Use it every day.Inform Site Selection Optimize Markets Forecast Sales Understand Cannibalization Test Relocation/Consolidation Scenarios Realize Competitor Impact Discover Market Potential
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Customer analytics turns data into knowledge, and knowledge into results. It fundamentally affects every part of your organization.
When you put your real customer at the center of your business strategy, you break down the log-jam of opinion and begin using fact-based management to drive important business decisions in every department. From site selection, to targeted marketing, to product and service offerings, to individual store performance, and more, customer analytics has real measurable impacts.
By arming you with the knowledge of exactly who your customer is, and where they all live, customer analytics allow you to maximize your investments by identifying and opening locations with the highest potential for large returns. At the same time, this knowledge allows you to reduce the risk of making a bad decision and opening a poor performing location, or opening a location that cannibalizes your current locations. This is how you develop a true real-estate growth strategy.
When you know who your customers are as well as their behaviors and interests, you can create smart, fact-based marketing campaigns that are targeted and cost efficient more easily than ever before. You can confidently know that you're getting in front of the right audience with the right message, through the right channel, and at the right time. There is no longer any need to send 25,000 ads when 5,000 will do. That's how you reduce costs and maximize your marketing investment.
Understanding demand and managing inventory is more difficult than ever in today's omnichannel retailing world. The complexity of balancing online, in-store, and mobile demand, while planning for promotional lifts and coping with product-life cycle, brings real challenges. Using analytics and historical data on consumer purchasing habits to identify patterns and to predict demand can help you understand what to offer, and what not to offer, and ultimately improve financial performance and optimize merchandising.
The day-to-day management of individual location operations can be a daunting task. Customer analytics can help you understand why a location may be meeting, exceeding, or underperforming your forecast and expectations for that piece of real estate. If you are seeing underperformance, what is it due to? Is it the management? Is it the marketing? Is it the merchandising? Or is it possibly just a bad piece of land? The information from customer analytics can help you identify the real problem, and then devise a solution to get it fixed.