Earlier this month, I participated in the third annual Daymon Worldwide Global Analyst Summit, “Connecting the Dots Through Insights and Analytics,” held at the Hilton Stamford Hotel & Executive Meeting Center in Stamford, Connecticut. The event gathered more than 190 Daymon associates, as well as leading suppliers and retailers, and provided an immersion into the latest industry insights and global analytics best practices.
“As our industry continues to evolve along with new challenges to success, we want to provide our associates and key business partners with best-in-class information and tools to help them strategically navigate available information to capture growth opportunities,” said Clay Ellis, Sr. Director, Global Business Development Analytics, Daymon Worldwide. “This year’s event was truly a collaborative effort with our CEO Carla Cooper, CSO Dan Hooker and excellent participation from our leading retailer and supplier partners.”
The two-day conference was packed full of interesting executive speakers from Daymon and an impressive variety of thought leaders and academics from around the world including: Jason English, Vice President, Goldman Sachs; Amy Sousa, Ethnographic Analyst, The Hartman Group; Todd Hale, SVP of Consumer & Shopper Insights, Nielsen; and Dr Sarabjot Singh Anand, Co-Founder, Algorithmic Insights, just to name a few.
I moderated the retailer-focused panel: “What Keeps You Up at Night.” Participants included: Patrick Neuman, Director of Private Label, Mapco; Ana Lucia Silva, Head of Research, Jeronimo-Martins (Portugal); and Tom Pingel, Senior Manager of Market Intelligence, Topco. We had a lively discussion about the role analytics plays in building strong relationships with retailers, and ultimately, strong private brands at retail.
Ultimately the Summit presented three overriding themes both retailers and vendors should take to heart.
- Know Your Customer: This is the mantra of brand managers everywhere and was reinforced numerous times throughout the Summit. Examples of this were provided by two presenters:
- The 8 megatrends driving change in consumer demand, consumption and shopping behavior were presented by Virginia Morris, VP of Consumer Strategy & Insights Galileo Global Branding Group, Daymon Worldwide
- The shift from a cooking to an eating culture has drastically changed the market with snacking now playing a huge roll in our progressively larger demand for prepared foods and convenient options, presented by Joe Cook, Director of Business Integration, Daymon Worldwide
- Harness the Data: It’s not enough to simply collect data – harness it, finesse it, exploit it, and allow the resulting insights to drive results. And don’t just throw numbers or eye chart spreadsheets on a slide; make the data sing to you, but make it compelling to others, too.
- Embrace Your Partners: Retailers must invest in building mutually beneficial relationships with their vendor partners. Manufacturers, consultants, agencies and brokers all bring something to the table – leverage your partnerships to get the best possible insights into what is driving consumer behavior, and partner to bring innovation to the shelf.