How to use data enrichment for your FMCG brand: A practical guide

What is Data Enrichment?

If you’re unfamiliar with this topic, you must be wondering why you should start integrating data into your business practices and what’s its real value. Before we get started, let’s first break down what Data Enrichment is.

Data Enrichment is the process of enhancing first-party data by merging third-party datasets to validate, enrich, complete and improve data that’s already held by a company. In other words, it’s accessing new datasets and KPIs across a wide variety of sources to transform your data into actionable business, customer and location insights.

In essence, you should be taking advantage of it to make the most strategic, data-driven decisions, simultaneously mitigating risk and generating additional profits.

Data Enrichment generates immense benefits to the Consumer Goods industry; however, it largely remains unknown or underestimated by many brands. The few companies that have adopted this practice are already reaping the benefits and profits. This is not a business practice to sleep on with McKinsey referring to “data as the “new oil” these days”.