While Data Enrichment generates immense benefits to the consumer goods industry, it largely remains unknown or underestimated by many brands. However, the few companies that have taken advantage are already reaping the benefits (and profits).
Your Insider’s Guide to Data Enrichment for the Consumer Goods Industry:
Location Intelligence & Data Enrichment: A Customer Success Story
To best understand Data Enrichment, it’s helpful to see it in practice. Here’s an inside look at how we’re helping a well-known FMCG brand take advantage of Data Enrichment to make the most strategic decisions and mitigate risk.
Recently, a global Food & Beverage conglomerate entrusted Data Appeal to support them achieve their goal: leveraging real-time data analysis to expand their brand into new territories along the southern Mediterranean.
We started with mapping all of the restaurants, bars and nightclubs in Spain that were aligned with their target market. The data we collected was critical to help the brand understand if and where to expand their sales network and increase the popularity of their well-known spirit.
The data packages we provided not only indicate the number of businesses that align with their target market, but include valuable insights including market composition and saturation, exact geographical location and more. For each Point of Interest (i.e. each individual restaurant and venue), we provide all business information – from the type of cuisine and services and amenities available to contact information, parking availability and more.
At Data Appeal, we take our geospatial analysis one step further and analyze a qualitative layer to each POI. We detect customer sentiment and perception for any business and its services, competitors and territory. Best of all? We evaluate data over a 4-year period to provide the most accurate score.
This extensive, comprehensive and accurate mapping was invaluable for the customer. Not only did it allow their business development team to pinpoint where to launch new commercial proposals, but it also enriched their CRM and company database with up-to-date contact emails, phone numbers and addresses of their target venues.
Data Appeal’s location intelligence and analysis has become an essential data enrichment tool for the consumer goods sector. The above customer requested the same analysis for other target markets around the world where they want to increase visibility and brand awareness of their product.
The Hidden Value of Data Enrichment for FMCG
If you’re unfamiliar with Data Enrichment, it’s simply the process of enhancing first-party data by merging third-party datasets to validate, enrich, complete and improve the data already held by a company. Over the past few years, this practice has been successfully leveraged by global consumer good brands to mitigate risk, make the most strategic decisions and generate additional profits.
One hidden value of data enrichment for FMCG companies is that it can be leveraged to update and complete a company’s CRM. By integrating accurate and comprehensive contact lists from alternative data providers, users will have seamless access to an enriched database.
What sets Data Appeal apart is that we deliver a quantitative, qualitative and contextual layer to all Points of Interest, brands and territories around the world.
We begin at the territory level, mapping any type of point of interest over 17 different categories – from an ATM machine or hotel, to a cafe or hospital. Once we’ve composed our list of selected POIs, we then have access to a wide range of information – both quantitative and qualitative.
On the quantitate side, we detect the exact geographical location, contact information (address, email, telephone), VAT number, price levels, services and amenities provided, and more.
Qualitatively, we reveal the total number of online content (reviews, social posts, ratings, etc.) and calculate the sentiment expressed by customers for each business. We also reveal the sentiment based on specific categories (hospitality, cleanliness, location, value for money, etc.).
Moreover, we even collect information on the impact of events, weather and the public perception of anti-Covid measures adopted by a business.
Coined “Alternative Data”, we provide different and more in-depth datasets than those collected by companies. Our proprietary algorithms and KPIs have already become international benchmarks for evaluating the effectiveness and performance of companies as well as detecting the potential of new markets.
Data Analysis & Enrichment – Your Next Competitive Advantage
Today, Data Enrichment solutions are still underestimated by the consumer goods industry. Accessing data across a wide variety of sources and transforming it into valuable insights is not an easy process.
McKinsey recently shared a wonderful insight: “While talking about data as the “new oil” or the “new gold” is fairly widespread these days, several technology – and business-related difficulties make understanding data’s importance and realizing its potential a persistent challenge.”
However, if we analyze the cost-benefit ratio of investing in data enrichment, we’ll quickly realize that the advantages obtained, both economic and qualitative, are invaluable.
- Data provides cross-department value
Data Appeal’s unique analysis generates new insights that not only boost a company’s BI and CSR platforms, but also provide infinite advantages across departments – sales, business development, marketing, advertising and product development. In fact, data is an ideal starting point for a new promotional campaign, brand expansion or investment decision. With data, pinpoint the most strategic market to open or close a point of sale.
- Reduce costs and maximize results
To increase the quantity and quality of their database, brands have to rely on several different sources, increasing costs and depleting resources. By selecting Data Appeal’s in-depth analysis, which combines geographical and contextual information with qualitative data, save time and money.
- Maximum precision to minimize risks
Data Appeal’s data-driven reports are based on comprehensive, accurate and real-time data. Our up-to-date and 4-year historical datasets are an ideal tool for planning strategic, low-risk actions and investments.
- Versatile formats
All of our data can be accessed in a variety of ways: API, Report, Data Package or customized dashboard. Our API in JSON format can be quickly integrated into a company’s software or internal business intelligence tools; while reports and data packages can be quickly shared with analysts, stakeholders and shareholders.
Set, Achieve and Exceed Goals with Data Enrichment
Our experience with retail, F&B and FMCG brands has shown us a variety of use cases for data enrichment and the numerous objectives that can be achieved.
Here’s the top uses for Data Enrichment according to our clients:
- Pinpoint new partners, resellers and points of sale
Our detailed territorial analyses highlight exactly how many and which types of businesses are in a selected area. Filter by most popular to seamlessly select the most strategic places to invest in and/or sell your product or service.
- Identify the most strategic territories and markets to invest in
Looking for the right location to open or close your next store, or the businesses most frequented by your target clientele? At a glance, our location intelligence highlights the best country, city or neighborhood to increase the popularity of your product or brand.
- Identify your brand’s positioning in relation to competitors
We track your competitors and their customer satisfaction scores across any territory. Tactfully plan your next moves and surpass the competition.
- Create a more efficient and effective sales team
Provide your sales team with a selected list of businesses and contact information to streamline and speed up their lead qualification and outreach process. How long would it take if they had to rely on internet searches.
- Produce targeted marketing campaigns
By understanding exactly which markets to target and the perception of your brand, your marketing department will have the tools in place to make effective campaigns. Select strategic channels and audiences based on real-time data. For example, if you uncover that your brand is weaker than Competitor A and B in select cities, maximize your brand exposure in those territories – both online and offline.