Tackling Customer Churn and Elevating Sales for a CPG Company – Infiniti Research’s Customer Needs Analysis Engagement
Customer Needs Analysis for a CPG Company The Canadian consumer packaged goods (CPG) industry is growing exponentially and presents huge opportunities for CPG companies around the globe. Despite this steady growth, convenience and rapidly changing market realities makes it vital for CPG companies to understand customer needs and buying patterns. Also, the increasing market volatility [...]READ MORE >>
Customer Needs Analysis for a CPG Company
The Canadian consumer packaged goods (CPG) industry is growing exponentially and presents huge opportunities for CPG companies around the globe. Despite this steady growth, convenience and rapidly changing market realities makes it vital for CPG companies to understand customer needs and buying patterns. Also, the increasing market volatility necessitates companies operating in the CPG industry to have an agile operating model that keeps pace with evolving customer needs and demands. This is where CPG companies realize the importance of leveraging customer needs analysis.
The client is a CPG company based out of Canada. The client launched a new product in the market. But, the newly launched product was losing ground to competitive products due to their inability to meet customer needs and demands. Also, the client was facing difficulties in identifying profitable customer segments to promote their product offerings. With this, the company witnessed a decline in their sales rate. Also, the client noted an increase in customer churn rate. The client, therefore, approached Infiniti Research for a solution.
With Infiniti’s customer needs analysis solution, the CPG company wanted to identify their customers’ unmet needs, purchase behaviors, and spending habits. Furthermore, with Infiniti’s customer needs analysis solution, they wanted to better understand product features that would drive consumer purchase and satisfaction.
Solutions Offered and Value Delivered
The experts at Infiniti Research followed a three-phased approach to customer needs analysis. In the initial phase, the experts conducted market research of the Canadian CPG industry to identify unmet needs of the customers’ and understand other purchasing drivers and barriers. The next phase involved conducting internal sales data assessment and customer surveys with the client’s target customers. This phase also included analyzing the vital features of competitive products that drove consumer satisfaction. In the final phase of customer needs analysis approach, the experts segmented the client’s customer group based on their needs and demands.
With Infiniti’s customer needs analysis solution, the client was able to increase their sales and market share by focusing on personalizing their product offerings according to customers’ needs and requirements. Also, by segmenting customers into various categories based on their demands, the client was able to realign their marketing activities and distribution process to meet customer needs.
The client was able to reduce customer churn rate by 11%. Also, the CPG company gained 7.5% retail share in their new product category over the course of two years, generating millions of dollars in revenue.
What is customer needs analysis?
Customer needs analysis is defined as the process of identifying the evolving needs and demands of customers relative to a product or service. Customer needs analysis is used in various phases of the business process, including product development, product marketing, customer value analysis, and customer segmentation approaches. For businesses to be good at marketing, it becomes imperative to understand and satisfy important needs of customers in relation to their products and services. By doing so, companies can increase sales conversion and customer satisfaction.