According to recent stats, 90% of major CPG brands recently lost market share. Over half of these legacy brands also experienced revenue declines. These losses come at the hands of more nimble, ‘digital native’ brands that are exploiting unmet product niches, direct-to-customer business models and more customer-centric marketing playbooks that include social insights. In short, these upstart brands know their customers & their interests better than the big brands.
But wait a minute; big CPG brands have always been at the forefront of market research to understand how shoppers interact with their brands. Theses legacy CPG brands can quote ‘chapter & verse’ on demand patterns by SKU, store or zip code. True, but legacy brands are lagging behind younger brands in deeply understanding the broader lifestyle interests & passion points of their customers at an individual-level.
Social Insights Can Help Level the Playing Field.
Good news: This disparity can be evened out. Consumer brands have built databases of millions of customers that have exchanged their names and contact data for cool content, contests and coupons.
New technology marries this vast CRM data asset with customer’s ‘social lives’ thereby providing insights into the other 99% percent of a customer’s life. This gives CPG brand marketers a chance to learn much more about the underlying interests of their individual customers.
Employing this new customer intel allows brands to move from a ‘black and white’ view of specific customers (name, rank, serial number) to a ‘technicolor’ view that includes social demographics, lifestyle interests, passion points and degree of social influence. In short, big brands marketers are now equipped for more personalized & relevant interactions with their customers.
It’s time for big brands to even the playing field and be more customer-centric with their customer experiences.
Just imagine how these robust customer insights can be applied to acquisition, cross-selling or retention campaigns. It’s time for big brands to even the playing field and be more customer-centric with their customer experiences.
Check out Rick Porter discussing the biggest challenges facing brands today.
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