Retail Marketing

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Retail Marketing

In today’s CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects.

Targeting allows a retail enterprise to channel its marketing budget where there is the greatest (and fastest) possibility of Return On Investment (ROI).

In terms of overall business strategy, your ability to identify and understand consumers helps you make accurate estimates about the potential for your products and services in a given market, as well as support and direct merchandise development strategies to both new and existing customers.

Whether your target is current customers or new prospects, in markets known or unknown, an effective targeting model reduces the risk of any new venture.

Blending Demographic, Behavioral, Expenditure and Media Preference data with retailer-specific data and applying data mining technologies produces Zip+4 and postal code level data assets that consistently outperform all other direct marketing techniques.

In addition, methodology that should be used must be dynamic to allow the sights to be reset frequently to keep targets in focus consistently.

Today’s retail marketing managers must:

Understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and leverage this understanding for competitive advantage.

Improve direct marketing response by ensuring they are targeting the right households at the right time, using the right media with the right message.

Leverage current consumer data to make better strategic decisions about products, marketing and locations.

Increase customer loyalty and retention with a scientific, data driven approach to analytical CRM.

Applying advanced analytics to current demographic, expenditure and lifestyle data produces the most accurate customer segments and profiles. With a clear picture of your different customer segments, you are in a position to develop merchandise and offers that meet the needs of existing customers and answer (or anticipate) the needs of targeted prospects.

To learn more about analytical CRM and possibilities go to http://www.dmsretail.com/retailanalytics.htm

Retail marketing managers can implement the following projects to understand their customer, market and store locations better; achieving a very strong ROI for their retail marketing efforts in the process.

Customer and Market Potential Estimates

  • Estimate the revenue potential of your customers to determine their current , potential and life-time value
  • Estimate your market potential for more effective acquisition initiatives
  • Quantify and qualify your market opportunities

Customer and Market Profiles

  • Develop more effective communication strategies through a better understanding of who your customers are
  • Learn more about your customers (their age, income, family structure, media usage, life-styles, and more) and use this information in your branding, advertising and direct marketing strategies
  • Identify your market potential through a better understanding of your targets

Customer and Market Segmentation

  • Develop more effective communication strategies through a better understanding of different customer groups and your market segments
  • Customize your product offers by different customer and market segments
  • Identify your target segments and optimize your marketing spend

Product and Service Potential

  • Identify products/services that best suit your customers’ needs and market your offerings more effectively
  • Be relevant and improve your up-sell and cross-sell initiatives
  • Manage your products and services through a better understanding of market needs

Trade Area Analysis

  • Use the information on the store performance and the socio-demographic characteristics of the trading area to estimate market potential by individual stores
  • Use trade area characteristics to customize your product offerings, store displays, store size, etc. to be more relevant to your customers and to better penetrate your market
  • Evaluate performance of your stores based on their trade area characteristics

Store Network Optimization

  • Determine the optimum number of stores to support market needs
  • Customize and optimize your stores to attract more customers

To learn more about analytical CRM and possibilities go to http://www.dmsretail.com/retailanalytics.htm

To learn about retail business and Google Plus Local go to http://www.dmsretail.com/RetailBusinessandGooglePlusLocal.htm

Below is an interesting infographics from Hubspot:

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