How Analytics Drives Smarter Retail Growth Through Site Selection
Not enough businesses are using data analytics, and it’s not because there’s a data shortage. A new survey found that more than half of companies with devices that collect data aren’t using it for customer insights. Another found that many tech executives don’t think...
Fierce CMO Industry Voice: Getting the most value from your data
There’s so much data available now to business owners and marketing managers that making the best use of it can seem overwhelming. In fact, recent studies show that marketers aren’t making full use of the data available to them, which amounts to leaving money on the...
How Localization Is Using Big Data to Drive Big Business
There’s growing interest in using big data for business localization now, although the use of customer data for optimal orientation of business locations and promotions has been around for at least a decade. By using detailed data about local customer behavior,...
What’s Next? Your Customer Data Will Tell You
Predicting the future is a skill most business owners wish they had, especially when they’re getting started. Will the investment of time and capital pay off? Forbes reports that eight of every 10 new businesses fail within a year and a half, in part because they don’t understand their customers’ behavior. Customer data analytics raises the odds of success by tracking customers’ behavior by segment and over time. Businesses can use this information to spot potential problems before they hurt the bottom line.
Quantify Customer Loyalty with Data Analytics
Quantify Customer Loyalty with Data Analytics: Featured Article on Franchising.com Can you quantify loyalty? With the help of data analytics, now you can. Analytics tools can sift through transactional data to tell you more about your customer demographics. Weighing...
Use Customer Insights for a Powerful Social Media Campaign
Retail is always a challenging industry, especially now as consumers’ shopping habits are changing to center around mobile and social experiences. One of consulting firm McKinsey’s recommendations for retailers who want to survive the digital transformation’s impact on the industry is to “get serious about using data and analytics for decision making.” Retailers of all sizes can do this by, among other things, leveraging their customer data to create more effective social media campaigns. When you focus your social media campaigns on the demographics that match your current customer profiles, you increase the likelihood of winning new customers in an efficient and cost-effective way.
How Your Customers Can Improve Store-By-Store Offerings
Whether your business has two locations or twenty, serving varied local preferences is the key to success. Customer tastes, expectations, and spending habits vary by area, depending on the demographics of the neighborhood and the other businesses located nearby. Customer insights can help your business tailor each outlet to the preferences and buying habits of customers nearby to build loyalty and bring in new traffic.
Use Customer Insights to Deliver Better Offers
It’s accepted wisdom that better data helps businesses make better decisions. In McKinsey & Co’s How Retailers Can Keep up with Consumers, the firm recommends that retailers “use advanced analytics to make offers and decisions that are targeted and localized.” Here...
Winning retail is all about the customer experience
Having product in stock or offering standard service isn’t enough anymore – if it were, department stores would be thriving instead of relentlessly declining. Today’s customers expect a great experience when they shop. Small merchants have always had an advantage over...