3 Tips for Pinpointing Growth Opportunities Using Data
With actual sales data from Canadian retailers, you can answer your pressing business questions across marketing, product development, planning, and sales. Make it your guide during periods of change — it’s how to identify opportunities for growth that are unseen by your competitors. Here are some ways to use our point-of-sale data to pinpoint growth opportunities:
Product Development:
What features are driving sales in my categories?
Within the toaster oven category, over 80% of gains are being driven by models with air fry capability.
You can use our data on what actually sold at retail to understand whether your product portfolio meets Canadian consumers’ needs.
Strategic Planning:
What new or growing categories should we enter?
Nearly all (86%) subcategories we track grew in 2020 compared to 2019. However, a smaller percentage (27%) of subcategories have seen consistent growth over the last 2 years.
Our industry expertise and analyst support can help you look beyond the COVID-19 period to understand longer-term growth trends for your strategic planning.
Marketing:
Where does my consumer shop?
Looking at coffee, 57% of Brand B’s purchases are made by consumers under 35 years old. This is a much younger consumer compared to the overall category (indexing at 178 vs. category). These younger consumers are less likely to shop in traditional channels such as mass merchandisers.
With consumer behaviour data at your fingertips, you’ll know the channels and retailers your consumers prefer
Source: The NPD Group/Retail Tracking Service and Consumer Tracking Service, Canada
This story just scratches the surface. We know brands and retailers have big questions about recovery, including price sensitivity, online shopping, brand and retail survival, and retail repercussions of the shift to working from home. We’re here to support your business. Let us help you make confident decisions that position your business for recovery and growth.
Want more insights like this? Call 866-444-1411 or email contactnpd@npd.com