Data Whitespace: Quantify Opportunities Not Captured By Big Data
SmartRevenue identifies critical point-of-purchase, experience, and consumption KPI Data Whitespace metrics not available through big data, sales data, or other market research approaches. Data Whitespace insights and KPI's drive differentiated insights and opportunities for marketing, retail, and operations and innovation.
In recent years, the promise and reality of big data have yielded new possibilities for understanding and interpreting purchase behavior. Because of these advances, there is the natural tendency to rely on such data to guide marketing, merchandising, and sales planning. While the potential benefits are attractive because of their scalability and cost effectiveness, big data do not tell the whole story of shopping behavior, leaving an area of uncertainty where key insights can be generated to drive practical, actionable, revenue-producing solutions.
SmartRevenue has developed a data-driven approach for improving retail performance through the analysis and modification of the shopping process. By studying how and why shoppers buy, marketers can:
• Identify lost opportunities -- shoppers with latent product needs that can be activated at the point-of-purchase, and those who express a need but fail to buy -- and address them by stimulating product consideration and removing purchase barriers;
• Develop and reinforce shopper habits by closely matching shoppers’ requirements with product and service offerings; and
• Optimize the performance of pre-store and in-store touchpoints by targeting relevant messaging to shopper segments.
Identify Your Lost Opportunities
Learn more about how SmartRevenue's Data Whitespace identifies lost opportunities. Download our Journal of Shopper Research article, Identifying and Quantifying the Lost Opportunities Not Captured By Big Data.