CPG companies and understanding data
The Evolution of Consumer Shopping Behaviour
The evolution of consumer shopping behaviours and the way CPG brands are now able to communicate and interact with their loyal consumers has been fascinating to watch. Mobile technology has played a pivotal role within this evolution and disruption of the typical brick and mortar channel. During my six years plus years of experience working alongside many of the fortune 500 CPG brands , I have witnessed the many challenges that come along with trying to adopt to this new day in retail.
Working on the sales side of mobile technology platforms allows for this communication and better understanding of loyal consumers. I do want to make it clear that I dislike the term sales within this context.
I see myself as a problem solver, or consultant, an extension to a brands marketing team that is here to genuinely assist with any brand challenge that they are currently facing doing so by using technology.
Technology to Provide Data
The main output from this technology is data, consumer insights, which I believe is one of the, if not THE, most important part of any brands marketing strategy. With the emergence of new legislations and brands already limited control over consumer data,. The CPG industry seems to have fallen behind in gathering and utilizing effective data. Let’s address this and the reasons why this may be the case.
Data as a Resource of Marketing Strategies
Every marketing strategy should start and end with relevant consumer data. This should be monitored and tweaked throughout by new and timely insights. This includes pre-launch, pre-purchase, and post-purchase insights from a relevant audience. Some may argue that this is impossible due to a lack of resources to gather these new and up to date insights. There are definitely challenges to gathering relevant data before, during and after, cost being the main one.
However, the emergence of new platforms and technology has helped with these challenges. It is important to be open to exploring new ways to collect data. To not being afraid to be a first mover within the industry, and most definitely not getting stuck in your old ways.
This industry moves faster than ever, with trends coming and going, so it is critical to take advantage when you can and be able to speak the right language to your loyal consumer. It is even more important to listen to them and then react accordingly.
I see how brands are at the mercy of retailer POS data. For example this is needed to get an understanding of how a new product is performing in market. Once launched, it takes months to be able to receive these insights and then react. This is why brands need to be innovative and think outside the box.
Technology to Understand your Customer
Technology has allowed brands to understand their most loyal consumers more than ever. We need to embrace this and utilize this to our best ability in order to stay relevant and ahead of the competition. Be open to new platforms and new ways of building out your marketing strategy, making sure you’re utilizing data in the most effective way.
CPG brands may not have had control over their data in the past but the opportunity lies in the potential for innovation.
Feel free to reach out to myself and our team here at Caddle to discuss this topic further. We are always happy to demonstrate how we help brands solve challenges with the use of timely and relevant data.