Signals Analytics surfaces near-term, midterm and long-term insights to support strategic business decisions and provide clarity in a time of uncertainty.
Being a data-driven business is about more than just validating ideas with data. It is about using information to uncover actionable insights that drive business decisions. It is about having an internal culture of using data in every business area and every position, from the C-level and VPs to brand managers, R&D and innovation leaders, analysts and insights teams. As Cameron Davies, head of corporate decision sciences at NBC Universal says in a recent McKinsey paper, “the end goal of having a data culture is to make better decisions more often.”
At a time of crisis such as the one we are in, data and by extension, analytics, is the vital organ that will keep the heart of a company beating, giving direction and confidence in critical business decisions that need to be made.
At Signals Analytics, we have built an AI-driven configurable data platform that surfaces insights to support product decisions by connecting a wide range of external data sources and data types that cover the product and consumer landscape. These range from product reviews, consumer discussions, KOL posts, patent filings, research papers, product listings, clinical trials and more. More than 13,000 of these data sources are fed into our platform to yield predictive insights and identify established trends, emerging trends and white space opportunities.
And because they are external data sources, the analytics that are derived feed directly into a nearly insatiable need at a time like this to reconcile what is happening in the “outside” world with where the business stands and where it can go.
Almost immediately once the pandemic broke out, was a global shift in consumer lifestyles and purchasing behaviors around the perception of what was essential. This shift reinforces some old trends as well as introduces new trends; both are opportunities that can be tapped into. Innovation can fill new white spaces of unmet or unarticulated consumer needs, from food and beverage products, to personal care, household goods and drugs. And while we anticipate a shift in consumption toward new features and benefits that will facilitate the recovery and alleviate the difficulties that people face during this time, there is also white space for potential new products that can become permanent fixtures in the everyday lives of consumers.
Working together in configuring the platform to meet your business needs, Signals Analytics can help answer these questions and drive marketing messages around various FMCG categories and life sciences areas.
Supply chain. Consumers care less about brand when it comes to water, hand sanitizer, toilet paper or pasta. Managing the supply chain, maintaining inventory and maximizing efficiency in getting the product into the hands of the consumer will be key.
Product development. Consumers are washing their hands extensively to protect themselves from the virus and suffer from dryness as a result. Anti-bacterial moisturizers and moisturizing soaps are white space opportunities to be exploited for manufacturers who can act quickly.·
Positioning. Consumption of vitamins are very high to boost immunity. Besides orange juice, there are other ingredients and products which can boast the same claim, for example, Vitamin D, Ginger, Chicken Soup, etc. At the moment, teas are largely dominating the product discussion landscape for immune-boosting characteristics.
Messaging. Sleep, stress and anxiety are all connected and very important for boosting immunity. For example, the Genius Brand is an emerging vitamins and supplements brand that covers all these claims but there are likely many other products with similar claims to make.
Pricing. A decline in consumer spending power can be expected. Premium brands will benefit with a shift to addressing a humble, healthy lifestyle. Luxury brands with high affinity and loyalty can capitalize on early signals, shift product strategy and upend their otherwise weak prospects.
Once it passes, and it will, it is likely that this pandemic will leave in its wake many lasting effects. Governments, communities, consumers will look for ways to return to normalcy but at the same time to ensure better preparedness for the future. This will come in the form of vaccines and new drugs, finding ways to permanently boost immunity all across personal hygiene, healthy lifestyles and our food supply. Leveraging advanced analytics and continually tapping into early signals will help manufacturers to better plan by knowing where to cut back, where to double down and where to newly invest.
For more information on how to leverage the platform and extract insights pertinent to your business, contact our team of solutions experts.