Consumer products analytics
The three-minute guide
Explore how consumers are generating a wealth of digital information for companies that know how to interpret these "signals."
Why consumer products analytics?
Until recent years, the consumer products industry has been able to depend on the existing, relatively consistent data sources within their businesses due to a fairly linear pace of change. Today, there is an exponential growth in digital innovation driving the need for a strong analytical foundation. Mobile and social technologies are transforming how people shop and buy.
Consumers are generating a wealth of digital information for companies that know how to interpret these “signals.”
Mine untapped data sources
While analysis of transactional data continues to provide valuable information, CP companies can also use data mining and advanced analytics to access new and emerging data sources as well as unstructured data—from social media, mobile payments, sensors, and more—to gain actionable insights even before a purchase is made.
Retain and attract consumers
Brand loyalty is no longer enough to retain today’s consumers. Their loyalty must be won by organizations that can provide highly personalized offerings based on what data says about individual preferences and purchase history.
Enhance retailer relationships
CP companies may create a stronger bond with their retail partners by providing them with actionable, highly specific consumer insights.
Advanced analytics and data visualization can be used to help improve decision-making, providing access to insights and answers across the organization to the people that matter at the point of decision.