Data is king

In today’s world, it’s no stretch to say that data is king. Many of us would go as far to say that it is now the most valuable resource on the planet. A fair assessment, I’d say given that we’re in the age of the internet and the power of computer processors. It is data that fuels economies.

Highlighting how this is possible is Circana, whose latest insight into competitiveness in FMCG, suggests SME manufacturers will have to use data to stay ahead as well as differentiate themselves from larger firms.

The problem is what to do with this huge repository of potential knowledge. It’s one of the most powerful weapons in the arsenal of any business, and for some it sits unused, stagnating under the surface.

In today’s saturated environment, SMEs will have to use data to unlock more precise customer insights so they can reach the right consumers at the right time with the right message.

Leveraging data also improves the customer journey by enabling them to tailor marketing messages to specific demographics, behaviours, and preferences at each stage of the buying process. Why waste money on uninterested customers with messages that they feel irrelevant? Focus efforts cultivating relationships with customers who are ready to be engaged.

Engagement, of course, comes as a result of investment in product development. The trick is ensuring you’ve a winner despite investing large sums of money and resource into bringing a great consumer, benefit led innovation to market.

Data, again, holds the key. Finding the right partnership, and continuing to develop that partnership so that you’re able to grow on how you collect data, will help – all while technology is growing and evolving.

Because of the industry changes, SMEs have to constantly keep an open dialogue with their partners to change data collection processes to ensure they are getting what their clients, and ultimately consumers, need. Every SME is looking to drive its operational efficiency and unlock untapped growth potential.

It would appear that the future is all about ease and convenience, without sacrificing on the data.

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