To gain back consumer trust and relevancy, CPG giants must center the business around a deep understanding of individual consumer tastes. The purpose is a significant influence. Today’s consumers are not just buying from companies; they are buying into them. Beyond cost and quality, 52 percent of consumers are attracted to brands that stand for something bigger and align with their values. And 62 percent want companies to take a stand on issues like sustainability, transparency, or fair employment practices.
Big CPG can use data to strengthen consumer relationships and engage with consumers one-to-one. These players have always analyzed consumer data to keep mega-brands profitable. Now they need to harness data to curate messages, pricing, and promotions to engage people around a shared sense of purpose.