Data is one of the most powerful assets for any CPG brand. So how and where do brands get their data?
Syndicated data is an aggregated collection of product retail sales activity across a chosen set of parameters and has the potential to track industry trends along any scale of your choosing.
Syndicated data can only be made available to CPG brands thanks to the efforts of data syndication companies (NielsenIQ, IRI, or SPINS). These third-party organizations collect comprehensive CPG metrics across a wide range of retailers and customers, aggregate relevant data points, and provide access to CPG manufacturers.
Syndicated data can then be broken down and categorized within two unique channels:
1. Syndicated Store Data
Syndicated Store Data combines useful product details such as sales trends, competitive analyses, distribution, price, and promotions. Since this data cannot be provided by any single retailer alone, it is collected and aggregated by third-party syndicated data companies.
2. Syndicated Panel Data
Syndicated Panel Data tracks customer behavior and provides retailers and marketers with an overview of user demographics, brand loyalty, store loyalty, purchase frequency, and any number of conceivably useful shopping preferences. Syndicated panel data is collected by third-party syndicated data companies through a demographically balanced household sample.
Retail direct data provides information about a specific product from a particular retailer. Individual retailers can provide sales information, often through their own web portal, about a specific product’s performance throughout their location(s).