So how can you ensure your consumers chose your brand again and again?
The consumer goods Industry and the influence of online feedbacks
The Consumer Goods industry is unique as companies are not only selling a product, but a brand and a promise.
This promise is sold across market segments, geographies and social profiles, and each and every consumer has their own opinion and perception. So how can companies operating in Consumer Goods take advantage of the overwhelming amount of online feedback to enrich the customer experience and win market share?
One word: Data. Data has a lot of implications, as its uses are invaluable across departments. But we’re not referring to financial or transactional data, although they both have a seat at the decision-making table. We’re talking about qualitative data, which includes insights on the customer experience, the perception of a brand, and market and location intelligence (or alternative data as coined by the financial industry).
Qualitative data to derive applicable insights
By integrating a semantic analysis to evaluate online content (reviews, social posts, feedback, etc.), decision makers have the potential to thoroughly understand consumer behavior across demographics, markets and topics. When analyzed correctly, you can extract the most discussed, most appreciated and most criticized topics of your customers, trending keywords, reviewer demographics, the most popular channels and review sites, seasonality and more.
For example, if you’re an international coffee brand, do you know if your coffee products are most appreciated at cafes, hotels, restaurants or offices? Do you know if your products are often purchased solo or with something else? Is your coffee appreciated more by locals or foreigners, families or business travelers?
“Why use a survey to ask customers about their experiences when data about customer interactions can be used to predict both satisfaction and the likelihood that a customer will remain loyal, bolt, or even increase business?” (McKinsey)
Location Intelligence: The key to strategic decision making
With Location Intelligence, dive into the data of any point of interest (POI) or location. For the Consumer Goods industry, brands who are looking to distribute their products in new markets can pinpoint the following for any POI:
- Property type
- Cuisine type
- Geo-location & coordinates
- Services provided (Take Out, Delivery, Reservations, etc.)
- Hours of operation
- Amenities (WiFi, Parking, Handicap Accessibility, etc.)
- Contact information
- Feedback analysis
Uncovering new markets and winning market share are undoubtedly two major goals for the Consumer Goods Industry. The same information can also be extracted at a territorial level for any neighborhood, city, region or even country. With Location Intelligence, identify the most strategic markets for your brand to expand to. Discover which territories are trending, pinpoint exactly what attracts consumers and compare it against location density and the saturation of competitors.
The Consumer Goods Industry is the next to go data-centric and it’s already getting started!