For those clients facing reference data price increases.
🎯 Ex-NielsenIQ - Expert in FMCG / CPG / Retailer Market Research & Negotiation 📣 Proper preparation prevents poor performance in your Market Research Negotiations
❓ DATA DEMOCRATIZATION IN MARKET RESEARCH: A MISSED OPPORTUNITY? Data democratization is advancing rapidly thanks to new technologies. In market research, product attributes – such as packaging size, brand, or ingredients – play a crucial role in segmenting and analyzing sales data in a meaningful way. 💡 Without these attributes, the data is barely usable for customers. But did you know that there is no central product information database available for institutes to access? Instead, they classify this data independently – often still manually, in stores, or with the help of manufacturers and online research. This process is very resource-intensive. In the past, these tasks were often outsourced abroad, which frequently led to significant declines in data quality. 🆓 In my opinion, institutes should increasingly rely on standards such as “Verified by GS1” to centrally cover most product attributes. This would reduce costs and allow more resources to be used to close gaps where GS1 doesn’t provide coverage, such as product attributes for private labels or customer-specific requirements. ❗ It is surprising, however, that some institutes are now charging an additional fee for reference data – which, in my view, is unjustifiable. The use of these attributes has always been part of the service. Rather than leveraging innovative approaches like artificial intelligence or shared data pools to create synergies, this route is being taken as a disguised price increase. 🛑 Customers facing such demands should be aware that not all market research institutes charge an extra fee for this data, and that there are also alternative sources for this information that are freely available. Under no circumstances should an additional fee be accepted for data that has always been an integral part of the licensed service. #MarketResearch #Innovation #DataDemocratization #DataQuality #verifiedbygs1
