After all, i t was a second YouTube video that turned them into a billion-dollar company. Health and beauty brands have been at the forefront of innovation and the adoption of new technologies, in both online and offline channels. DSC includes a mandatory, customer questionnaire in their buying process to collect consumer data on individual profiles. Creating this database of consumer insights is an excellent way to innovate and create personalized products that target consumer needs with predictive technology.
Brands of the future need to innovate, reconnect and understand the need for personalized customer experiences. Source: Dollar Shave Club questionnaire. Its only by deeply understanding your consumers habits and expectations of products, that successful innovation can take place. Social media intelligence is a must-have tool for to conduct market research today. But first, what is a discounter? In the beginning, as the name suggests, these stores sold a variety of mainly name-brand goods at a discounted, usually single price point.
The model today is a far cry from just low and discounted name-brand goods. Strategies evolved over the years to appeal to a larger consumer base and began resembling the experience of supermarkets and grocers.
Discounters are now using price promotions, loyalty programs, stronger advertising and store redesigns that put them ahead of leading supermarkets. Global retail discounters include the likes of Lidl, Aldi and Costco and have become real alternatives to consumers across different demographics, capturing a large amount of market share.
BCG predicts discounters worldwide will increase their number of store locations by 4. Source: Nielsen Discounter Database. To make matters worse for FMCG supermarkets, cheaper, private label products have exacerbated name brand competition in discounter stores. The main question is, can FMCG giants rival the present and imminent threats before them? Senior managing director of consumer goods at Accenture, believes groups need to be more open to risk.
Like Dollar Shave Club and other direct-to-consumer brands, large scale companies should exploit their scale to conduct consumer data analysis. Innovation in digital technologies will produce returns in the long term through meeting modern omnichannel consumer needs.
The mass consumer market needs to be reinvented to reconnect with modern consumers of tomorrow. What's important is remaining competitive in areas that are of primary concern to your customers. Alternatively, larger supermarkets can focus on high price point areas such as customer service seafood, butcher and fresh produce counters. Using consumer insights to understand which products and departments actually matter to consumers will give you an indication of where to place an investment.
A variety of consumer insights allow you to target the right people with the right offering, influencing product innovation, product categories, store design, and overall customer experience.
We call these consumer groups tribes or micro-cultures of consumption. One of the easiest ways to hear your consumers is through social media listening. Now available in light, medium and dark shades the innovation was all down to a viral tweet spotted in April A man in the US garnered over K retweets and over half a million likes on his emotional response to a plaster, that finally catered to his skin tone after 45 years.
Marketers should create a strategy for effectively analyzing events, holidays, weather and social media data to glean valuable insights about product and customer mix and create targeted campaigns with higher returns. Although changing your product mix is an effective way to maximize your cash flow and revenue immediately, eliminating waste at every step along your value chain is equally beneficial. FMCG leaders and marketers should leverage their existing point-of-sale data to better sense demand, improve promotion forecasting accuracy and shape campaigns to influence purchase decisions.
For example:. Inventory management is no longer limited to the storage and delivery of items. Today, with all the operational uncertainty and fragility that Covid exposed, inventory management should also involve a meticulously planned strategy and immense coordination across several functions, including marketing, to smoothly move goods and materials from one point to another.
FMCG businesses and marketers that respond quickly to uncertain market dynamics could emerge as the winners in a world of rapidly changing demands.
Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify? This is a BETA experience. You may opt-out by clicking here. Traditional TV still draws in high viewership and accounts for most premium video advertising opportunities, but digital TV is becoming increasingly necessary to access to hard-to-reach audiences in key demographics. To maximise reach and cost-effectiveness, however, linear and digital buys cannot be done in silos — buyers need a holistic way to target their audiences across both formats, while also getting the most reach and the least duplication.
In essence, they need the biggest bang for their buck. How can this be achieved? This is the key to enabling simultaneous planning and buying of these two distinct formats in an efficient way. However, the complex data analysis needed to provide holistic reporting from TV and digital spend represents a challenge for buyers who need to move quickly.
Having integrated reporting that shows the consolidated outcome of all of spend, not siloed by individual channel type, will help marketers make quick decisions and easily understand the media strategies that are working for them.
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