Customer centricity is undoubtedly the new brand voice for CPG companies across the globe. But, the real challenge in developing a customer-centric organization lies in decoding and generating insights from the data obtained from various touchpoints. In addition, the crisis-induced challenges have made it difficult for consumer packaged goods companies to tackle the competition and achieve sustainable growth. Also, CPG companies face intense competition from the online and the traditional CPG segments that leverage customer insights and analytics and the advantage of direct customer connections to maximize their market value.
To analyze the value impact and challenges associated with leveraging advanced customer insights and analytics, we conducted a detailed industry review by collaborating with 20+ large and medium-sized CPG companies. As a part of this industry analysis, we also interviewed 50+ industry experts and interacted with stakeholders from leading Fortune 500 CPG companies. Based on the interaction, our analytics experts were able to decipher the fact that leveraging advanced analytics solutions can help CPG companies to achieve an additional 12%-15% margin growth through accurate demand forecasts, personalized services, targeted marketing, more relevant product assortments, and faster time to market.
Though this value seems elusive, most leading CPG companies that we interacted with hadn’t ramped up the use of customer insights and analytics in core business functions due to multiple organizational roadblocks including, poor data management capabilities and lack of robust data management frameworks. Notably, to make the most of their customer analytics investments, businesses must focus on core high-priority areas, to begin with, and then expand the scope of their investments to other business functions.
At Quantzig, we believe that the effective use of customer insights and analytics will enable CPG companies to cope with and even benefit from the key trends impacting this sector. Request a FREE proposal to learn more.
Customer Insights and Analytics Value Proposition for CPG Industry: How Quantzig Can help
The COVID-19 crisis has provided immense opportunities for CPG companies to diversify their product portfolio and drive market share. With rising demand and lack of supplier availability, the market opportunity for self-hygiene products like face masks, hand sanitizers, and other personal hygiene products have turned out to be new opportunity areas that no consumer packaged goods manufacturer would want to miss. However, before investing in new segments CPG companies must analyze their competitors’ strategies and ensure complete visibility of competitor’s products that can potentially help them expand the market footprint and drive market share. Quantzig’s proprietary web crawling solutions, are designed to do just that by helping you collect, integrate, and optimize data sets, offering complete visibility into the competitive landscape.
With new market entrants looking to tap into new opportunities, CPG companies have now realized the need to ensure they gain complete visibility into their competitor’s strategies and product offerings. Quantzig’s proprietary competitor tracking solutions that leverage data collection and analysis offer complete visibility of the competitive landscape by gathering information from online sources such as competitor websites, press releases, and government tendering websites. Moreover, as government tenders are increasingly launched on online portals, we can help you gain a front-liner advantage by enabling near-real-time alerts for tenders that are relevant to your product offerings, thereby improving your chances of closing deals. Considering the widespread impact of the crisis, we believe that competitor analysis is not just the need of the hour but an ongoing investment that will help CPG companies stay ahead of the curve at any point in time. Mainly because insights on what competitors are doing and how they are connecting with consumers is an important source of both ideation and benchmarking to ensure that your organization is at par with the market.
Our customer insights and analytics data platforms could be used to renew, improve, or fill gaps in your existing BI frameworks. Request a Free Demo to know more about our platform capabilities.
Quantzig can enable proactive identification of opportunity areas in different regions by mining the unstructured conversations collected from various digital platforms. Leveraging social listening can help businesses identify new opportunities by understanding and classifying the needs of customers into different groups based on product needs, service requirements, and food consumption patterns. Our social listening solutions can also help you analyze consumer needs and create company-sponsored support groups for connecting with consumers based on their needs, planning marketing campaigns, and suggesting precautionary measures.
To learn more about our proprietary customer insights and analytics solutions, request for more information.
What Sets Us Apart?
Quantzig’s market success hinges on its innovative customer insights and analytics solutions that deliver key insights on customer behavior, brand perception, and innovation opportunities, thereby enabling CPG companies to drive revenue growth, create optimal portfolio strategies, and implement an agile customer-centric business strategy. Our customer insights and analytics center of excellence accelerates the potential of customer data by translating insights into action points that can help CPG companies enhance brand value and market share. Moreover, Quantzig’s global team of customer data analytics experts with in-depth domain expertise in all aspects of customer insights and analytics has a proven track record of identifying and implementing best practices to create insight-driven organizations across a range of industries, including CPG & retail, banking, insurance, telecom, media & entertainment, online learning, healthcare, and oil & gas.