This is our story of co-creating a solution with a leading Consumer Packaged Goods (CPG) company
As we know…
It’s critical for companies to curb negative perceptions by targeting the right audience through effective marketing interventions. Analytics can help companies achieve this, and in the long run, help them in gaining market share as well.
The challenge for the insurance company was…
To improve the sales of one of its product portfolios, and effectively tackle rising negative customer perceptions of another portfolio. To achieve this, it was imperative for the company to identify and reach the target audience through the most effective marketing interventions. WNS recommended a holistic approach to achieve these objectives. This included assessing the brand readiness and commercial readiness of the company’s 20+ portfolios in specific markets.
Here’s what we co-created as a solution…
WNS studied the client’s diverse brands and markets with three key criteria in mind. Advanced analytics was deployed to determine the effectiveness of the client’s brands vis-à-vis the competition. The most important and impactful value drivers for these brands were identified, and deeper insights were provided to build impactful marketing strategies for each portfolio. This enabled the client to ensure the market readiness of its brands, strengthen its competitive edge, and over a period of time, gain a wider market share.
Key steps in the WNS approach included:
Classification of the market landscape: The global market for the product portfolios were studied based on key criteria (such as category development and market share). In-depth segmentation of the priority markets for specific brands was then carried out to classify the CPG company’s 20+ unique products
Identification of brand value drivers: A wide range of commercial and consumer metrics were subsequently classified into three key criteria. By leveraging analytics to study these metrics, the client identified the primary and secondary brand value drivers
Prioritization of growth strategies: Each product of the company was assessed against the competition based on the primary and secondary value drivers. This offered insights into the relative strengths and weaknesses of the company’s brands. The cumulative process allowed the client to assess marketing gaps and prioritize growth strategies to fill them
The outcomes from the process of co-creation are…
The CPG company was able to understand when and where to provide marketing interventions to boost the key brand levers in the minds of its consumers.
The insights gained were translated into a rulebook which the client continues to leverage to highlight aspects of its consumers that require marketing interventions. Further, by customizing the marketing efforts for specific regions, the company accelerated the growth for specific product portfolios.
The solution offered added benefits such as:
Granular-level insights to understand the levers related to key strengths and market presence
Develop marketing strategies to strengthen existing portfolios from best practices across geographies
Build market readiness for future growth and expansion
Capitalize on multi-region and multi-category offerings for every market based on value drivers revolving around brand affinity and functional benefits
To view the infographic, click here.