As consumer packaged goods (CPG) are traditionally sold via retailers or wholesalers, CPG brands haven’t benefitted from the boom in consumer data in the same way that other organisations have. They’ve relied on whatever third-party data filters through from their sellers and, while that data has been useful, it’s not always as relevant, complete or timely as first-hand data. It’s also becoming harder to come by: rules and regulations around third-party data sharing have scuppered CPG brands’ access to the customer data they need to guide their business, putting more distance between themselves and their end customers.
In an increasingly data-driven world, this just isn’t good enough. To differentiate themselves against their competitors, every business in today’s hyper-informed, fast-moving market needs data to fuel their operations. While ten years ago, consumers found activity like personalisation and tailored messaging new and exciting, they have now become an expectation – something that every brand should offer.
If CPG brands don’t move with the times and start using first-party data to their advantage, they will be left behind. Loyalty to your logo will only take you so far when other brands are actively seeking ways to build better relationships – and earn that customer loyalty – through data.
Here are some of biggest consumer-data pain points for CPG brands, and how they could impact commercial growth if they’re not addressed soon.
