Why isn’t the frequency of receiving data a one-size-fits all solution? Well, according to the survey, most retail respondents are hungry for more customer behavior data, which makes a lot of sense. That way they can monitor current trends with customers and identify new buying behaviors swiftly. Additionally, 56% of them want more frequent (daily or every other day) analysis of customer behavior data.
Then consider the bears! Their counterparts within CPG firms. Over 25% of them are looking for more data that tracks consumer behaviors. But the preferred frequency for CPG brands is weekly at 43% according to the survey.
This difference in the frequency preference is interesting because most CPG brands are currently receiving this data weekly already at 39%, and most Retailers receive their customer behavior data at the same percentage of 39%.
“We are able to effectively track customer activity to recommend products that match said activity, and we are able to organize a majority of this data. We do have some occasional difficulty in the large quantity of information we receive, however, which hinders progress.”
The frequency at which a company analyzes data is important, but the amount of data a company analyzes is equally important. Most organizations have 6-8 data sets they want to track. How much data is included in those data sets? If there is little data to analyze, then it’s easier to get insights from that data quickly, but the more data that needs to be analyzed, the slower the insights come in. This is where the frequency and the amount of data required to analyze come into play heavily for Retailers and CPG brands.
Tomorrow we’ll discuss why frequency of receiving data isn’t a one-size-fits-all solution.
Read more survey results here.