Retail Analytics – Make Better Retail Decisions Through Consumer and Store Data
In an industry notorious for expensive real estate, slim margins and tenuous customer loyalty, retailers in every category need as much support as they can get when deciding where to operate, what they should stock, which customers they should fight to retain, and how to communicate with them. That’s what makes retail analytics an absolute ‘must-have’.
“Retail Analytics leverage data in retail processes to enable context-specific insight that is actionable.”
Customer Profiles
Who are my best customers and where do they live?
Adding demographic and behavioral data to the transaction record completes the picture; not only will the retailer know what customers are buying from them, but they will understand their lifestyles, particular life stage, their needs and wants, and what they are buying from competitors.
Targeting
How can I connect with prospects if I don’t know where they live?
Micromarketing data bases are produced each year, and are available at several layers of geography-including Zip+4, postal code and postal walk. Gathered into refined segments, these micro targets provide a wealth of actionable information about the households in each location-and can be quickly mailed to.
Creative
How do I communicate with customers and prospects I don’t know?
Quantitative information will help retailers understand their customer potential and qualitative intelligence will improve marketing, messaging and targeting strategies. Combined, this intelligence offers retailers a data-driven strategy to increase profitability.
Sales Forecasting
How do I predict what my customers will be looking for in the future?
Demographic and expenditure variables are ideal anchors for trend analysis. Trend analysis uses historical data to make accurate predictions about future spending-in terms of amounts, categories, even brands.
Loyalty
My rewards program shows me what my customers are buying from me, but what else are they buying, and from where?
Customer profile database will show retailers what their customers are spending across a variety of product, service and brand categories.
ROI
Is my marketing budget channeled for maximum return?
Beyond demographics and expenditures retailers can add lifestyle, life stage and media preference information at the Zip+4 and the postal code level to build a complete view of their best customer.
Increased Opportunity
The average number of items my customers purchase seems to be declining. What can I do about it?
Market Basket Analysis tells retailers what products and services are most likely to be bought together. A retailer can then apply this information against customer profiles and generate Zip+4 and the postal code level pictures of consumer types who buy bundled products.
Profitability
What is the value of Trade Area Analysis?
Formal trade area analysis calculates sales potential, market propensity and the probability of success of a variety of marketing and promotional activities. Combined these three layers of information are a powerful set of analytical tools that winning retailers use to make more profitable business, real estate and marketing decisions.
Response Rates
How can I put a lift in my Direct Marketing response rates?
Target different types of customers with different offers at Zip+4 and the postal code level. A geographically refined profile provides a wealth of expenditure, demographic, product and lifestyle information about a retailer’s best customers and which Zip+4 or the postal codes they are concentrated in.
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