How can data help startups succeed?
Oftentimes, startups are started based on “gut feelings.” But, in order to scale a business, especially during a time of crisis, there is much more that goes into it than a gut feeling. Data is needed to show where a brand fits in and where consumers are headed so they can pivot as needed so they can remain relevant.
There is no denying that data can be expensive and analyzing it can be labor-intensive, but Mintel Distributor is helping these new companies by providing them access to key datasets, reports, and services through partnerships with accelerators and incubators.
Startups need three basic types of data: sales data, the broader category sales data for context and consumer data, and what shoppers want from the product. Companies need to compare their sales data to trade spend information, observational information they have gathered from talking to consumers, and looking at the packaging and marketing strategies of other players in their segments and adjacent spaces. Doing so will help these young brands understand where they need to shift and make them better to help them scale.
Right now, Mintel has focused much of its free data and insights on the impact the coronavirus has had on the food and beverage industry. With the current pandemic, many products that are supportive of immunity, physical and mental health benefits, and preventative care will do well, along with brands and companies that highlight local connections.
Overall, businesses can startup by a gut feeling, but they need research and data to continue to adjust and keep themselves relevant.
