You have definitely heard it before. The importance of collecting and measuring retail data. And you know you have to get started – for real this time. Because measuring and using data the right way is the key to succeed in retail. But how do you do it?
Let’s start by going back to basics – data is all the facts and numbers you can get about your business. In this post, we will focus on effectively measuring and using all your customer-centric data – facts, behaviors, and interests of your customers.
When it comes to collecting customer-centric data, the most important thing is to know what kind of data you need. Depending on your industry and what kind of products you offer, these metrics can vary.
Are you an online retailer within cosmetics – you’ll want to measure retail data like the customer’s favorite brand, product, and frequency of buying. And if you are in the furniture industry, the frequency of buying, for instance, will automatically be lower. Therefore, you will find it more valuable to measure things like yearly income to see their preferred price range, and what kind of products they have previously bought to make sure you don’t send them offers on products they have already bought.
When you know what you want to measure, you’ll have to find the right tools to help you collect and analyze the data. You have to use software that can give you all the data you need in one place. That is crucial if you want to get a 360 perspective on your customers. Because if you use different systems, it will be time-consuming and frustrating when you try to bring all the data together.
The purpose of the data you decide to collect comes down to one thing: staying one step ahead of your customers. And the only way to be able to predict the behaviors of your customers – is to analyze the customer-centric data. Both of these upcoming examples demonstrate how you can stay ahead by offering tailored communication based on data, with valuable information that most likely will trigger them into buying from you again.
They can also use data to inform the customer about new product releases from their favorite brand – or recommend similar products to make them discover new brands.
To effectively measure and use all your data you need to know what kind of metrics you want to measure, then collect, analyze, and use it effectively. And then, you do it all again, and again! It’s an ongoing process to continuously analyze and use the data to enhance customer satisfaction. It will help you give the customers the best experience possible – and they will stay loyal to you!
We love all things customer and product data, and would love to chat about your brand’s individual challenges, and how our solutions can help.
