Up to now, brands have had to spend 80% of their time sorting through the reams of market data, leaving just 20% of their time for the critical decision-making off the back of that data. gfknewron has flipped that around. Driven by powerful AI that is continuously validated by GfK’s experts, it gives instant access to GfK’s independent, predictive analytics for tech consumer goods across 27 countries – and counting. Clients are using gfknewron to cut through the market noise and find signals that show what is coming.
The latest features in a continuing path of upgrades now help GfK’s clients improve their marketing and trade spend, and inject a significantly improved KPI-driven drumbeat into their commercial organizations. Recently launched additional features include identifying the premium that consumers are willing to pay for one product over a similar one, plus a built-in simulator that tests the optimal price for a product promotion. Additionally, AI-enabled rolling forecasts deliver information that supports critical decisions around stock order and allocation, and users can now flip seamlessly between sales analytics (what people are buying) and a new section displaying consumer insights (why people are buying), all within one solution.
Peter Feld, GfK’s CEO states, “gfknewron 2.0 is a milestone in our transformation into a provider of AI-enabled intelligence “at your fingertips”, together with consultancy, within tech consumer goods. Over the past 2 years, we have worked hand in hand with our clients to create a revolutionary tool ready to propel growth for our clients. Launching at a time when worldwide disruption has torn up normal market patterns, many of our top clients are already using it to see what’s coming and move fast in taking decisions for sustainable business growth.”
Kriti Sharma, VP Product for gfknewron adds, “From predicting future market trends to understanding consumer behavior and needs, gfknewron has become the trusted, AI-powered companion for brands, helping them make these important decisions. With 20,000 recommendations generated each week, every gfknewron user is now able to predict what’s next for pricing strategies, competitor landscape and consumer touchpoint - with “explain-ability” embedded in our AI experience.”
Powerful new features in gfknewron 2.0
The latest round of new features added to gfknewron include:
• AI-enabled forecasting: an objective, rolling short-term forecast on which to make decisions with confidence about critical stock order and allocation. Designed to help sales and key account managers maximize near-term sales and minimize over/under stock situations.
• Revenue premium: measures the premium that consumers are willing to pay for one product over another similar choice, versus your competitors. Based on factors as diverse as how consumers view your brand, feature differentiation, the promotions you run, even the terms of the warranty. It helps teams define and manage their strategy for profitable growth.
• Price promotion planner: an interactive feature that finds the optimal promotional price for your model and shows what impact a promotion will have, both on your models’ sales and your competitors’. It helps teams plan promotions to maximise revenue and take share from key competitors.
• Brand and marketing intelligence: brings consumer sentiment and perception into the same platform as sales analytics. It helps brands understand the competitor landscape to drive higher conversion of shoppers – identifying purchase drivers and the most impactful marketing touchpoints across the category.
• Global summary: an at-a-glance, powerful overview of your performance across all your key markets and product groups. It helps senior executives quickly identify the most pressing risks and success stories, and better manage the teams working in each market.
More information on gfknewron’s latest features is available at www.gfk.com/gfknewron.
gfknewron is a digital solution that delivers AI-powered market, brand and consumer intelligence, together with predictive recommendations that put you in front of the rest. It connects all the relevant sales and consumer data across your global product portfolio into an easy-to-use, customized, intelligent solution that enables you to react, plan, predict, pivot, and win. With gfknewron, what happens next is in your hands.
GfK. Growth from Knowledge.
For over 85 years, we have earned the trust of our clients around the world by solving critical business questions in their decision-making process around consumers, markets, brands and media. Our reliable data and insights, together with advanced AI capabilities, have revolutionized access to real-time actionable recommendations that drive marketing, sales and organizational effectiveness of our clients and partners. That’s how we promise and deliver “Growth from Knowledge”.
Press contact: Julia Richter, Tel: +49 911 395 4440
These are the findings of the GfK Consumer Climate Study for June 2021.Read more