Driving Value with Consumer Insights and Analytics: Key focus areas for consumer products firms

Feb 8, 2021

consumer insights

Today, consumer products companies face stiff competition from new data-driven consumer product startups and e-commerce firms that are venturing into this segment. As a result, the business landscape is rapidly changing with the rise in private labels. Despite having well-established distribution capabilities, consumer products companies cannot bank upon brand reputation, advertising, scale, and partnerships to succeed in this new data-driven business world. To gain an edge in an environment where a consumer is not just a data point but a source of actionable consumer insights, inculcating the ability to extract insights from data will be key to success.

To equip your new product development initiatives with consumer insights and analytics – contact Quantzig today.

The rise of e-commerce, the evolution of private labels, and the advent of niche startups are just some of the trends reshaping the consumer products industry. But one trend gaining unwavering attention across all segments is the need to keep a pulse on consumer needs. With data proliferating across channels, data seems like the only thing that is abundantly available for companies today. The emergence of social media platforms also gives consumer products companies an unprecedented opportunity to tap into a treasure trove of consumer data.

Therefore, instead of gambling business success on assumptions and gut feelings, businesses are leveraging consumer data to ensure decisions are evidence-based and optimized for success. Though the advancements in technology have made it possible for businesses to collect consumer data from various sources, the evolving business landscape, smaller budgets, and rising competition often curtail efforts. However, the effective use of consumer insights and analytics can enhance marketing campaigns’ effectiveness, help roll out new products, and achieve cost savings.

How Quantzig’s Consumer Insights and Analytics Solutions Can Help

In today’s digital era comprising connected consumer networks, driving business value through stronger customer relationships requires more than just data. It requires the ability to turn data into in-depth, actionable insights. For this, you need an extensive understanding of customer behavior across touchpoints, i.e., from the initial stage through purchase to referrals and beyond.

At Quantzig, we combine in-depth industry knowledge, consumer analytics capabilities, and technical know-how to help our clients leverage consumer insights and analytics to create strategies for attracting and retaining profitable customers. Our customer analytics solutions also empower businesses to gain a holistic view of consumer needs, thereby turning business data into meaningful consumer insights. Having helped some of the world’s leading businesses leverage consumer insights and analytics to build profitable consumer relationships, we have gained detailed insights into the consumer landscape across markets.

The knowledge gained has helped us design and deliver personalized customer analytics solutions to several clients. Our robust consumer insights and analytics framework ensures you gain advanced insight into your customers’ behavior and needs, revealing all the critical factors affecting consumer relationships, including churn drivers, marketing effectiveness, ROI, brand perception, and customer service experiences. Request a FREE proposal to learn more about our customer analytics capabilities and engagement policies.

Putting Consumer Insights and Analytics to Work: Practical Solutions for Consumer Products Companies

Establish a robust data governance model: To succeed, consumer products firms must monitor consumer insights and analytics initiatives from a top-level. To do so, they must create new roles and establish data governance models. According to our experts, a hybrid data governance model that builds upon multiple models’ advantages produces better results for global consumer products firms.

Build the capabilities required to turn data into insights: Businesses that are slow adopters of consumer insights and analytics feel that they could do better if they could source the right skills. As enterprise data sets grow in terms of volume, variety, and velocity, the capability to analyze this critical asset is turning out to be a key differentiator within the consumer products sector.

Adopt a step approach on the journey to an insight-driven business: Putting consumer insights and analytics to work requires getting a wide variety of processes right. While leading businesses have already achieved success, many middle-market firms are still struggling to transform into an insight-driven business.

We also offer advanced customer analytics, customer segmentation, behavioral analysis, and customer lifetime value analytics solutions to complement your new product development initiatives. Reach out to our experts for more information.

 At Quantzig, we believe companies should adopt a progressive approach to this journey irrespective of their size and market position. They should bring the key stakeholders together and demonstrate early success on concrete business challenges through an agile, fail-proof method. Post this, they can gradually expand their analytical capabilities. Finally, the consumer insights teams should enable an insight-driven business by embedding consumer insights and analytics into the decision-making process.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

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