Once a topic reserved more for statisticians than the everyday consumer, analytics have become a relevant tool across many areas of industry whether that be sports, politics, shopping and much more. In today’s competitive beverage market, brand owners and retailers are seeing the value of these micro-level insights to better understand how they can tap into consumers’ purchasing drivers while also producing a growing revenue model.
“The main evolution the beverage industry has seen in this space is the rise of revenue growth management (RGM),” says Brian Elliot, managing partner at New York-based Periscope By McKinsey. “RGM is now used by most major players in the beverage sector and has raised the bar in terms of what businesses have to do to gain competitive advantage. The adoption of RGM started in the soda industry, then became commonplace in the beer sector, and is now spreading to the distributors of alcoholic beverages, not just the brewers and distillers of the drinks.”