I recently wrote an article for Beyond Analysis on why actionable insights from data matter and how the obvious isn't always apparent.
My favourite quote from the article and something every retailer should ask themselves:
"Retail is detail, yet the obvious isn’t always apparent. Can you answer these questions?
It's not difficult to sort this out and come up with a data driven strategy to drive business and profit performance. Start with segmenting your customer base, so you know who/how/where and when your customers shop with you. Once you know who your customers are, then you can focus on what matters - protecting your most valuable clients, intervening and saving those about to churn and avoiding those that were never profitable in the first place.
My favourite quote from the article and something every retailer should ask themselves:
"Retail is detail, yet the obvious isn’t always apparent. Can you answer these questions?
- How many shops does it take for a new customer to become a lifetime customer?
- What outreach are you doing to encourage that new customer to reach the magic number of lifetime loyalty?
- Are your new customers simply topping up a ‘leaky bucket’ and plugging the hole left by customers who’ve deserted you, or are you truly growing?"
It's not difficult to sort this out and come up with a data driven strategy to drive business and profit performance. Start with segmenting your customer base, so you know who/how/where and when your customers shop with you. Once you know who your customers are, then you can focus on what matters - protecting your most valuable clients, intervening and saving those about to churn and avoiding those that were never profitable in the first place.