Are You Reading Data Wrong?
We live in a world with thousands of data collection methods – and even more data.
Companies like Teradata, Palantir, Premise, and MemSQL are known for their work in the big data space. Some of these companies – and their competitors – offer predictive analytics and some do not. Some of these companies offer other data mining opportunities and some do not. The definition of big data companies is still fluid, which makes discussing this field fairly difficult. Regardless, one thing can be sure: the importance of data collection and dissection is clear.
Actionable, digestible data is fundamental for businesses looking to enhance strategic planning and development. Nielsen Holdings N.V., an international information and measurement company, has a variety of tools to track consumer purchasing habits – among other behavior. In 2015, Nielsen estimated that 12% of all whiskey sales were represented by flavored liquor, like Fireball, Evan Williams Cherry Reserve, and Jack Daniel’s Tennessee Fire. That number was not wrong, but digging into this data may shine additional light on surface-level information. Interestingly, after Sazerac Co. rebranded Dr. McGillicuddy’s Fireball Whiskey in 2006, sales exploded. Fireball, more than likely, accounts for the majority of the 12% flavored whiskey sales reported by Nielsen.
Let’s take a look at some facts:
- From 2012 to 2013, Fireball sales grew from .8% to 2.3% of the market for liquors sold inside bars and restaurants.
- In 2011, Fireball retail sales were just under $2 million. In 2013, Fireball retail sales reached $61 million (ahead of Jameson Irish Whiskey and Patron tequila) and more than doubled to $130 million in 2014.
- While Fireball pulled in $130 million, in 2014 Jack Daniels net $43.7 million from flavored whiskey retail sales and Jim Beam $22.5 million.
- By June of 2015, Fireball was the sixth most popular spirit in the United States by retail sales volume.
- In terms of shots, Fireball took the #1 spot away from Jagermeister before the summer of 2015.
- Sazerac has not confirmed with sales numbers, but it’s reported that Fireball’s growth is higher than competing brands like Jack Daniel’s Tennessee Honey Whiskey and Jim Beam’s Red Stag Flavored Bourbon.
The last point is arguably the most important: without firm sales numbers, trends are nearly impossible to prove. The challenge is finding evidence to support educated guesses without leaning too far into the unknown.
Many large reports seem useless without a dedicated process for analysis. However, data analytics do not necessarily require a department of employees or the newest technology. Constructive information comes from the right questions and is organized in a clean, simple format. Clear visuals and digestible data ensure that reports are useful company-wide – no matter the audience. With correctly prepared data, you can find meaning to empower your business.