The challenge of executing a 1st party data strategy in the CPG industry
In the consumer packaged goods (CPG) industry, 1st party data is a valuable asset.
It can be used to drive marketing campaigns, personalize customer experiences and enhance product offerings. However, many CPG companies struggle to effectively execute a 1st party data strategy.
There are several reasons for this:
- LCPGs often have a large and complex product portfolio, making it difficult to track customer behavior and preferences.
- These companies often have a decentralized organizational structure, which can make it difficult to collect and share data between different departments.
- CPGs often have a legacy data infrastructure, complicating the integration of new data sources into the system.
Addressing these challenges can be difficult, but it is essential for CPG companies to do so if they want to maximize the value of their 1st party data.
One way is to create a centralized data governance structure that helps ensure that data is collected and shared efficiently across departments.
Another way is to invest in new data management tools and technologies to improve data integration and analysis.
Ultimately, CPG companies must take a holistic approach to data management to maximize the value of their 1st party data.
By addressing these challenges, they can create a data strategy that allows them to better understand and serve their customers.
