Every year the retail industry descends upon New York City to share, debate, and collaborate on new innovative solutions for retailers at Retail’s Big Show. We learn more of their pain points and challenges, and they discover better ways to analyze their data, communicate with customers, and improve their customer experience.
Unsurprisingly we heard similar problems from various retailers over the past three days and were able to provide relevant solutions for them. Here are 3 of the most common challenges we saw at Retail’s Big Show;
‘We collect data now, but don’t do anything with it.’
Many retailers have put some sort of CRM platform in place to collect the data their customers give them; names, emails, phone numbers, purchase history, etc. It was clear that this information was going to be useful, however, many retailers never figured out what to do with it. Soon those daily, weekly, monthly records turned into big data that would take time, money and analytics muscle to make sense of and draw insights from. Luckily, we have become very flexible to meet the needs of our customers; integrating with their current CRM platform or providing our own to run analytics on and enable retailers to see the actionable insights that come out the other end in easy to read dashboards and reports.
‘We want to connect our online and offline marketing campaigns.’
Another pain point that became a trend was the disconnect between some retailer’s offline and online marketing. Plenty of customers have probably interacted with your business through multiple touch points; mobile, social, web, in-store yet it can be difficult to recognize that several of those interactions could be coming from one person. However once we connect those dots, the marketing becomes much easier for the retailer and more relevant for the customer. Instead of sending the same promotion to all customers, retailers are now empowered to send fewer relevant offers to segments of customers that resonate better with each individual. When a customer feels a business truly understands their needs, they become much more loyal to that business.
‘We want to know our customers better.’
The third challenge that we heard was a seemingly simple one; getting to know their customers better. This challenge has a couple different variables to it; data collection, data analytics, actionable insights, and follow through. The first step is collecting permissible data from your customers at every touch point, this means asking certain questions on surveys, adding fields to your loyalty program sign up form, and observing patterns in behavior on different platforms. Next you need to have the ability to analyze, scrub and harmonize this data and pull out actionable insights. These are the hard parts, which we have worked hard to excel at. Once this is done, follow through is the key. Making changes, based on these insights that improve the customer experience.
The customer has always been king. However, now that we are truly in the Age of the Customer, they are king, queen, president, ruler of any kind, and it is our job to help retailers be relevant to their customers.
Want to make your customers feel understood and valued? Contact us today.