Computers and artificial intelligence have come along at an exponential rate over the past few decades, from being regarded as oversized adding machines to the point where they have played integral roles in some legitimately creative endeavours.
Open data marketplace provider, Data Republic, has partnered with market research firm, koji, to release a new ‘data-as-a-service’ offering ‘snapshot’ aimed at making grocery and liquor basket insights more accessible to brand marketers.
Developed using point-of-sale and loyalty data from Australia’s largest independent grocer network, snapshot reveals how specific products are bought, such as day, time, impact of price promotions, shopper demographics, as well as comparative purchasing behaviours across multiple geographic locations.
According to Data Republic's head of commercial, Steve Millward, snapshot gives an end-to-end picture of the habits of people buying a particular FMCG brand. It also provides a very clear explanation of what those insights are, along with experts to help interpret the data.
“It’s very insights-driven and tells them about who their customers are, when and where the products are being bought, so they can think about timing and advertising, and it also reveals cross-shopping which is what else is being bought and where there are further opportunities,” he told CMO. “And because we’re dealing with very raw transactional data, there are various ways it can be customised to really dig into particular aspects of buying behaviour.”
For too long, people selling and marketing FMCG products haven't had that much visibility on who buys their product and how they are sold, Millward claimed.
“There’s always been that arm’s length need of understanding customers better and their behaviours,” he said. “And there’s always been a balance between the expensive, very detailed data and the higher level survey-type data. But we think with snapshot we have a nice niche inbetween there, where we offer reasonably priced reports on a big share of the market that really tells people everything they need to know about their particular brand.”
Millward revealed koji recently worked with a beer brand to understand which alcoholic beverages and other snacks were bought at the same time.
“This way, they could begin to look at co-marketing and positioning opportunities down the track,” he explained. “Over time, we can then measure the effectiveness of their campaigns and look at market share versus other products in their categories as well.
“So it really provides a kind of one-stop-shop where a brand manager can understand their customer and then start to pull the levers they have at their disposal to drive sales and reduce costs. It also makes the whole process of getting stakeholders on board a lot easier.”