Turning Big Data into Compelling Insights
For Consumer Packaged Goods (CPG) there’s much to gain considering the high failure rate of product introductions (as high as 85%). Consumer Goods were the first to adopt digital innovation starting with marketing and sales activities before moving into supply chain and operations. Consumers are presented with more choice in products and services customized for their specific preferences and channels for distributing them.
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Online has become the critical place to be for brands that want to engage consumers. Data gathered from these interactions will grow exponentially as will consumers’ concerns about how their data is used.
Big Data Insight.
By using artificial intelligence to ask questions about patterns in data we uncover new ways to address unmet consumer needs and enhance their experience.
Customer focus turns into customer obsession. Small teams use agile ways of working to bring ideas to the marketplace faster and experiment along every possible variable.
Insights before Ideas.
What is needed in CPG is a focus on insights before ideas and create a balanced portfolio of different types of innovation from incremental to more radical and disruptive.
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A global FMCG company had tried to introduce a radical new product, but the results were disappointing. Strategos organized an incubation team focused on developing a much deeper understanding of why consumers would be interested in this idea and what unmet needs it could address. After designing and testing various business model options using agile work methods the product was re-launched. This process has since been codified and rolled out globally to launch products in this category and further scale up this business.