Job No. 1 for retailers these days? Determining how you fit into the world of bricks-and-mortar versus digital and finding a balance for you and your customers. On one hand, J.C. Penney (JCP) is taking daring steps to resuscitate department-store shopping. On the other, big-box stores are debating downsizing to accommodate shoppers who want to touch and feel merchandise in-store and then order online.
Which way should you take your retail network? What’s really best for your customers?
Chances are, the answers appear in your transaction data. All you need to do is combine it with detailed household analytics and you can build relevant predictive analytics models to chart your path toward lasting connections with your customers. And of course, growth.
Are you taking these steps we recommend to our clients?
Define a consistent customer profile. To do that, eliminate silos in your organization. Open the files and share customer information across your marketing department, credit and operations, your call center, digital platforms, everyone.
Give customers a consistent shopping experience. That is, integrate your channels. Multi-channel shopping is the future, and no matter how customers choose to interact with you, their experience should be seamless and convenient, 24/7.
Target messages. Develop a segmentation strategy. Combining household-level data with your transaction data, you’ll find buying patterns to help determine specific messages to customers who are most likely to purchase.
Measure campaign effectiveness. ROI is your school of higher learning. Knowing what works, learning from it and applying those findings to your business going forward are absolute requirements.
Are you sure you’re getting all the insights you possibly can from your customer data? Contact us to see what you may be missing.