Nielsen held their recent Consumer 360 virtual event to unveil their rebranding as Nielsen IQ. Nielsen IQ aspires to the below goals:
- Provide better data visibility
- Discover innovations and opportunities
- Deliver the best global picture of diversity and changes among consumers
- Simplify the complexity of the data for bolder and more confident decision making among clients.
With such lofty goals, Nielsen’s made sure to highlight roadblocks that could impede progress. These roadblocks are common to advertisers across a shifting digital landscape, so they are important trends to keep in mind moving into 2021. Data challenges
Here is what Nielsen identified along with their proposed initial solutions:
- Omnichannel Measurement: Pursue 100% coverage of purchases online and offline
- Build retail partnerships to measure the modern consumer journey
- Source retail Intelligence data directly from the consumer to help measure intent and purchase
- Fragmented Data
- Take an open technology approach with “too much data” and with no walled gardens
- Leverage cloud platforms to increase scale and reconcile all data sets while increasing analysis speed across data sets.
- Using AI/Machine Learning: Simulation of datasets and modeling to help predict consumer behavior
- Build demand signals for better supply chain planning by analyzing results
- Local Market Challenges: Scalability and localization for small to medium businesses
- Develop a solution for efficient to market data driven by technology
- Always keep scalability top of mind
- Navigation of the New Normal
- Adapt to and understand rapidly shifting consumer behavior
- Address willingness of consumers to shift to new channels
Advertisers should remember to walk before they run. Notice that half of the challenges listed above are specifically about data organization and synching. Before scalability, machine learning and addressing shifting consumer needs, we must remember that data organization is the base of all success.
Consumer centric creative and media have been around for a while. Now consumer-centric measurement has joined the fold.