There has never been more data potentially available for retail CPG manufacturers than there is today. According to data from NielsenIQ, 15 million new customers have shopped for CPG products digitally since March 2020, and those consumers have spent $110 billion via online channels. That’s a 50% increase over the prior year.
Furthermore, 40% of U.S. households shop for CPG products both in person and online, an increase of 13 percentage points in just one year. Every single one of those transactions included countless points of contact between the brands being bought and people doing the buying.
Consumers are willing to share floods of their own data voluntarily and CPG manufacturers can learn more about their buyers than ever before, including more about what motivates their shoppers to make a purchase.
The sheer volume of data available to retailers and brands about their shoppers can be overwhelming. Brands that are able to collect, synthesize, and take action on these mountains of data win more market share.
It can be tempting to generate just one more report or dig into one more spreadsheet in hopes of finding the answers to all your questions. But the truth is rows of numbers and sheets of pivot tables won’t tell you what your next move ought to be to head off a new threat or jump on a new opportunity.
You can have all the data in the world, but if you aren’t sure how to synthesize, analyze, and interpret that data with the aim of making better, more informed, strategic decisions, then what good are all the numbers? The problem for today’s CPG manufacturers isn’t that there isn’t enough data, it’s that the data is disparate, difficult to synthesize, and even more difficult to interpret.
Small and medium brands need data to win.
Historically, smaller and new brands struggle with a lack of resources to dedicate to data-driven decision-making. You could get lucky going with your gut. Data analysis teams of one or two don’t have the time to sift through one more spreadsheet to figure out what all the data is saying and develop a course of action around that information.
There is a time and place for reports that show trends over time, but more often than not, small and medium-sized brands need to see a clear picture of the days and weeks, not months or quarters ahead in order to make real time decisions that affect business on a micro level.
Small and medium sized CPG brands, however, have a super power. Small companies have often proved to be the driving force behind industry innovation due to their openness to new ideas and their ability to act quickly on strategic decisions to help make those ideas a reality. We have small CPG manufacturers to thank for innovating brand new categories of CPG products like greek yogurt and oat milk.
Since smaller brands have the benefit of greater agility and less bureaucratic red tape, with the right reports at the right time, they can take the right action to win more market share in the immediate future, not just in the long term.
Imagine what a scrappy, nimble team can do – not just with the right data at the right time, but armed with a clear, data-driven story with actionable next steps?
Enter NielsenIQ Brand Score.
How NielsenIQ Brand Score can help you win more market share.
NielsenIQ Brand Score distills multitudinous critical metrics into easily-digestible scores in a user-friendly web-based application. This product has both a free version and a paid subscription, ensuring there is an option that best fits the needs of any team.
With just a few clicks, any size manufacturer can get a clear picture of their brands’ areas of opportunity.
If your brand scores an A – congrats! But don’t get complacent. Follow your competitors closely to anticipate threats and act quickly on opportunities. If you score a D or F – that’s what the Action Plan is for. Byzzer provides specific recommendations of what to do next to improve your score – and your sales.
Small and medium sized brands can access the metrics that matter to better understand their position in a matter of seconds, not hours, days or a months-long analytics project. They can leverage their inherent advantage in moving quickly with an interactive tool that does the synthesizing for them and doesn’t require a team of analysts to understand what to do with the data.
With NielsenIQ Brand Score, you can know in an instant how your brand is performing against others in its category and get access to clear, actionable plans for seizing the opportunities in front of you.