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How Data Can Help Retailers Improve Revenue and Performance

How Data Can Help Retailers Improve Revenue and Performance

Meet Andy. Andy is the head of marketing for his retail business and is interested in improving revenue and performance for his organization. Andy is sure that data can help him achieve his goals but he’s not quite sure how to use it properly.

Andy has been a marketing manager for over twenty years and has seen the traditional ways of doing business upended by the rapid advent of the internet and mobile device usage. Andy wants to turn to data and analytics to help him make better business decisions and guide his customer marketing initiatives. Andy not only wants to learn the best way to collect customer data but also what to do with it.

As the head of marketing for his company, Andy’s top priority is creating more personalized, customer-centric experiences and he understands that that starts with knowing the customer. Andy decides to attend a marketing seminar to learn how he can use the data he’s collecting to achieve these goals.

 

Andy learns that he needs to first understand how to bring together external data sources like demographics, locations, and market data, with internally held customer data like transaction histories and loyalty status. Once Andy has identified these sources and he’s checked the data for accuracy, he can then begin to create a detailed understanding of his customers by establishing a trusted single view of them.

Once Andy has the right data and can trust it he then needs to act on the data and use it to drive additional revenue. Andy can use the data he collects to help him answer questions about the business including how to increase revenue with existing customers. He can also use this data to ensure that his marketing efforts stay within compliance and to determine the best method to meet customer expectations while minimizing cost.

To compete in today’s ever-changing landscape, Andy needs to put his data to work to not only generate new insights and drive decisions but also to target and personalize his marketing efforts. Andy also needs to understand the types of questions his data can answer and the suitability of his data being queried to answer those questions. Andy also learns that it’s not always feasible for him to have data specialists in-house so he needs to partner with outside experts to outline how to make the best use of his existing data and identify where it can be improved, whenever possible.

Now that Andy understands how data can help him improve the revenue and performance of his company, he’s ready to successfully achieve his goals.

If you want to learn more about how data can help retailers improve revenue and performance, click the link below for more information.


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