Consumer goods companies often face extreme market competition. A good example is the soap and cleaning materials marketplace. These items are abundant in their shape, size, color, and function, and consumers purchase these items through several distribution channels. In addition, each of these distribution channels has individual value propositions and audiences. Some of the items are heavily branded for a consumer market, and others are branded for commercial markets. Today, it is possible to find soap at a local independent grocery store, a large chain grocery store, a big-box store, a club store, a convenience store, hardware stores, catalogs, and via internet suppliers.
With each existing distribution channel for your company’s goods, there is an opportunity to leverage the specific characteristics of those channels to increase sales and profitability. There are also opportunities to find new channels or to segment your current product portfolio to serve multiple channels. Big data analysis can help to identify and optimize these opportunities. It can help you to:
Analyze your current channel position.
Evaluate your competition, whether direct or substitute products.
Discover how to leverage your company’s product portfolio.
Exploit consumer and channel trends through product evolution and refined marketing tactics.
Rank and assess the sales, profitability, and risk of potential opportunities.
Consider how your consumer goods company could benefit from identifying new markets through big data analysis of where consumers shop. Plus, by understanding the mindset of each outlet where the consumer finds your product, you can better tailor products and marketing messages to increase sales. For example, big-box stores differ from big club stores, who differ from e-commerce merchants. In many cases, you will discover that your brand carries weight that can help you open up opportunities in new channels.
Are you interested in discovering opportunities to increase your company’s sales? Want to add to your company’s bottom line? The Accenture Academy courses Size and Mix of a Consumer Goods Company’s Retail Distribution Channels, Trends within a Consumer Goods Company’s Retail Distribution Channel, New Product Opportunities in a Consumer Goods Company’s Retail Distribution Channels, and Improve Sales and Profitability in a Consumer Goods Company’s Retail Distribution Channels can help you unlock the amazing power of data and analysis to discover new opportunities for your company’s product portfolio. Protect your bottom line and market share by performing the right analysis and asking the right questions to optimize your product portfolio.