B2B Analytics and Its Scope in Industry.
The Food Industry is by one of the largest and most vital industries in the world. It encompasses everything
from producers and shipping companies, to grocers and restaurants. Thus, it makes sense that the industry
would take advantage of the same big data services as financial firms and marketing departments to better
understand their consumer, increase efficiency and even create new recipes to try. Researchers have also
jumped into food industry analytics by creating a computer program that generates original recipes.
The program works in five steps to ensure that the recipes are creative, unusual and will still be pleasing to eat.
- Retailer Demands
- Technology hurdles
- Tighter shipping schedules
- Private Label
- Promotions
- Margin Squeeze
Food and beverage companies face much greater business pressures today than they did just five years ago.
It’s a blitz of rising commodity costs, retailer price pressure, distributor consolidation, farm-to-table
and other direct distribution models, and the entry of online retailers such as Amazon into the space.
In a reversal of longtime trends in the industry, large manufacturers of food and drink staples are now
losing ground to smaller, more nimble competitors that are meeting consumer demand for more innovation,
healthier options and door-to-door delivery. Even the most historically dominant brands are playing catch-up
with the latest trends and consumer demands for transparency in food ingredients, sourcing and sustainability.
Marketing Analytics in Food Industry:
Food & Beverage (F&B) manufacturing organizations rely on continuous consumer insights to adjust their Sales
& Marketing strategies. The key is to gain customer data and market indicators, analyze them and deploy the insights before trends change.
- Solutions that provide marketing analytics:
- Trade Promotion Management and Optimization: Enable promotion budgeting, planning and management to maximize returns down to an event level and optimize trade promotion.
- Marketing Mix Optimization: Evaluate returns on marketing spend on trade, advertising, consumer promotions and digital media.
- Big Data Analytics: Reviewing large and complex datasets to identify demand signals.
- Consumer Engagement – Analytics for Digital and Social Media: Connecting the dots to understand online consumers and conversation, define market segment to focus on and insights.
- Loyalty, CRM, and Salesforce Automation: Manage loyalty programs and events, leverage CRM to develop a differentiated consumer and customer strategy