Maximising a Tight Data and Insight budget

Your retail FMCG customers expect you to buy market data, you need it to understand the market, your budget is limited.

Here’s some steps to help you maxmise your spend.

Identify key market data and insights that are critical to your business. This could include data on market trends, purchasing behaviour or demographics. What's important to understand the complexities of your category and to help you manage it and grow?

Map out what you have access to already such as retailer EPOS systems (such Retail link, Tesco toolkit), what will retailers share with you? What's publicly available? Don’t overlook whats on the ONS, YouGov and that you can learn in the trade press.

Prioritise the data and insights that are most important. Critically assess pros and cons of each source of data, what will you and won't you have once it’s all in place? How critical are the gaps? What wouldn’t you be able to do without it and how much does that matter? How easy is it to use? Will it save you time and give you efficiencies?

Consider a variety of different sources such as industry reports and specialist publications. Whilst infrequent, these insight sources these could give you information in a cost effective way.

Continuously review and evaluate the effectiveness of data and insights in driving business decisions. Has something changed and you don’t need a source of data anymore? Are you getting the most out of the data you are buying?

Regularly communicate with stakeholders about the value of market data and insights to secure ongoing support for budget allocation. What business win has it helped you secure?

What business has it helped you defend? What relationship has it helped you build with a customer?

Continuously monitor the market for new and emerging data sources. New technologies in this space are emerging all the time. Take time to hear out pitches for these new services as you never know what you might find.

If you would like expert support click here to get in touch to see how I can support your data planning and procurement