to have the most impact on a company’s growth.
Investing in analytics to access CPG Data Insights
To put it simply, the role of data analytics in business is to make more informed decisions. CPG Data Insights gives you extremely valuable information on your consumers, helping you understand better their behavior, needs, wants and expectations; moreover, it gives you access to market’s and competitors’ insights, which will help you plan your strategy in advance. Leveraging the power of CPG Data Insights will become more and more crucial to gain competitive advantage and increase your chances of success.
According to Gartner, by 2025 almost 95% of decisions that currently use data will be at least partially automated. This underlines the importance of investing in new technologies and advanced data analytics, and partnering up with cpg analytics firms to achieve digitalization.
Expanding product portfolio with cpg data insights
As consumer demands and preferences change and customers’ segments multiply, companies need to be able to keep everyone on target satisfied. In order to be successful, businesses should fulfill all their target market’s needs, including different store formats to cater to different segments, and ensure good distribution.
CPG data analytics services providers can support a company’s diversification strategy to identify areas of improvement and missed opportunities and ensure all stages of product development are based on solid data and cpg data insights.
Creating an omnichannel experience
Pwc listed creating an integrated online and in-store experience as one of the most important actions businesses need to take to get ready for the future of cpg industry. This is no wonder since Think with Google published the results of its omnichannel research, stating that
omnichannel strategies drive an 80% higher rate of incremental store visits.
Exploring multiple distribution channels, including traditional retail, e-commerce, and direct-to-consumer models, allows CPG companies to expand their reach and adapt to changing consumer shopping habits. Organizations should leverage CPG data insights on their target consumer shopping habits and preferred channels to identify the best ones to invest on.
Delivering exceptional customer experience
Customer experience (CX) is viewed as a primary competitive differentiator by 44.5 percent of organizations worldwid. 48.5% believe it is partially a differentiator while only 7.1% of organizations do not see it as a competitive differentiator. (Statista)
Why? To quote Accenture:
CPG Data Insights can significantly improve the customer experience you deliver, using data-driven algorithms to increase personalization and targetization. Businesses getting external supports from CPG analytics companies can go to the next level by implementing AI and Machine Learning for a seamless and intelligent customer experience.
The key to success lies in CPG Data Insights
In these uncertain times, successful leaders shouldn’t hesitate. Instead, they should invest in structural and organizational changes, building the critical capabilities needed to adopt new technologies that address their customers’ needs.
The first step is investing in advanced data analytics – or collaborating with a cpg data analytics company – in order to exploit the power of data. Having access to CPG Data Insights is a game changer to thrive in the industry.
Then, your business should focus on widening product portfolio, adopting an omnichannel approach and improving customer experience. These 4 factors alone won’t guarantee success, but combined they offer you a chance to survive and thrive.
