Tired of losing market share to competitors? Learn how top CPG brands uncover who’s stealing their sales, win back market share, and drive incremental growth using Product Switching Analysis.
In this webinar you’ll learn:
Perfect for: Marketing Directors, Consumer Insights teams, and Sales leaders at brands $10M+
Generated by AI
In the pursuit of understanding consumer behavior and optimizing brand performance, businesses often rely on various data tools. A recent webinar hosted by SPINS offered an informative exploration of consumer panel data and product switching analysis. This discussion served as a valuable resource for brands aiming to enhance their customer insights and market strategies.
Introduction to Consumer Panels
David Boston opened the session by introducing the concept of consumer panels. Unlike traditional point-of-sale (POS) data, which provides information on sales figures and pricing, consumer panels offer insights into the reasoning behind consumer purchases. The SPINS methodology employs a comprehensive national consumer panel developed in collaboration with Nielsen and Circana. This panel includes data from over 100,000 households, allowing for analysis across a diverse range of demographics.
Integrating Consumer Panels with POS Data
The integration of consumer panels with POS data was highlighted as a method to achieve a more comprehensive understanding of market dynamics. While POS data quantifies sales and retail trends, consumer panels provide context regarding consumer motivations and behaviors. This integrated approach enables brands to detect subtle changes, such as variations in buyer retention despite overall sales growth.
Interactive Discussion Among Participants
Attendees participated in an interactive discussion session, sharing insights into their current comprehension of consumer behavior. This exchange underscored the common challenges faced by brands in targeting appropriate consumer segments and interpreting product switching behaviors.
Product Switching Analysis Through SPINS’ TriLens Tool
Caleb Morales presented an overview of the TriLens tool, developed by SPINS for conducting product switching analysis. This tool facilitates the examination of shifts in consumer purchasing between different product segments and among competitors. Such analysis aids brands in identifying potential sales opportunities and understanding transformations in consumer preferences.
Case Studies Illustrating Practical Applications
Emily Modjeski provided examples of how SPINS’ analytical services have been applied in real-world contexts. These case studies included a frozen novelties brand that employed insights to improve retail placements, and a VMS brand that traced a decline in sales to specific consumer behavior patterns. These instances demonstrated the practical benefits of aligning product strategies with consumer preferences.
Conclusion and Recommendations
In concluding the webinar, David Boston emphasized the importance of customizing product switching analysis to align with specific brand objectives. He recommended that brands consider engaging with SPINS for personalized solutions and stressed the necessity of using adequate sample sizes to ensure reliable insights.
Q&A Session and Final Remarks
The webinar concluded with a question-and-answer session, allowing participants to clarify aspects of consumer panel utilization and product switching analysis. The session ended with an invitation for further collaboration and assistance from the SPINS team for brands seeking to develop data-driven market strategies.
Overall, the webinar provided a foundational understanding of how consumer panel data and product switching analysis can serve as effective tools for developing informed business strategies. For brands focusing on deepening their consumer insights and market positioning, these methodologies offer significant potential for guiding decision-making processes.