Earlier this year NielsenIQ and CEW partnered to field a comprehensive survey to CEW members focused on the value that data plays in their professional lives. The survey interviewed a cross section of the industry, including a mix of founders, executives, and managers across a variety of company types, including manufacturers, retailers, consultants, and DTC brands. In mid-November, results were revealed in a powerful webinar, Beauty Unmasked: Illuminating the Power of Data.
Among the findings were that optimism for continued industry growth is strong, but challenges remain due to increased complexity in brands and channels. Overall? There is no universal agreement on how to best use data to achieve the outcomes that a company is looking for.
A few key themes that emerged:
- The power of data – Data is a key building block that brands depend on to run their businesses. The most adept companies are seeing data not for what it costs, but the value that it can drive for their businesses and the results that it can deliver. Leading companies rely on these insights to fuel their daily decisions and long terms strategies.
- The data divide – Access to data and insights is not equal, with larger companies generally having access to a wider array of information, while smaller brands are left having to pick and choose which insights are most important to them.
- A focus on the future – Overwhelmingly, beauty companies are focused on insights related to innovation and product development, to satisfy the needs of trend-driven consumers. However, less attention is paid to more tactical types of analysis, such as out of stock or assortment analytics.
As the industry continues to grow, and new, additional complexities emerge, NielsenIQ believes that it will be more important than ever to be able to measure your brand and competition accurately, embracing data for the insights that it delivers. To learn what the survey revealed, click here to access the free webinar.
