- Circana
- May 14, 2024
- 2 min read
By James Carlson, Mid-Market Consultant and Team Leader, Circana
Getting your hands on retail data is a breeze these days. The best part? It’s a game-changer for small CPG businesses, giving everyone a fair shot at success. With the right data, it’s never been easier to make smart, profitable decisions to grow your business.
How can you use retail data to win a bigger piece of the market? Here are five tips:
Speak the retailer’s language
Convincing retailers to stock your products can be tough. They only have your pitch and your charm to go by. But if you spotlight solid category data and your own sales trends, you’ll have a much better shot at showing them your worth.
Retailers have limited shelf space. Once you’ve landed some, aim to spread out and boost your sales. To do that, you need to dive into data specific to that retailer. This need not be out of reach even for smaller CPGs with small business analytics solutions like our Liquid Data Go. You can track sales by retailer and see how you stack up against your rivals with on-demand reporting.
Start small, aim big
Retailers have limited shelf space. Once you’ve landed some, aim to spread out and boost your sales. To do that, you need to dive into data specific to that retailer. With tools like our Liquid Data Go™, you can track sales by retailer and see how you stack up against your rivals.
If your products are flying off the shelves faster than the competition, convincing the retailer to give you more space means more money for them, and quicker too.
Outsmart your rivals
Knowing who’s winning and who’s not is critical, and category data tells all. It’s your chance to spot competitors who are losing their edge and capture their market share.
Identifying areas where your rivals are struggling can be a smart play, letting you quickly move in and win a bigger market slice. You might find competitors worth teaming up with or even buying out. With the right data, you can make your move swiftly.
Spot the next big thing
Predicting trends is all about figuring out which brands will hit and miss the mark. Retail data shows you seasonal patterns and hot new categories so you can get in on trends early and boost revenue. If you spot a solid trend over time, you’ll get ahead of the competition and position yourself as a leader.
Cultivate connections
Retail data is more than a tool for edging out competitors or boosting sales. It can also help you nurture relationships with retailers. If you spot trends that could impact their sales, sharing your insights is a brilliant way to strengthen bonds. It might not immediately increase your distribution or shelf presence, but it creates a foundation for future growth. Building strong relationships is a long game, and data is your ally.
