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Guides Strategy 5 critical steps to unprecedented consumer insights

5 critical steps to unprecedented consumer insights

Published on 11/16/2016 | Strategy

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Joerg Koesters

Joerg Koesters is a technology marketing executive with 20 years experience in Marketing, Sales, and Consulting in the Consumer business - both in the industry and in technology - in Retail and Consumer Products.

IoT GUIDE

Overview

For years retail marketing executives have relied on traditional sampling methods to monitor and measure consumer behavior, often from external agencies. But times are changing. We now live in an increasingly digital world, where shoppers flit from channel to channel on impulse and expect a personalized experience wherever they go.

 

In this environment sampling that only delivers a broad picture of consumer behavior and preferences doesn’t go far enough. A much more detailed awareness of shopper behavior is needed, which requires a number of new capabilities.

 

1. Data Collection

The first is the ability to collect data from every stage of each customer’s shopping journey and every interaction across all the channels they use to build a complete picture of individual shopping behavior and preferences.

 

2. Real-time data analysis

The second is the ability to analyze that data in real time in order to proactively deliver offers and experiences that will entice shoppers to move further on their buying adventure.

 

3. Using external sources

The third is the ability to use external sources, such as social media and data from mobile operators, to track both individual customer sentiment and identify key trends and opportunities.

 

4. Predictive analytics

The fourth is ability to predict ahead of time what will motivate and engage shoppers. This type of analysis need not be restricted to existing customers, it can also be applied to a wider group of consumers that a retailer wants to attract.

 

5. Planning

Finally, the 5th step, retailers need the ability to use the knowledge gained from these activities to rapidly plan and adapt assortments, prices, and promotions.

 

Being able to collect, consolidate and analyze data in this way is the first of our six strategies to simplify retail marketing. Discover the others here.

 

You can find the original article here.

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