When planning to launch a new product to the market, you must remember that access to data plays a crucial role in the process, especially if you are a Fast-Moving Consumer Goods producer.
The utilization of data is crucial when it comes to introducing innovations in the FMCG market. Here are a few ways to leverage data sharing in this process:
1. Understanding consumer preferences
A company can gain valuable insights into consumer preferences, buying patterns, and trends by integrating and analyzing data. Understanding customer preferences is critical in the FMCG industry, where products enter and exit the market quickly, and competition is intense. A new product must be innovative and meet the needs and expectations of consumers, who often make quick purchase decisions based on impulse, price, and brand. Therefore, a proper understanding of consumer preferences enables a company to adapt its offerings to changing trends and gain a competitive advantage.
2. Market research and product development
Data sharing enables collaboration between manufacturers, research companies, industry experts, and suppliers to gather market information to help identify market gaps and develop innovative products. The correct data also helps identify competitors and understand their strategies and products, facilitating better market positioning and staying ahead of the competition. Data- and analytics-driven product development allows companies to avoid costly mistakes and failed new product launches, investing in market research and product development critical to new product success in the FMCG industry.
3. Targeted marketing and personalized experiences
Sharing data with marketing teams allows companies to create targeted marketing campaigns based on consumer demographics, behavior, and preferences. New products in the FMCG industry compete with many similar products, so it's essential to focus on the target audience and deliver messages and offers that are most appealing and relevant to them. Targeted marketing allows you to understand your target audience better and fine-tune your communications and promotional strategy. Personalized experiences from the beginning help build relationships with customers, making them feel more connected to the brand from their first contact with the product. This can be crucial in getting customers to try a new product.
4. Agile decision-making
Providing real-time data enables FMCG companies to respond quickly to changing market conditions, competitive actions, and consumer demands. New product launches in the FMCG industry require rapid adaptation to evolving trends and consumer preferences. Competition in this industry is usually fierce, and the pace of new product launches can be swift. Companies that can quickly analyze data, respond to changes in the market environment, and make accurate decisions have a better chance of successfully launching a new product and gaining an edge over the competition.
5. Collaborative partnerships
Sharing data with business partners (suppliers, distributors, and retailers) improves collaboration and synchronization across the supply chain. The rapid pace of change and short product life cycles require efficient information flow and coordination between partners. By working in partnership, suppliers can respond quickly to changing market needs, adjusting production to actual demand. Distributors can optimize the delivery route, minimizing delivery time and transportation costs. Effective distribution is a critical element in the success of a new product launch, as it affects the product's availability to customers and can also reduce logistics costs.
Connector Platform by Asseco (part of Distribution Digitalization) is an advanced solution that allows FMCG companies to integrate and manage data from various sources effectively. The Connector Platform enables data collection, analysis, and sharing within an organization, which supports strategic decision-making, such as new product launches.
In addition, Distribution Digitalization facilitates collaboration with business partners, which contributes to better supply chain synchronization. By sharing data, companies and their partners can benefit from up-to-date information and decide according to market needs. It is worth noting that Distribution Digitalization's solutions ensure high data security, precisely controlling access to information and using advanced authentication and authorization mechanisms to protect data from privacy regulations.
Launching new products in the FMCG market requires the use of available data. Sharing data and using tools like the Connector Platform enables companies to gain a competitive advantage. By sharing data, it is possible to understand consumer preferences better, increase the effectiveness of marketing efforts, respond quickly to changing market conditions, and build stronger relationships with business partners. Distribution digitalization enables effective data management and systems integration, allowing FMCG companies to launch a new product in the market effectively.
Interested? If you want to know what you can gain through data sharing and the Connector platform, please fill out the form below.
