Analyzing product data for consumer goods brands

The elephant in the room when it comes to innovation in consumer goods today is data – there are vast amounts of customer data available today. So why aren't all consumer goods companies using this data to develop better products? It turns out that many don't know where to start with product innovation, given the complexity involved and the lack of available resources within their organizations.

The following are a few of the main ways in which consumer goods brands can use product data:

• Consumer goods content generation
• Analyzing consumer goods reviews
• Lead time analysis
• Demand forecasting
• Maintaining adequate cash flow
• Analyzing the impact of discounts
• Identifying seasonal trends
• Social media analytics

We will explore these methods in-depth in the following sections.

Consumer goods content generation

Creating clear, concise product copy is key to successful products...