So you’ve survived, if not thrived, the first flush of holiday shopping! And as well as collecting a lot of revenue, you’ve also collected a lot of data about your customers. From their location, to preferred shopping platform, product insight, and many other interesting data points, there’s a wealth of information at your disposal.
However, while most retail organizations will follow strict accounting practices for their revenue, many will not subject the data they collect about customers to similarly rigorous processes. In not putting this customer data to work and turning it into marketing insight, retailers are missing out on some key opportunities to nurture the customer relationship, develop the customer journey, and build lifetime value.
But where should your marketing team start on turning customer data in to valuable insight? There are three main steps in the journey. The first, gathering data, you’ve likely got covered, but it’s important to consider if you’re collecting the right data points about customer transactions. Ask your marketing team if the customer data that you currently have is enabling them to build impactful multichannel marketing campaigns. If so, you’re ready to move to the next step on the journey. If not, then this is the place for your team to start.
For those who are ready for step two, it’s time to segment customers in order to begin building the customer journey in earnest. There are many ways to classify and segment customers. Commonly retailers segment their customers by location, demographics, and buying behavior. This enables data-driven marketers to uncover additional insights about consumer behavior to uncover sales drivers.
If you’re already segmenting customers, you’re well ahead of the game! Congratulations. But there’s still one more step needed to optimize your customer insight. I’ll give you a hint – it helps you bring back even your lapsed customers. But to find out what it is, you’ll have to download our handy customer data transformation desk reference.
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