It does not matter how good a company is doing in collecting and managing the relevant big data. However, the most important is how it can be analyzed to extract some useful insights into the evolution of the business.
The same principle applies to the FMCG industry as well. Many analytics tools can be used for the chosen data. It is helpful for a company to develop proper business intelligence necessary to make better decisions.
Following are the different ways one can apply data analytics techniques into the FMCG business process;
1) Social Media Analytics
A business can track the behavior of their clients on social media to understand their sentiments. It can help them to identify the errors and reverse negative feelings from their customers. Hence, it can help a company to improve revenues. It can also manage the reputation of a brand by turning potential clients into customers and influencers.
2) Predictive Analysis
An FMCG company can make the best use of the right predictive models and get the necessary insights to understand their customer’s behavior. It can also help in improving profitability and revenue opportunities. Not to forget replenishment and planning of inventory, forecast demand, predict churn, and more.
3) Support in the Management of Store Operations
It can be done by optimizing product placement as per product associations on a store. One can use profitability analysis and effective store performance to maximize the revenue of a store.
It can be done by getting insights to prevent out of stock conditions. A store can enhance profitability by optimizing resources as per what had been used. One can also use the forecasting model to avoid the loss and get better customer conversions.
4) Valuable Marketing
One can plan better strategies for marketing by customer segmentation for effective marketing. It is to optimize position and promotion. One can change the policy of the marketing mix and cross channel synergies.
It can also help to improve the customer experience for more business profits. One can maximize marketing spends using effective multi-channel campaigns to maximize response rates.
5) To Maintain the Internal Operations
For better business results, a company can use the insights to decide netter on managing its internal operations. A retail store can be operated well but using the right prediction and accountability.
Outsourcing of operational analytics can help industries to improve cash flows. It helps them to optimize the effectiveness of the sales force and better allocation of resources. Not to forget, it also optimizes other related expenditures.
Also, using the right data analytics tools can help FMCG company in doing better merchandising and planning. It can be performed by market basket analysis, category management, and assortment planning. One can optimize the pricing of goods as well and do better competitor analysis.
Conclusion
FMCG companies are using data science to do almost everything – to understand their customers, develop forecasting, drive profitable and faster results, and much more. The impact of the new approaches can be felt across almost every industry but FMCG could be in a place where it will reap the biggest benefits.
To get profound insights into data analytics and helpful guidance, feel free to connect with NextBee. NextBee is a data-driven company with a successful track record of 10+ years. Our AI-powered platform will boost the overall process corresponding to customer acquisition, customer retention, profit maximization, revenue generation, and many more.
