Many firms commit substantial monetary sources to acquire detailed info on product gross sales via scanner knowledge. Nonetheless, scanner knowledge doesn’t at all times stay as much as its promised potential. Deeper, extra actionable insights are sometimes required to create methods for innovation and progress.
As a long-time Analysis Analyst and Trade Research Supervisor at Packaged Information, a division of MarketResearch.com, Jennifer Mapes Christ understands the constraints of scanner knowledge nicely, significantly because it applies to meals and beverage, packaging, and pet services.
I sat down with Jennifer to debate this concern in additional depth and study potential options for filling this frequent info hole. Learn our dialog within the Q&A under to search out out extra.
Why isn’t scanner knowledge at all times sufficient info to achieve a aggressive edge? What does it miss?
Scanner knowledge tells you the “what,” nevertheless it doesn’t inform you the “when,” “how,” or “why” merchandise are promoting and acting at a sure degree. Scanner knowledge cannot inform you about client habits, key events and dayparts, or area of interest areas that provide promising progress alternatives.
Scanner knowledge can inform you a large number about what merchandise are promoting and the way they’re performing out there, nevertheless it isn’t forward-looking, and it doesn’t present forecasts. It doesn’t inform you what market segments to pursue subsequent or the place to focus your technique.
How does Packaged Information fill that want for deeper, extra complete, and forward-looking insights?
Packaged Information presents data-driven evaluation of client habits and preferences, advertising improvements, product launches, and aggressive developments. This info may help you make knowledgeable choices about your merchandise, advertising, and general technique.
For instance, Packaged Information Meals & Beverage reviews spotlight:
- Traits in client habits, emotions, and outlook
- Promising product and area of interest areas
- The most recent advertising and distribution improvements
- Key events and dayparts
- Aggressive evaluation amongst suppliers
We all know firms are at all times on the lookout for progress alternatives. How does Packaged Information assist obtain that objective?
Our analysis can level you towards the place you could possibly go subsequent when it comes to model extensions and licensing alternatives. For example, The Coca-Cola Firm launched Tic Tac Coca Cola Breath Mints and Tic Tac Sprite to leverage their model energy and distinctive taste profile into a brand new product alternative.
Each model extensions and licensing could be an effective way to develop your model and attain new clients by bringing your present clients with you into new areas, whereas limiting advertising bills.
If you’re fascinated about studying extra about meals and beverage segments with the most effective prospects the place your model or product flavors might be a match, Packaged Information has a wide range of reviews obtainable.
What are some particular titles that you simply assume stand out on this regard?
The reviews Meals Market Outlook and Beverage Market Outlook cowl big-picture developments all through the business with annual updates.
We additionally delve into key progress alternatives and developments in particular market segments, resembling:
As well as, we publish client insights reviews that present data-driven evaluation of client preferences, habits, and exercise. Key titles embody:
What are another methods firms can use Packaged Information to determine alternatives in adjoining markets?
We see vital cross-over between human meals developments and pet meals and treats. Since individuals contemplate their pets to be a part of their household, they usually need their pets to observe comparable diets and well being philosophies, whether or not that’s gluten-free, vegan, or keto. Pet firms can examine human meals developments to higher perceive the place the pet meals market is headed subsequent.
We’ve got reviews on all these areas, and these meals and beverage reviews could be extremely helpful for pet firms as nicely.
We may help you higher perceive these human meals and human consuming developments with the intention to develop merchandise that meet the wants of at the moment’s discerning pet house owners.
Whether or not you have an interest in meals and beverage or pet merchandise, going past scanner knowledge—and exploring the complicated elements shaping client conduct—gives you extra visibility, extra choices, and extra actionable insights for what’s subsequent on the horizon.
About Packaged Information
Packaged Information publishes market intelligence on a variety of client market matters, together with client demographics and shopper insights, client monetary services, client items and retailing, and pet services. Packaged Information additionally presents a full vary of customized analysis companies. Reviews could be bought at our firm web site and are additionally obtainable via MarketResearch.com.