As retailers attempt to weather the transformations occurring in the retail marketplace and sustain performance, they are realizing that they must migrate away from the traditional product-centric archetype toward one that is customer-centric.
However, what does the concept of customer centricity really mean?
It means retailers must know who their most valuable customers are—the ones that make up the core of their patrons and provide the most value to their business. Identifying and understanding them is the key to unlocking the true potential of any brand.
So rather than being product-centric – focusing on the products you bring into the market – it’s important to know what products and services your core customers actually want. Their pain points and their needs drive the products or services your business offers, which makes it crucial for retailers to thoroughly understand their customers.
Get to Know Your Customers with Customer Intelligence
The best way for retailers to discover who their customers are is to go beyond loyalty program data, email lists, and transaction records, and dive into demographic and psychographic data. These sources provide insight into not only the census data of your customers – such as age, income, and education – but also into their beliefs, attitudes, values, and behaviors.
Combined, these types of data give deep insight into how customers spend their time and money, as well as how they prefer to be communicated with, which in turn helps you determine which are likely to be the most valuable to your business and how best to reach them.
But this sharper perspective of your core customers that’s revealed through customer intelligence can be used for more than targeted marketing. It can and should also guide everything from site selection to relevant product offerings, promotions, store designs and other elements of the overall brand concept.
The Bottom Line
If retailers use customer data they’ve collected, along with relevant demographics and psychographics, in the right way, they can shape retail strategies, set business goals, optimize marketing activity, and implement solutions that are aligned not only with company objectives, but also customer behavior and customer expectations.
To recap, with the right data, retailers can:
• Understand who their best customers are and what they want
• Develop marketing campaigns that target the right customers with tailored messages that make stronger appeals to their audience, in terms of dayparts, price points and regional preferences
• Identify and target untapped customers in both existing markets and new markets
• Grow their businesses with confidence
To learn more about how mobile GPS data can help you understand your customers better, check out Mobilytics, an application in the Buxton Platform designed to provide the most accurate, granular, and detailed view of visitors possible.