Before we get into the ways to use panel data, let’s set the stage by explaining what exactly it is. Panel data, also called household data, is self-reported purchasing data collected by third-party companies like NielsenIQ. It gives brands insight into the consumer’s view of their category, industry, product offerings, customer loyalty, and more. POS, or point-of-sale data, is transaction-level data collected at a retail store. This data is based on product sales and can give you insight into your sales velocity, category ranking, most valuable retailers, and more. Panel data is highly complementary to POS data and can help you better serve consumers. If you’re only looking at one type, you’re not getting the whole picture.
10 Questions Answered by Panel Data
Now that we’ve covered the difference between panel and POS data, let’s take a closer look at some of the ways panel data can be used in your business. Whether you’re looking to impress investors, seeking new distribution, or expanding shelf space, panel data can make all the difference.
Download our free infographic to see 10 questions you can get answered by panel data, including:
- Who Is My Customer Base?
- What Do Consumers Think of My Brand?
- How Should I Expand My Product Assortment?
- And More