Analytics offers retailers an opportunity to gain a competitive edge.
By using data, companies can learn from past mistakes and plan ahead for future initiatives. Knowing what to do and how to execute stations businesses in the unique position to serve their customers better.
Moreover, analytics isn’t limited to one department in company. It works best when all your internal teams are integrating data in useful ways.
“Forward-thinking retailers are leveraging the vast amounts of data they possess and building analytical muscle to enable targeted marketing, tailored assortments, and effective pricing and promotions,” writes Ian MacKenzie, a specialist at McKinsey.
Let’s examine how analytics is a benefit for your business.
Building accurate customer profiles
It’s vital that your team understands your target market. The usual demographics isn’t always sufficient.
Companies must use data to dive deeper into their customer’s lifestyles, desires, and purchasing habits. This knowledge equips you to customize products, tweak marketing tactics, and design the customer experience.
Psychographic data helps “identify the mix of products that’s most profitable for each store based on the customer profile.” Armed with accurate data, your team can persuade consumers to make specific brand choices and nurture them down the sales funnel.
“Building psychographic profiles of your target customers allows for more effective and focused marketing communications, content deliverables, and other promotions. Gaining a holistic perspective that includes demographics and psychographics of your target customer will increase sales and loyalty,” says Alex Brookbank, former channel marketing manager at CoupSmart.
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..., engagement and sales,” says Alicia Fiorletta, content strategist at G3 Communications.
The Savings Catcher app serves as Walmart’s rewards program. If a local competitor has a lower advertised price, the consumer receives an eGift Card for the difference.
Create loyalty programs shaped to meet customer’s interests. In the end, your goal is to lift your brand value.
Take Advantage of Analytics
Data offers an effective way to attract and maintain your customer base. Learn how analytics fits into your business model.
Build personalized profiles to pinpoint your consumers’ needs. . Improve how your managers operate your stores. Optimize product pricing to maximize your bottom bottom line. And create tailored loyalty programs that transform customers into brand ambassadors.
Tailor the customer experience. Take advantage of analytics today.
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