This success story details how Matics Analytics helped a leading European sauce brand gain a comprehensive understanding of their competitor landscape using data & analytics.
INTRO AND CLIENT BACKGROUND
In today's fiercely competitive landscape, staying ahead of the curve requires a deep understanding of your competitors' strategies. This is particularly true for the FMCG industry, where consumer preferences constantly evolve, and innovation is key to brand differentiation.
Here at Matics Analytics, we recently partnered with a leading sauce brand in Europe to help them gain a comprehensive understanding of their competitor landscape with competitor analysis.
Our task is to leverage the power of data and analytics to create a custom competitor dashboard, empowering them with insights to make informed business decisions.
THE CHALLENGE: GAINING VISIBILITY INTO THE COMPETITION
Our client, a renowned sauce brand, recognized the need to gain a more transparent view of their competitor landscape. They expressed a desire to analyze competitor websites, extract key product and pricing information, and ultimately create a user-friendly dashboard for continuous monitoring. This dashboard would allow them to:
Compare product offerings:Â Analyze the types of sauces offered by competitors, including their categories and specific product names.
Track pricing trends:Â Monitor competitor pricing and identify any potential pricing gaps or opportunities.
Gain insights into marketing:Â Understand how competitors are marketing their products and identify potential differentiators.
Track changes over time:Â Monitor competitor websites for updates and stay informed about evolving strategies.
Our Approach: Combining Automation and Human Expertise
To meet this challenge, we employed a multi-faceted approach with the expertise of our talented team:
Data Extraction:Â
We utilized web scraping techniques to automatically extract product information, pricing data, and product descriptions from competitor websites.
This efficient process eliminated the need for manual data entry, ensuring accuracy and saving valuable time.
Data Cleaning and Preprocessing:Â
The extracted data underwent a cleaning and pre-processing stage to ensure consistency and eliminate any potential errors or inconsistencies. This step involved addressing data irregularities and preparing the data for analysis.
Data Analysis and Visualization:Â
Our data analysts leveraged their expertise to analyze the cleaned data, identifying key trends and insights.
Using data visualization techniques, created a dashboard displaying the information in a clear and concise manner, allowing them to easily navigate and understand the competitive landscape.
Filtering and Sorting:Â
The dashboard was equipped with various filters and sorting options. This enabled the client to filter based on specific product categories, price ranges, or keywords within product descriptions.
Additionally, sorting functionalities allowed them to quickly compare competitors based on various criteria, such as price or product name.
Charting and Data Representation:Â
The dashboard incorporated various charts and graphs to visually represent the data. This included bar charts for comparing prices, pie charts for analyzing product category distribution, and line charts for tracking historical pricing trends.
These visualizations provided a clear and concise overview of the competitive landscape at a glance.
Deep Dive into Product Details:
Beyond the core dashboard functionality, we provided the client with two additional screens for in-depth analysis:
Detailed List View:Â This screen presented a comprehensive list of all identified brands, their categories, individual products, and their corresponding ingredients. This facilitated easy access to detailed information for further comparison and analysis.
Word Cloud:Â This interactive visualization displayed the most frequently used ingredients across competitor products, with larger terms signifying greater prominence. This provided the client with valuable insights into ingredient trends and potential areas for differentiation in their own product development.
The Outcome: Empowered Decision-Making Through Data-Driven Insights
We successfully delivered a comprehensive competitor dashboard that exceeded our client's expectations. The dashboard, coupled with the additional list view and word cloud, provided them with valuable insights, including:
Identification of potential pricing gaps:Â The client discovered areas where their pricing could be more competitive compared to their rivals.
Product offering analysis:Â They gained a clear understanding of competitor product assortments, allowing them to identify potential areas for product innovation and differentiation.
Marketing and branding insights:Â By analyzing competitor product descriptions, the client could glean insights into their marketing strategies and branding approaches, informing their own marketing efforts.
Ingredient trend analysis:Â The word cloud visualization revealed the most used ingredients, allowing the client to stay informed about market trends and make data-driven decisions regarding their own product formulations.
The Future of Data-Driven Competitive Analysis
This sucess story exemplifies the immense power of data and analytics in empowering businesses to make informed decisions. By leveraging these technologies, companies can gain a deeper understanding of their competitive landscape, identify market opportunities, and ultimately achieve sustainable growth.
You can try the dashboard here, it's live! - Competitive Analysis Dashboard
At Matics Analytics, we are committed to providing cutting-edge AI and data analytics solutions that help businesses thrive in today's dynamic market environment. We invite you to contact us to learn more about how we can help your organization leverage the power of data to gain a competitive advantage.