Highlight your strengths by knowing your competitors’ weaknesses
In order to hit their targets, retail buyers must decide how many centimeters are given to each product on their shelves. More often than not, a CPG manufacturer has to negotiate a ‘one-in-one-out’ category strategy. There is no way to say this gently: your best chance of getting in is by hunting for your competitors’ slightest weaknesses and using them to your advantage. The data can help you identify these weaknesses.
The primary piece of data to keep an eye out for is rate of sale. Sure, your price, your number of stores, and your advertising and marketing budgets play a role, but most often, the conversation circles back to: how many packs per store did the competitor’s product sell and how many more can you sell in its place?
Use your data to show up with what retailers need
The second great way to make the most of your investment in data is to know what the buyers need. Your data can put you in a position to think like a retailer and ultimately pitch to their requirements—as well as innovate where necessary.
For example, it can tell you the most popular flavours, pack weights, pack types, product forms, and more. Once armed with this information you are in a strong position to increase your contract because you are matching their trends and fulfilling their needs.
Data built for your business
Having the right data to compete with the biggest brands doesn’t mean you have to break the bank. NielsenIQ offers data solutions—starting from £449*—that will give you an edge over the competition.
*Prices subject to change
Be an expert in your category to stay ahead of the curve
Finally, data instills category confidence. Of course you know your value, but when pitching to buyers, you need to communicate it in a way that is advantageous to them. You need to prove your worth. Tools like Connect Express can cut the category to your definition and help build your brand story and pitch your growth trajectory.
This is where data brings you a few steps forward, by showing the gaps and opportunities. Once you know where you stand, you can confidently go to the buyer and make accurately targeted suggestions.
That is just the starting point of how to use data with the retailer’s story. There is also the consumer’s point of view, and the shopper’s (no, they are not the same!)
But are retailers willing to list non-giant CPG/FMCG brands?
“The data and insight we receive from NielsenIQ’s CX Dashboard has been invaluable to Plenish. Not only is it incredibly easy to navigate, the levels of detail and ability to customise numerous reports have been significant in achieving our goals and understanding the market. None of this would have been possible without the excellent customer service we have received from the team at NielsenIQ.”—Thomas Monk, Senior National Account Manager, Plenish
We are witnessing rapid growth within the startup and fast-growing sector in the U.K. The brands that last on shelf are the ones that stay on top of the story behind the data.
To stay up to date on what you need to know, discover how we can work with you to provide tools to drive your growth and success. Find out more here.