3 Ways to Find Untapped Potential Using Consumer Data
With data collected from more than 100,000 panelists representative of the Canadian population, you can see which brands and categories are selling the most to help guide your decision-making related to product development, planning, and marketing strategies. Find out how it can lead you to new opportunities and drive growth for your business. Here’s a closer look:
Market Size and Trend
How does your performance compare to that of the total Canadian apparel market?
With data collected from Canadian consumers, you’ll understand how your performance compared to the rest of the market, in which segments you are gaining or losing share, and whether you are getting your fair share.
How did your brand/retailer perform relative to others?
Your competitor outperformed the market with +15% growth while your performance declined modestly by -1%.
Are particular brands driving the market’s growth? Are top retailers gaining while the overall market declines? See how your competitors measure up. What are they doing differently?
With data at your fingertips, understand where you should invest your time and effort to improve your product development, merchandising, or marketing strategies.
Now that you have identified which wearer segment you gained or lost market share in, you can drill down and identify the categories that drove your performance.
In women’s apparel, your top competitor grew +9% in tops while the rest of market grew +5%. Tops accounted for an impressive 30% of that competitor’s market share gain while your performance in tops declined -5%.
In addition to categories, you can drill down even further into subclass performance to find out that sweatshirts are driving the growth in tops.
With access to this level of detail, you will understand whether you are missing any key opportunities and how your performance by type compares to the market.