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Use Data-Driven Marketing & Merchandising and Form Consumer Insights

Is your data affecting your customer interactions? Read this article and discover how to form consumer insights! Use data-driven marketing & merchandising!

So, you are interested in forming and building consumer insights? You have come to the right place! In this article, we are going to present you how to use data-driven marketing & merchandising so you can build consumer insights. Keep reading!

At the Retail and Consumer Goods Analytics Summit that took place in Chicago, the main theme was – Analytics now. The question that a lot of people asked is – Haven’t the consumer goods retailers and suppliers always been driven by data? Well, of course, they have. However, thanks to the outburst of important external data and the expanding sophistication of analytics features that can be delivered to a maximum range of the business users, the brands and businesses are finding that they have accessed a new and authentic data democracy.

Just stop for a second and take the numbers into consideration. For instance, 71% of the consumers stated that mobile phones have an impact on the in-store experience. However, do you know who these users are? Are you establishing meaningful relationships with them? Are you engaging them to with relevant product information and competitive pricing that motivates them to buy your products or services? Are you extending to their smartphone devices offers? Are you offering personalized and strategic promotions to get them interested in your brand and to hook them while they are already in the buying state of mind?

All brand fanatics are looking for a way to connect with their favorite brands. The CPs and retailers that propagate this relationship enjoy the benefit of developing long-term brand loyalty. By using social media analytics, the companies can listen and understand the consumer needs, they can respond in ways that change the conversation while offering personalized engagement with different people. So, stop for a second and ask yourself – Are you exploiting the full potential of digital, social, and e-commerce at a local market level?

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MARKETING & MERCHANDISING

The two-thirds of the promotions never break even, but do you know which ones aren’t? Is it possible to predict which thirds of the promotions break and which don’t? Can you combine your trade spend investment to increase returns while avoiding poor-performing and not so effective promotions? Arming yourself and your business with data up front can without a doubt remove the estimation from the trade planning process, which will allow precise targeting of user-driven promotions and effective merchandising strategies.

It is not a surprise that more than 50% of out-of-stocks came from poor promotion management or price. So, you need to ask yourself, are you refining availability price across various channels by not only researching the downstream demand data but also forming demand based on familiar drivers of demand? If you do so, you will be able to predict the demand with an even greater and better accuracy.

So, thanks to the innovations and trends in how businesses today can extract insight data from information acquired through the social media networks, events and weather, news, and some other traditional data sources, you can obtain the capability to readily make informed, intelligent business decisions when interacting with an array of business users from different departments such as marketing, sales, merchandising, or supply chain.

We hope that this article is going to help you understand how data is affecting the consumer interactions and how to use data-driven marketing and merchandising to form consumer insights. We can conclude that the world has become increasingly data-driven. Don’t hesitate to share your opinion with us!

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