Having data-driven marketing and merchandising means that you are using current data to illuminate clearly what is affecting the consumers buying frame of mind. This translates to how best to manipulate those insights into store activities in the form of marketing and merchandising to your advantage.
The objective of such data acquisition is
In today’s marketplace, it is critical and necessary to keep up with the ever changing trends of consumer behavior and to be in the know of what is driving those changes in order to formulate effective strategies and tactics that are data driven. If formulated with solid information, these efforts will yield or increase the above results.
How you can capture these insights is through shared information from your key commerce driven teams. Main departments that would be able to help you achieve this are operations and marketing coupled with other auxiliary factors that are market drivers like change in technology, trends, new products etc.
Liaising and leveraging on cross functional relationships can open up valuable new insights to promote growth in your business
- Acquiring customers with increased lifetime value
With the ever changing topography in consumer behavior it is important to have an understanding of the lifetime spend or projected lifetime spend of customers who are acquired and are active across various social channels.
This plays a role in determining budget allocations and presence across these social platforms. Besides you may find a whole new demographic of new customers interested in your brand by so doing.
If your brand goal is to reach out to a younger demographic and new market segments that ultimately have a higher lifetime value, then increasing your presence on social media platforms like integral or snap chat will prove invaluable as you start to engage with the said market segments and acquire new high value customers.
- Bringing new customers to your brand
Keeping tabs on first-time buyers and items bought changes the value of certain products in your store.
If your store has products that have an above average rate of new customers purchasing them, then you should treat those products differently because they are driving sales and your customer base. The progression then becomes how to exploit these products appropriately in both online and brick and mortar stores.
- Protecting margins
Margins can be protected by distinguishing from your customer purchase database those who buy full price and those who buy when you offer an incentive.
Instead of offering blanket promotions, you can customize promotions and maximize sales from targeting the incentive driven customer base while retaining margins from the full price customers.
- Optimizing channels
By identifying where a customer is most active, whether SMS, Email or Facebook, you are able to determine the customers preferred mode of communication. The brand needs to reciprocate in like manner.
If a customer communicates through Facebook, then reciprocate through Facebook as opposed to sending an email to that customer.
Data driven consumer insight has never been more prized and necessary than in this day and age at the marketplace.
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