The new subscription-based platform, dubbed Byzzer, provides emerging SMBs with valuable data and analytics that they might otherwise not have access to due to their size. Compared to larger companies, SMBs typically don’t have the resources to leverage an army of analysts to dig up retail data and actionable insights. Byzzer aims to provide brand alerts and market reports for consumer packaged goods brands.
The platform aims to fill a data gap for SMBs that don’t have the resources to mine their own data or pay for huge analytical programs. NielsenIQ is well-known for its consumer behavior insights data.
“Data inequality isn’t new to retail,” Susan Dunn, NielsenIQ’s chief revenue officer, said in a statement. “Emerging brands, especially in CPG, are bootstrapping their way to growth when it comes to data because there has never been an opportunity to harness the insights available to larger competitors.”
Data is critical to new brands, as 23% of new items are delisted within the first year, according to NielsenIQ. Brands that subscribe to Byzzer can receive weekly brand alerts--with market share, product distribution, pricing, market performance, and promotion efficiency risks and opportunities--that utilize sales data from 90,000 stores and 100,000 households.
“The problem isn’t data availability for SMBs, it has always been available,” Dunn told Retail Leader. “The problem has been that the data and analytics point of entry, from a dollar and resource standpoint, has been out of reach. The dataset can overwhelm a small company, needing a team of analysts to extract value. The Byzzer platform was built specifically with small budgets in mind and built for a data novice using the same data that large companies have access to.”
In addition, the platform offers brand and market trend reports that translate a brand’s performance across multiple markets, retailers, and product characteristics to identify business opportunities. The reports can also benchmark sales trends, understand the impact of consumers’ habits on sales, and identify business drivers, with recommendations on price, promotion, assortment, and market expansion.
“With this launch, NielsenIQ is evening out the playing field--we created Byzzer to give every SMB the insights to create strategies that win more customers, loyalty, and shelf space,” Dunn said. “We’re sparking a revolution that will infuse the marketplace with brand diversity and fresh, innovative products to consumers.”