|Brands invest millions to create awareness and 'desire', but often at the point of purchase, the consumer does not buy.
The critical & final point of delivery of the brand promise to the customer & effective business transaction - the Retail point.
Retailers face tough challenges across channels.
They need to deploy their in-depth consumer data as a strategic tool to influence customer behaviour and to optimize basic business decisions. By harnessing smart data about customers' purchase behaviour and shopping patterns... to achieve exponential increases in sales and profit margins.
Today, with increasing competition both in stores and on-line, insightful use of customer data is becoming a "must do"... rather than a mere "nice to do".
Retailers need to use an optimal combination of traditional mass performance measures, such as growth in competitive-stores' sales... with new metrics that track sales growth, retention, and wallet share of segments and individuals. Using insights from these data will enable and empower them to meet the needs of their most attractive customers and prospects... which in turn will generate superior sales and profits.
Retailers need to find the value of smart customer data within the organisation... build smart customer databases... use smart information... to create strong customer relationships... ultimately enabling better business decisions.
This will empower retailers to nurture & protect the customers... ultimately reaping smarter profits.
Building the customer organisation:
Top management champions
New decision support systems
The value of customer data:
Connect customer behaviour to sales & profits
Develop compelling customer profiles & patterns
Target customer patterns for superior returns
Focus on top customers for early wins
||Building a smart database:
Customer data metrics
Promotion history data
Channel usage Lifestage demographics
Resulting in being a retail renegade...
Being a renegade takes more than just a willingness to challenge convention. Renegades are tenacious and passionate. They view obstacles as opportunities and believe that trial and error can lead to true and lasting improvement.
This characteristic is a difficult pill to swallow and in conflict with many corporate environments. In today's corporate environment, it takes courage for retailers to adopt such an attitude.
Here are some ways a renegade perspective can infiltrate your initiatives:
Align the product selection process with actual product usage traits. Look for even small modifications of your physical environment that will help shoppers enjoy the process more, feel better about their selection and perhaps even increase the contents of their basket.
How does your pricing structure limit you?
Look for ways to expand your positioning in shoppers' eyes via different pricing structures.
Identify what factors truly influence the selection and purchase of your products.
Look for ways to link these need-based factors more strongly with your pricing structure.
Think of your retail outlets as individuals living within a larger community.
What roles and responsibilities do other residents have?
Does your outlet carry its weight within the community?