Unlock the power of consumer panel data to transform your retailer presentations into compelling stories that drive success! Join us for an insightful webinar, where industry experts Patrick Knight, VP of Consumer Insights at SPINS, alongside Cathy Siller and Andy Weidman from Lifeway, will reveal how they leverage SPINS TriLens Panel’s comprehensive suite of consumer insights tools to engage major retail partners like Walmart.
Discover the impact of panel data in crafting effective presentations that not only resonate with buyers but also establish credibility and foster stronger retailer relationships. Whether you’re new to consumer panel data or looking to refine your approach, this webinar will provide you with actionable insights and strategies to elevate your retail pitches.
IN THIS WEBINAR, YOU’LL LEARN:
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Consumer panel data has emerged as a crucial asset for developing retail strategies. This form of data offers granular insights into consumer purchasing behaviors by capturing detailed information about what consumers buy, where they shop, and their switching patterns between retailers. This data provides indicators of penetration, loyalty, and product-level switching, offering a detailed picture that surpasses the capabilities of point-of-sale (POS) data alone.
One powerful application of consumer panel data is evident in its ability to illuminate conversion and leakage patterns. Conversion refers to the percentage of a retailer’s shoppers who purchase a specific product in their stores, while leakage indicates how many of their shoppers buy the product elsewhere. Leakage trees, built using panel data, effectively summarize this information and provide valuable insights into shopper dynamics within a category.
A practical example of applying consumer panel data can be observed through the efforts of Lifeway, a company working with SPINS. Lifeway used the SPINS panel, particularly the Trial Lens tool and other consulting assets, to prepare for significant meetings with retail partners like Walmart. This approach helped them present a data-driven narrative to their retail partners, enhancing their credibility through quantified insights.
Cathy Siller, the national director of sales operations and insights at Lifeway, describes a methodical approach to data utilization. Lifeway’s process involves regular communication with the sales team to gather insights on retail engagements and subsequently delve into the data to provide explanatory analyses. The integration of panel data has enriched these analyses by moving beyond mere figures to explore the underlying consumer behaviors.
An essential aspect of Cathy’s methodology involved starting with a broad analysis before narrowing down to specifics. Utilizing SPINS’ tools, Lifeway was able to focus on the natural and organic segments within drinkable yogurt products to assess how Walmart performed relative to its competitors. Such analysis identifies primary competition and potential areas for improvement.
Andy Wiedman, Lifeway’s director of sales, coordinates closely with Cathy to align corporate priorities with retailer needs. This collaborative approach ensures that Lifeway’s strategies resonate with store buyers. By leveraging consumer panel data, Lifeway can respond quickly to category trends and tailor its sales strategy to the observations and priorities shared by retail partners.
Consumer panel data is, therefore, more than just a collection of statistics—it is a tool for building meaningful narratives that enhance retailer relationships. Key takeaways from using such data include creating an informed story combining POS and consumer insights, validating retailer-specific performance, and fostering incremental value that benefits both manufacturers and retailers.
In conclusion, consumer panel data is integral for companies aiming to improve their retail efforts. By delivering precise insights into shopper behavior and market dynamics, panel data equips businesses to craft well-structured, strategic presentations that resonate with retail buyers. The collaboration between data analysis and sales strategy becomes a pivotal factor in establishing strong retail partnerships and achieving sustained growth.