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From marketing to sales to strategic planning, NPD market information plays an important role in helping companies make critical business decisions. In a recent survey, NPD discovered the top ways companies use NPD information and found, on average, clients use NPD data in five different ways. This NPD Insights "How To" series highlights how you can put NPD market information to work for your business, across your organization.
Here is a look at the highest-ranked uses of NPD data:
Uses of NPD Market Information as Reported
by NPD Clients
(Ranked according to clients’ responses)
- Tracking performance and market share. Understand how your products stack up to the competition and improve your company’s position in the marketplace.
- Internal presentations and reports. Look to NPD market information for the in-depth analysis, charts and graphs that can help you tell a compelling story.
- Strategic planning and development. Rely on NPD market insights for historical trends and a complete picture of the market that can contribute to your long-term planning.
- Fact-based selling. Incorporate NPD’s point-of-sale and consumer data for more effective discussions with retailers.
- New product plans. Identify strengths and weaknesses in your product mix and let NPD help you develop and test new product concepts.
- Demographic profiles/consumer targeting. Profile your target consumers to understand what they want, what they’ll buy and why.
- New marketing plans. Apply NPD’s perspectives on the marketplace and your competition to bolster your marketing decisions.
- Tracking new products. Monitor new products’ success and analyze strengths and weaknesses based on hard sales data and consumer insight.
- Evaluating advertising and promotions. Maximize your promotional dollars by assessing what’s working and determining where to focus your efforts.
- Other uses. The challenges and demands of your business are unique – contact us to discover how best to apply NPD market information to the issues you face.
Source: NPD Client Survey, summer 2003
NPD's Corporate Vice President of Sales, Tom Stigler, commented on the survey results. "Clients have long told us they consider our data critical to many aspects of their businesses, but we were especially happy to see so many different uses rank impressively in the latest survey. We strive to create new tools and services our clients can use to address their diverse business challenges. This year’s survey shows our clients understand our products and know how to use them across their businesses. That’s exactly what we’re aiming for – making sure NPD market information is behind every business decision," he said.
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