Many firms commit substantial monetary sources to acquire detailed info on product gross sales by means of scanner knowledge. Nonetheless, scanner knowledge doesn’t at all times dwell as much as its promised potential. Deeper, extra actionable insights are sometimes required to create methods for innovation and development.
As a long-time Analysis Analyst and Business Research Supervisor at Packaged Info, a division of MarketResearch.com, Jennifer Mapes Christ understands the restrictions of scanner knowledge nicely, significantly because it applies to meals and beverage, packaging, and pet services and products.
I sat down with Jennifer to debate this subject in additional depth and study potential options for filling this widespread info hole. Learn our dialog within the Q&A beneath to seek 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,” however it doesn’t let you know the “when,” “how,” or “why” merchandise are promoting and acting at a sure stage. Scanner knowledge cannot let you know about shopper habits, key events and dayparts, or area of interest areas that supply promising development alternatives.
Scanner knowledge can inform you numerous about what merchandise are promoting and the way they’re performing out there, however it isn’t forward-looking, and it doesn’t present forecasts. It doesn’t let you know what market segments to pursue subsequent or the place to focus your technique.
How does Packaged Info fill that want for deeper, extra complete, and forward-looking insights?
Packaged Info presents data-driven evaluation of shopper habits and preferences, advertising improvements, product launches, and aggressive tendencies. This info will help you make knowledgeable choices about your merchandise, advertising, and general technique.
For instance, Packaged Info Meals & Beverage reviews spotlight:
- Tendencies in shopper 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 searching for development alternatives. How does Packaged Info assist obtain that purpose?
Our analysis can level you towards the place you would go subsequent when it comes to model extensions and licensing alternatives. For instance, 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 will be an effective way to develop your model and attain new clients by bringing your current clients with you into new areas, whereas limiting advertising bills.
If you’re considering studying extra about meals and beverage segments with the very best prospects the place your model or product flavors may very well be a match, Packaged Info has quite a lot 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 tendencies all through the business with annual updates.
We additionally delve into key development alternatives and tendencies in particular market segments, reminiscent of:
As well as, we publish shopper insights reviews that present data-driven evaluation of shopper preferences, habits, and exercise. Key titles embody:
What are another methods firms can use Packaged Info to determine alternatives in adjoining markets?
We see vital cross-over between human meals tendencies 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 research human meals tendencies to raised perceive the place the pet meals market is headed subsequent.
We have now reviews on all these areas, and these meals and beverage reviews will be extremely helpful for pet firms as nicely.
We will help you higher perceive these human meals and human consuming tendencies so that you could develop merchandise that meet the wants of at this time’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 advanced elements shaping shopper conduct—will provide you with extra visibility, extra choices, and extra actionable insights for what’s subsequent on the horizon.
About Packaged Info
Packaged Info publishes market intelligence on a variety of shopper market subjects, together with shopper demographics and shopper insights, shopper monetary services and products, shopper items and retailing, and pet services and products. Packaged Info additionally presents a full vary of customized analysis companies. Experiences will be bought at our firm web site and are additionally obtainable by means of MarketResearch.com.
