Every executive of every business has an interest in growth, innovation and sustained success, but while this concept is hardly novel, it is more complex than many imagine or care to recognize.
Today, almost every retailer is collecting data, but very few actually know what to do with it.
Deciphering, dissecting and analyzing the most relevant data components – the information responsible for streamlining operations, enhancing productivity, customizing marketing initiatives and improving the bottom line – is a substantial undertaking fraught with risks.
You see, finding the information is one thing, but having the tools to reveal the insights necessary to prosper, is another.
Executives know that an endless amount of answers to their most pressing questions could be revealed by examining the right data in granular detail, which would allow them to… well… do better.
But therein lies the biggest challenge retailers face – they don’t know what the right questions to ask are. However, in actuality, no matter what industry you’re in and no matter the size of your business, success and growth can all be boiled down to 3 key analytic questions:
- Who are my best customers?
- Where do my customers live, and where can I find more of them?
- What is the value of my customers to the bottom line?
These 3 questions serve as the foundation for greater efficiency, expansion and business development. Because once those questions are answered, you can begin asking more granular-level questions that will impact corporate messaging, promotions, pricing and growth strategies, such as:
- Which markets should we grow in?
- What are my customers’ needs?
- How can I increase customer visits to my stores? Online?
- What is the best way to communicate with my customers?
- How do we customize our offerings, messaging and marketing channels to my customers?
Look Into the Crystal Ball
Retailers have barely scratched the surface of customer insights, and the players who fail to tap the vast pools of data will be left behind – because we live in a time when the pace of business is fast and only getting faster, while the length of the day remains the same.
This means that more decisions are required of you every day and the ability to get answers from your data sources needs to be just as fast.
While this may seem like an insurmountable challenge, it’s okay – there are ways for retailers to gain granular-level customer insights without maintaining cumbersome data collection infrastructures and employing invasive customer data collection tactics.
Buxton’s robust predictive models are helping retailers answer those 3 key questions, which then help retailers guide the execution of their real estate and marketing strategies. And by truly knowing your customers, you can achieve greater success by serving them more efficiently, effectively and profitably.
Are you ready for your crystal ball?