Understanding consumers is a priority for CPG brands who want to develop the best products and services to meet consumer needs. However, with greater privacy concerns and data regulations, consumers are justifiably wary of sharing their data without a true benefit for them in exchange.
CPG brands have been challenged with thinking of new ways of collecting consumer data in both online (e.g e-commerce, social media, brand websites) and offline channels (e.g brand events and retail stores), in order to use them to innovate more compelling consumer propositions.
Some examples of how CPG companies are using consumer data to innovate include:
- Partnered loyalty schemes with affiliates (e.g Partnership with UberEats)
- Offline retail sensors to track consumer location/proximity
- Wearable devices to understand biometric data and activity of consumers
- Smart devices to track product replenishment and usage (ex. a physical button that can auto-purchase a certain product when a consumer runs out)
Can you think of a new way to collect consumer data that will give CPG companies the information they need to improve products and services, but at the same time, deliver real benefits to consumers?
- Explain your idea in terms of who the consumer is and what type of data will be gathered.
- How will the data be gathered?
- How can the CPG brand use the data that is gathered?
- What is the reward/benefit for the consumers sharing their data?
- List 1-2 CPG brands that are currently doing a good job of collecting and rewarding for consumer data. How do they do it?
- Meets Deliverables