First steps to turning insights into action
The first step is to understand what data is available and what insights can be derived from that data.
Data from transactions tells companies what customers are buying, but won’t indicate why customers are buying it. To make the best decisions, companies need a 360-degree view of the shopper’s journey, which includes:
- How shoppers make purchase decisions
- What shoppers end up purchasing and how they purchase it
- How and when shoppers use or consume the product
- How shoppers ultimately feel about the product
NielsenIQ Consumer Insights provides data to better understand the shopper’s journey. At the core of this journey are moments of truth where brands can monitor each phase of the journey, turning primary research insights into a course of action.
Focus efforts on the right areas
When looking at your data, it’s important to identify the right metrics to focus on.
A company might be dedicating efforts towards making slight improvements on channels that are already working well for that company, while the overall strategy is suffering because the company was not focusing on the right channels to begin with.
For example, NielsenIQ Consumer Insights recently worked with a hot dog brand hoping to reverse declining sales and save money on ineffective promotions.
Through unique data sets, research, and recommendations provided by NielsenIQ, this hot dog brand was able to change its positioning to focus on promoting the product for in-home consumption outside of their regularly high-selling summer months.
This brand was also able to improve communication, cut back on inefficient promotions, and redirect saved marketing funds towards non-grilling and lean variants of their products, helping them appeal to a larger consumer base.
Focusing on the right goals is essential because it empowers brands to make the most significant impact, even with limited resources. If a brand tries to do too many things at once or relies on potentially outdated historical trends, that brand could limit the potential return on their future efforts.
Hone in on the right data
In an age of data abundance, finding the right data to provide needed insights can be difficult. That’s why it’s important to work with industry experts who can help dial in on a company’s needs, and receive the right data that is specific to the brand, product, shopper, or competitors.
For example, if there was a snack brand looking to increase sales of a new snack product, the brand would need to know when the target market is consuming snacks. Data points include the time of day and the occasion so that the brand can effectively promote these moments with the consumer.
Recently, a North American snack brand worked with NielsenIQ Consumer Insights to identify changing consumption habits so the brand could re-target consumers with effective promotions.
Through NielsenIQ’s consumption tracking mobile app, Consumption Moments, the brand was able to identify a number of enlightening trends that triggered a sharp strategy shift for the snack brand.
With these insights, the brand was able to change its positioning to focus on in-home consumption, terminate ineffective promotions, and redirect those funds toward positioning around snacking over big meals.
This type of data will be different for every brand, so it’s important to hone in on the data that is most strategically relevant. Otherwise, a brand could waste precious resources toiling over a mass of data that may not ultimately answer crucial questions.
Further, brands also need to be able to connect insights to meaningful actions. This is crucial if these brands want to make an impact regarding awareness, market penetration, or sales. That’s why NielsenIQ Consumer Insights brings a holistic approach to each client and develops a custom-tailored blend of the products and services that will best meet that client’s needs.
Avoid “one-size-fits-all” solutions
If a business is subscribing to a data solution that does not have tenure in the business’s industry, expertise as a retail data analytics provider, or a bespoke approach tailored to that company’s needs, then it could be heading in the wrong direction.
NielsenIQ Consumer Insights can connect brands with experts who have a deep understanding of the retail landscape and access to best-in-class data sets and analytical capabilities.
By taking the time to visualize client data in a way that makes sense and answers strategic questions, Consumer Insights can provide strategic guidance to help brands chart the way forward for future marketing efforts.
Consumer Insights: The right data + a confident path forward
Consumer Insights can empower brands with the insights necessary to turn raw data into tangible, impactful guidance and insights. Businesses need to understand that all data is not created equal, which means it’s crucial to hone in on the right data to produce actionable next steps.
Consumer Insights works with companies to understand specific needs and objectives, helping to tailor an approach to reach the right customers. Consumer Insights also offers guidance on effectively using data to increase brand equity, market share, customer satisfaction, or sales.