Any company selling in the natural products sector can tap into advanced deep market intelligence through a variety of automated, external, research methods including structured, algorithmic programming to capture fresh, pertinent market data. Key components of successful market data include (1) online scanning programs with set criteria, (2) automation, and (3) outsourcing. Deep market intelligence is typically proprietary, synergistically enabled architecture that utilizes powerful scanning to monitor the internet looking for specific product and market criteria or surveying consumers on their preferences. Then it integrates intelligent software to analyze and monitor the data.
Programs can capture real-time statistics from hundreds of market sources and data houses (e.g., Nielsen, government databases and market research firms) to ensure optimal accuracy.
What are the tangible benefits for natural products businesses? By leveraging deep market research and learning, organizations in the natural product sector can understand their competition, be able to pinpoint new market opportunities, and improve their overall sales potential.
Who can benefit from Deep Market Intelligence?
· Small, medium and large vendors with consumer products
· Large vendors looking to streamline market research practices, lower marketing costs, escape from time-consuming spreadsheets, and implement real-time, data-driven decision making
What type of information can deep market intelligence provide?
· Price scanning for real-time competitive pricing intelligence
· Category sales data, trend lines and predictive category sales projections
· Audits of categories for specific criteria such as consumer trends or product news
· Advanced daily MAP (minimum advertised price) web scanner to ensure price compliance
· Predicting consumer and buyer behavior via direct in-market field testing and feedback
· Analytics on big data using artificial intelligence software to identify trends and hidden opportunities
Competitive Price Analytics: Price intelligence reports can show competitive brand prices compared to your product pricing, changes in price, and stock availability.
Competitive Product Profile: These charts provide competitor price tracking and monitoring intelligence data.
Competitive Price Tracking: Compare and evaluate pricing and competitors over time. It’s essential to learning a competitor’s annual pricing habits like seasonal price fluctuations including which months they commonly drop prices for sales drives. This enables a company to develop proactive price strategies in advance of the competition.
Product Trend Graph: Understand thoroughly the consumer popularity and demand of your product group by analyzing its annual trend line throughout the year, or over several years. This allows you to apply flexi-pricing to suit demand and optimize margin.
Basic Category Report: This type of report depicts the retail sales value of a market categoryin this case, health and wellness sauces, dressings and condiments market in the United States from 2007 to 2017.
Detailed Category Report: Annual, historical, category sales and forecasted sales projections can be provided in dollar amounts and in percentage trend line charts. The projected category growth and forecast trend lines provide critical information for accurate, long-term, product planning. Some solution providers provide hard data along with infographics.
MAP Scan: Violations of MAP dramatically affect product sales volume, margin and brand reputation. Staying alert about MAP is a critical piece of your product pricing strategy.
MAP Site Tracker: Deep market intelligence solution providers make can track a product’s pricing on multiple websites over time.
Deep market intelligence will provide insights that drive some of the most important decisions a business can make.
Mark Doyle is the President and Founder of Marketscape Inc., which designs and manages marketing intelligence programs for businesses in the United States and Canada. Doyle has three decades of multi-sector experience in natural products, manufacturing, marketing and web-based solutions. His masters of business administration included advanced international marketing courses at Oxford and Cambridge.