Consumer Product (CP) companies operate in an industry where the fundamental rules of the game are changing. The growth of e-commerce, the ability to bypass retailers, the rise of private labels, and the advent of niche CP startups are just some of the trends that are reshaping the sector.
But one significant change that stands out in particular is the direct connection that CP companies today have to the needs and aspirations – the ‘pulse’ – of consumers. This is, to a large extent, thanks to the rise of digital channels. With the growth in channel data on consumers, our new research shows that consumer insights is a core part of the strategic agenda for over 80% of CP companies. Companies are using consumer insights to enhance the effectiveness of marketing campaigns, to roll out new products and refine existing ones, and obtain cost savings and efficiencies in operations.