Short summary of the NielsenIQ webinar.
Audrey-Ève Néron, Director of Market Development and Business Intelligence at the Groupe Export, provided a basic training session for members of the association regarding NielsenIQ market data. The goal of this webinar was to explain the essentials of the databases, giving participants the opportunity to ask questions and better understand the importance of data in developing new markets.
NielsenIQ market reports are primarily based on two main data sources. Initially, the program gathers transaction data from retail outlets. POS data, or point-of-sale data, refers to the information for each scanned item logged in the POS system, which contributes to product category data. Additionally, panel data, or household data, includes self-reported purchasing information obtained through surveys. This type of data provides a comprehensive perspective on sales trends and enables brands to gain direct insights from consumers.
Am I Competitive? Data reports help companies answer several of their questions. They allow for analysis and understanding of product performance compared to competitors. The reports also enhance the understanding of customer consumption habits within a specific sector and facilitate the analysis of changes in product volume over time. Essentially, data reports enable businesses to address the following questions:
- How does my product perform compared to my competitors?
- Is my price competitive in the category?
- Are my promotions effective in boosting sales?
- Who are my customers and what are their consumption habits?
- Where are the opportunities to increase my distribution?
- Why does my volume fluctuate?
You have decided to order market reports? Good news! To maximize your meeting with NielsenIQ experts and order your reports, three aspects should be considered. First, if you know the UPC codes of your competitors’ products sold in the U.S., it will be easier to quickly identify the categories to analyze. Next, we suggest identifying your objectives to determine the type of relevant data for your needs. Finally, identify the relevant markets for your products to facilitate your meeting.
For more information regarding NielsenIQ/Byzzer market reports, please visit the dedicated page.