First in a Series of Analytic Services Answering Key Business Questions
Port Washington, NY, September 29, 2015 – The NPD Group, a leading provider of global market information, has launched a suite of analytic services designed to help companies quickly identify and respond to products and brands showing rapid growth. NPD’s Trend Detection can be used by manufacturers to protect market share against emerging competition and by retailers to avoid missing important trends that could affect their businesses.
Trend Detection is the first in a series of proprietary solutions coming from NPD as the firm leverages its core sales and market share information to identify the drivers of sales and market share and help clients optimize performance on those drivers. In 2014, the firm established its Solutions Group, a team of senior leaders with extensive experience in developing and delivering analytic solutions that address strategic marketing, sales, and planning issues.
“NPD has invested in our information infrastructure and expanded our retailer partnerships so we can collect and deliver more granular information,” explains George Terhanian, Group President, Solutions. “We are now combining our unique data assets and industry expertise with state of the discipline research techniques and developing new services to help our clients address a wide range of business questions.”
NPD’s Trend Detection identifies, assesses, and forecasts the impact of fast-growing – often new – products and brands, answering the following questions:
- Which products, brands or licenses have exhibited a spike in sales?
- What do consumers think of these products and how significant is the threat or opportunity?
- What is the sales forecast?
Threat Detector comprises weekly or monthly reports identifying products with sudden changes in sales, based on NPD retail sales tracking.
Threat Assessor reads consumer sentiment via rapid concept testing through the NPD Consumer Panel.
Threat Forecast (coming soon) builds on Threat Assessor for a total sales forecast of key concepts, simulating best / worst case scenarios by varying key levers.
NPD plans to introduce additional analytic services to address clients’ major recurring questions for opportunity assessment, category optimization, and marketing optimization.