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With competition from online brands and new players on the rise, today’s retailers must work hard to win customers – and even harder to keep them. The growing list of channels means the shopping experience is no longer confined to stores. Instead, customers expect brands to anticipate and cater for their needs and preferences, in whatever channel they happen to be using. If brands don’t, customers will shop elsewhere.
To succeed, retailers must put customers at the heart of their retail marketing strategy – using data to understand the path to purchase and drive decisions. With more customer information available than ever before, opportunities are there for retailers who can turn data into real consumer insight.
We’ll show you how to use data driven marketing in your retail strategy:
Grow your business through acquisition
Attract new customers – by identifying your best shoppers and targeting more just like them, or by recognising new opportunities and gaps in the market. Knowing the products that new customers typically buy first can help you optimise everything from store layout to online SEO.
Build your brand awareness – by taking advantage of multiple advertising channels to deliver your message to more people on and offline. By understanding what channels customers use and prefer, your campaigns can be targeted more precisely.
Predict tomorrow’s profitable customers – by forecasting which shoppers have the biggest potential lifetime value, so you can build relationships with them today and grab market share, before your competitors.
How we can help
Maximise the value of every customer
Increase customer spend on each transaction – by cleansing and enriching your data with deeper and actionable customer insights. Use information on what people buy, what similar customers buy and household composition data to build your online and offline offering around your customers’ needs and preferences.
Increase customer spend in a year (or lifetime) – by using insight on what products customers buy together to optimise your stock, store messaging and website. The more convenient the shopping experience, the more likely customers will buy from you again and again.
Build loyalty with existing customers – by using insight into customer lifestyle together with past and likely future buying behaviour, you can provide a positive shopping experience, from dynamic products and offers to store location and intuitive website navigation.
How we can help
Make your marketing spend go further
Send relevant offers and incentives – by identifying customers’ interests, online activity, search behaviour and spending patterns. You can then narrow down your segments and target products, offers and promotions to specific groups – turning browsers into buyers.
Increase multi-channel effectiveness – by using accurate, up to date contact information to reach more customers in more ways, from in store and online to email, DM and mobile. Get greater insight into the customer journey and find out where your sales are coming from. When you can see what channels are working best for you, you can choose the best areas to invest – from social media to SEO.
Make informed decisions – by using RFM (recency, frequency, monetary) modelling to give you real actionable insight on your whole customer base, including channel preference, lifestyle and buying behaviour, propensity, product trends and path to purchase.
How we can help
Make your store more profitable
Improve sourcing, stocking and sell-through – by choosing the products your customers want, based on insight such as past buying behaviour, what they’re buying elsewhere and online search activity.
Get the best store coverage – by making informed decisions on whether to open, close, relocate or adapt a store, and using market insight to guide your strategy. Customer drive time, catchment area, demographics and GPS data can help you understand what type of people are where – day or night – so you can grow your geographic footprint in the most profitable locations.
Increase online sales – by understanding more about your customers’ online lives, so you can optimise your website, offers and SEO. See how customers search for your product, their path to purchase and average order values. You can then create strategies that put your offering at the front of the search results queue. Competitive Intelligence can help you continually compare, contrast, learn and refine your approach.
How we can help
Speak to a consultant
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