A brand’s success depends on how well it can identify and take advantage of opportunities for growth. SPINS data can provide insight into the performance of a brand’s product portfolio, the category, and its competitors, enabling brands to make informed decisions that help drive category expansion, fuel distribution growth, optimize promotions and identify white space.
The platform aggregates data from over 108K locations across the US and provides key metrics regarding sales performance and product intelligence. Furthermore, as well as offering insights on conventional channels SPINs has exclusive access to the natural enhanced channel and regional and independent grocers which is ideal for emerging brands looking to make a mark in the retail landscape.
SPINs wellness-focused data is available through Catapult Commercialization Services where I am a consultant helping them leverage the data for insights. With SPINs’ data and Catapult Commercialization’s expertise in understanding customer needs and preferences, small CPG brands can leverage this knowledge to improve their growth trajectory. Here are 10 ways small CPG brands can leverage SPINs data to propel their businesses forward!
1. Drive Category Expansion
SPINS data can be used to understand opportunities in the marketplace by providing the most comprehensive view of product sales by size, type, function, feature, and price point across retail outlets. This helps brands measure their share of shelf space and rate of sale compared to competitors in order to identify areas where they could increase their presence and success in the market. Additionally, SPINS data can reveal consumer trends that enable brands to adjust their product mix or create new offerings to capitalize on emerging opportunities and meet changing consumer needs.
2. Identifying Growth Opportunities
SPINs wellness-focused data can help CPG companies identify new markets and revenue channels. Companies can track consumer spending patterns and health trends across different geographies, channels, attributes, and other variables to uncover untapped opportunities for growth. This information can also be used to inform product development and marketing initiatives that could increase sales and build customer loyalty.
3. Fuel Distribution Growth
Distributing products through multiple channels is key for any brand looking to expand its reach. SPINS data reveals which outlets are selling well for competing products, giving brands the ability to target profitable accounts for their own products and capture potential sales that may have otherwise been missed. Additionally, SPINS data provides information about a brand’s current retail partners as well as other potential ones for consideration; this allows brands to determine which accounts would likely be most profitable going forward.
4. Analyzing Competitors
Small CPG brands can take advantage of SPINs data to gain an understanding of how their competitors operate in the marketplace. Companies will be able to analyze competitor pricing strategies as well as what types of products they are offering and where in order to stay ahead of the competition. This can also help you set targets for your own brand in terms of market share performance.
5. Product Development
Businesses can use SPINs data to learn more about consumer preferences when it comes to products related to health and wellness. This includes tracking attributes such as organic, high protein, plant-based, sleep-enhancing, etc. By studying sales trends around the types of products and attributes relevant to your business, brands can develop new products or enhance existing ones in order to better meet consumer needs in the marketplace.
6. Optimize Promotions
SPINS data provides detailed information about how promotions are impacting sales at each outlet level, enabling brands to adjust promotional strategies accordingly. This includes evaluating past promotion history and learning what types of discounts work best with different demographics or regions; this helps ensure a brand is getting maximum ROI on its promotional efforts without overly relying on discounts as a sales driver. Additionally, SPINS data shows which items are gathering dust due to lack of demand or overbuying; this helps brands create effective inventory reduction plans so they don’t miss out on potential sales from having too many discontinued items taking up shelf space instead of higher-performing items.
7. Inform Strategic Decisions
Knowing which accounts are detecting interest in a particular item or category is key when looking to expand distribution coverage; however, it can be difficult when trying to navigate complicated retail landscapes with varying levels of interest among buyers across multiple channels. With access to SPINS data, brands can uncover insights into where certain products resonate most strongly with consumers—enabling them to prioritize those accounts more heavily when seeking out new distribution partners who will offer the best return on investment (ROI).
8. Improving Sell Stories with Retailers
To make sure they get their fair share of shelf space on store shelves, brands need compelling stories that demonstrate why retailers should carry their products over competitors. With access to granular point-of-sale sales insights, CPG brands are given an inside look at how customers actually interact with their products compared with similar items from competitors—giving them powerful evidence-based narratives about performance that can help win retailer buy-in and set their products apart from the competition on shelves. Deliver a pitch that demonstrates the value your product will add to a category!
9. Tracking Consumer Trends
Another way small CPG companies can leverage SPINs’ wellness-focused data is by monitoring current trends within industries. The insights and trends that are extracted from the SPINs database allow brands to gain an in-depth understanding of the markets they operate in, better anticipate consumer preferences, develop more effective marketing strategies and optimize products catering more closely to consumer needs and wants.
10. Tracking & Improving Performance
Finally, small CPG companies should use SPINs wellness-focused data insights regularly in order to keep track of performance metrics like market share growth, velocity, distribution, etc., so they can make adjustments if necessary in order to increase visibility and reach among consumers who are interested in buying natural health-focused products.
In conclusion, leveraging SPINs wellness-focused data at Catapult Commercialization Services is an effective way for small CPG companies looking for effective pathways towards growth within their industries – whether it’s through identifying new markets opportunities or engaging more closely with retailers who offer consumers access to natural health-focused goods that resonate with their category growth objectives and values. If you and your brand are looking to benefit from using data to drive their commercialization efforts contact Emma Dunstone-Brown from LaunchJuice or Jamie Valenti-Jordan from Catapult Commercialization Services today.
