On the G.R.O.W.: What Retailers Should Do Now
This article will appear in the May Issue of Retail Traffic magazine.
By: Charles Wetzel

In today’s economic environment, retailers that are using customer analytics to drive business decisions are faring better than those that aren’t. With declining sales and few store openings, it’s more important than ever to use customer data to understand everything you can about your most profitable customers and your best-performing stores.

It’s also critical that you use the resources you have – from your marketing dollars to your brain power – to obtain the biggest possible return on your investment. In other words, there’s zero room for waste. For the short term, the growth you achieve will probably come from your existing locations and your existing customers.

Now is the time to take a data-intensive look at each one of your locations from a customer data perspective – what we call the G.R.O.W strategy.  Identify the stores that are performing well, and then pinpoint the variables that contribute to that success. These could include the retail characteristics of the store, the surrounding customer base, the management and employees, the merchandising mix, the marketing message, the co-tenants and other factors. Then, where it makes sense, you should attempt to replicate these factors in your other stores.

Read more on what retailers should do in this economic environment.

Resources

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