Using Analytics to Choose Inventory for a New Season

Making purchasing decisions for a store or retail business is a complicated proposition. The decision-making becomes especially complex when you are trying to determine which products deserve permanent shelf space on your store floor; and which need to be discounted or sent back to the warehouse to make room for new inventory. It can also be difficult to know the answer to sourcing questions such as when to respond to trends, how much to purchase of a specific item and what price-points to sell at for maximum profitability. As a result, an increasing number of retailers are relying on predictive analytics to make more informed purchasing decisions. In fact, according to Martech Advisor, 57 percent of B2B marketers said predictive analytics was their “primary tool” for 2017.

Consider the following to learn more about how predictive analytics are helping companies to maximize sales and to make the most of their inventory budgets.

Determine Top-Performing Categories

Before a retailer can begin using predictive analytics to make better purchasing decisions, they have to determine the top-performing categories in their existing inventory. These can be found by collecting data on factors such including: sales numbers their POS system, consumer engagement with product images in specific categories and high-traffic areas on the company’s website. From here, a retailer can determine which categories are the most profitable, as well as what categories could be expanded to increase future sales.

Forecast Future Seasonal Inventory

Once a retailer knows where to expand their existing inventory, it is time to measure seasonal sales from past years against current industry trends to forecast seasonal sales. This helps determine how large of an order to place for a specific item, as well as where to take a well-calculated risk with a new trend or category. Targeted purchasing recommendations can be derived from this information, so retailers can order only what they need, when they need it – thus boosting seasonal sales and reducing the risk of end-of-the-season discounting.

Adjust Strategy Where Necessary  

The capabilities of predictive analytics don’t stop once a retailer rolls out their new inventory. Analytics-based software monitors and reports on sales performance, so retailers can keep track of which seasonal inventory categories are the most successful and make modifications to their orders whenever necessary. This means that only the best-selling merchandise gets a place on the show floor. Since NectarOM uses the “Test and Learn” method, we are able to quickly respond to sales activity, so that clients can adapt their purchasing strategy in order to augment ROI.

Keeping Abreast of Trends

It is essential for retailers to utilize predictive analytics when making seasonal purchasing decisions to remain competitive. In fact, Martech Advisor reports that 82 percent of B2B companies used predictive analytics in last year – and of the companies who did not, 67 percent intend to implement predictive analytics in 2018. It is not only important for retailers to have access to the consumer data, but also to have data-based forecasting software which enables them to quickly respond to industry trends and customer behavior. At NectarOM, we provide clients with software with real-time reporting capabilities that clearly outline actionable recommendations – so they can amplify seasonal sales and adjust to changing consumer preferences.

Omnichannel Retail Is the Key To Delivering Outstanding Customer Experience

Increase engagement and conversion with these 5 essential omnichannel retail components

As a “click-and-mortar” retail business, you’re uniquely positioned to take advantage of the omnichannel retail trend, deliver a seamless online/offline experience, and meet the expectations of today’s consumers who prefer to use both traditional and digital channels simultaneously while shopping.

Whether customers are interacting with your brand via an eCommerce website, mobile app, print catalog, call center, or physical store, they want to have the ability of pausing and resuming their shopping experience at any point and across all channels without interruption.

An omnichannel shopping experience is customer-centric. It focuses on shoppers’ holistic interaction with a brand instead of disparate channels within the brand.

Here’s how you can deliver a highly engaging and personalized experience across all channels to create a seamless customer experience:

1. Set up a 360-degree customer profile

A single customer view is the foundation of an effective omnichannel retail strategy.

It allows you to leverage the information you have gathered about a customer from all his interactions with your brand across different channels so that you can deliver the most compelling and relevant experience, such as targeted content or special offers, to drive conversion and increase loyalty.

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2. Store all customer data on a centralized platform

A unified backend system is the key to harnessing the power of the single-customer view.

A robust centralized system allows you to manage and extract insights from your customer data while making sure all employees have access to all pertinent information, such as a customer habits, location, preferences, and purchasing history, so that they can deliver a seamless shopping experience no matter when and where they’re interacting with the customers.

3. Offer different fulfillment options

Shoppers want to order and receive merchandise through the channels of their choice; sometimes they want the products delivered to their doorstep while at other times they need an item right away and prefer to pick it up at the store.

As a brick-and-mortar merchant, you have the unique advantage of meeting the various fulfillment needs of your customers through various options, such as buy online and pick up in-store, ship from store, buy in-store and ship to the doorstep.

4. Integrate mobile technology with in-store experience

Consumers are inseparable from their mobile devices, which provides a great opportunity for delivering a seamless online/offline experience via a mobile app to augment their in-store experience.

For instance, with the geofencing technology, you can drive traffic to your store by using push notifications to deliver special offers to customers who are in the area.

In addition, store associates can use mobile technologies to access customer’s purchase history, preferences, and profile information to deliver a personal and engaging experience.

5. Deliver a unified omnichannel brand experience

An outstanding customer experience is consistent, cohesive, and reliable. This implies that every single touch point needs to meet the highest standard and deliver an on-brand experience.

From brand identity and visual designs to user experience and customer service, you need to ensure that shoppers are interacting with your brand consistently across all channels.

Omnichannel experience: the future of retail

A customer-centric experience is the key to brand engagement and conversion.

The expectation of a seamless omnichannel shopping experience is the new normal and brands are realizing the need to stay ahead by making sure that they meet their customers where they are.

Thankfully, with the help of advanced customer data management technologies, building a solid foundation for your omnichannel retail strategy is easier now than ever.

Request a demo to see how you can harness the power of omnichannel personalization in the retail industry.

Sources

//www.mytotalretail.com/resource/top-10-best-practices-for-omnichannel-retail-success/file/

https://nectarom.com/2017/08/17/single-customer-view-increases-effectiveness-omnichannel-marketing/

https://www.r2integrated.com/r2insights/be-customer-centric-not-brand-centric

//www.ibmbigdatahub.com/blog/using-retail-mobile-apps-enhance-store-shopping-experience

 

How to Create an Omni-Channel Personalization Strategy for 2018 and Beyond

It’s a new year of retail technology and advancements in artificial intelligence are shaping customer expectations for personalization. In fact, 10 percent of purchasing decisions will be guided by intelligence agents this year, according to Forrester – making 2018 the first year that AI will have a measurable impact on consumer purchasing decisions. This is only the beginning of significant advancements in the field of personalization, as the fiscal impact of targeted suggestions from intelligent algorithms is only projected to grow.

Leaders Share Personalization Strategies

Personalization was the hot topic at the NRF Big Show this year and well-known retail leaders from such companies as Macy’s, The Children’s Place and the Neiman Marcus Group addressed how their companies plan to use personalization to differentiate themselves from the competition. As Karen Katz, President and CEO of the Neiman Marcus Group, told Forbes, “Great customer experience in 2018 will come from blending technology with a more personalized touch… people that can combine technology-powered personalization with a human will be the winners.”

Speaking the Language of Conversational Interface

Artificial intelligence-powered conversational platforms are becoming the preferred method for customers to interface with retail companies. Gartner predicts that by 2021, over 50 percent of companies will spend more per year on chatbots than they do on mobile app development. AI-powered chatbots and voice activated search platforms such as Amazon and Alexa enable retailers to offer targeted product suggestions and to resolve basic customer service issues. When AI-powered chatbots are used to facilitate a customer’s product search, they can take the customer through every phase of their purchasing process – from their first visit to a brand’s website to choosing the correct payment method for their final purchase. Customer service bots can be used to quickly to customer queries and direct shoppers to the appropriate branch of the company to handle their request.

Learning to Utilize Intelligent Algorithms  

Although most retailers know it’s necessary to implement niche technological developments such as chatbots and personalization platforms in order to compete, Forrester reports that 67 percent of retailers are still not prepared to leverage intelligent agents within their companies. This means that only 33 percent of retailers surveyed by Forrester understand the power of AI to disrupt the retail industry. However, disruption is inevitable. In 2018, it is advisable for retailers with stores of various sizes – across many different verticals – to implement intelligent personalization strategies across every branch of their retail store operations. Even the most advanced AI platforms depend on whittling customer data down to individual profiles to build loyalty strategies with authentic, applicable personalization. Yet the most effective personalization strategies take things yet a step further to suggest relevant marketing methods and formulate plans-of-action based on each customer’s unique search history, as well as their phase in the consumer lifecycle.

Integrating Marketing Touchpoints

The biggest mistake retailers make when implementing a burgeoning personalization strategy for their customer base is failing to update customer information each time a relevant transaction or communication takes place. When organizations fail to connect the dots across platforms, they cannot syndicate recommendations or register customer interactions, which often results in sending out duplicate communications or failing to follow-up with consumers. At NectarOM, we work to bridge the gap between various branches of our clients’ companies to create a unified, cohesive brand presence and customer outreach strategy across platforms. Don’t be one of the 67 percent of retailers that Forrester predicts will fall behind in the New Year – instead, partner with a solution provider with access to an intelligent, AI-fueled  personalization algorithm that produces measurable results.

Increase Revenue by Tailoring Offerings for the Next Generation

Much of the information going around regarding generational buying preferences is based on alternative facts. Millennials and Generation Z for instance, are often said to be harkening the death of physical retail with their online shopping habits; when in actuality, both generations make the majority of their purchases in brick and mortar stores after omnichannel browsing. As a result of this informational disparity, many retailers get lost in the details of trying to build their presence across channels.

 

It will come as no surprise that a targeted omnichannel presence is paramount to a company’s ability to reach and convert next generation customers. However, when retailers research how to bridge the gap between their traditionally-run businesses and their Millennial or Generation Z target customer they are met with a barrage of false information.

 

To cut through the confusion, Nectarom consulted with leading retail analysts to find data-backed actionable insights on how retailers can construct their omnichannel presence in order to increase traction with a Millennial and Generation Z audience. The following guide will demystify the methods being used by successful retailers to build their revenue by offering their young customers a targeted, personalized omnichannel experience.

 

“One thing we know for sure, is that Gen Z inherently understands the new retail landscape, which sounds like this: ‘We don’t have to go to stores anymore, we have to want to go to stores.’ So if a retailer has stores they’d like to market to 80 million young people with expendable income, it’s time to think about why they would want to visit one of these stores. If they can’t answer that, or the answer is something lame like, ‘we’re cheap,’ it’s time for that company to rethink the reason they even have a brick and mortar store. Retailers need to think about what the term ‘omnichannel’ actually means. Omni-channel should be based on the brand, especially where Gen Z is concerned. For example, XXI’s web site is not made for ecommerce and Urban Outfitters has bands in their Spaces concepts. THAT’S omni-channel being done right, opposed to just opening mall kiosks and bad smartphone apps. Doing what’s right for the brand is more important.” – Lee Peterson, Executive VP of Brand Strategy and Design, WD Partners

 

Brick and Mortar Is Still a Priority

 

As we discussed earlier, physical stores are still a priority for next generation customers. According to a 2017 report by IBM/NRF, 98 percent of Gen Z customers still make their purchases in stores. This is especially true for the Generation Z customer, who uses brick and mortar stores as a place to meet up with friends and to test products before making a purchase. Big box stores are awakening to the possibilities of opening small, experiential retail concepts. Nordstrom recently debuted their first test concept of an inventory-less store in LA, called Nordstrom Local.

 

Although Gen Z has an affinity for the in-store experience, the path to purchase for the Gen Z customer takes place on multiple devices. But retailers take heed: Gen Z customers have a 6-second attention span and they won’t waste time waiting for slow apps or websites to load. According to IBM/NRF, over 60 percent of Gen Z customers will abandon apps and websites if they take too long to load, so businesses can lose out on potential next generation customers if their omnichannel experience isn’t up to par. Paradoxically, this means that retailers need to be equipped with a fast and personalized brand presence across channels in order to lead the Gen Z customer into their physical stores.

 

“By 2020, Gen Z will make up one-third of the US population. 77% of Gen Z prefers to shop in-store. When it comes to marketing, Gen Z does not trust what brands say about themselves. They trust what friends, family, and other customers say about a brand. So, positive reviews are a crucial factor in the Gen Z path to purchase. Because they trust the recommendations and endorsements of others, influencer marketing is one of the most effective ways of targeting this age group. Gen Z also prioritizes the interactions they have with store associates, so having knowledgeable and friendly employees who can offer personalized advice is a must. Overall, Gen Z is loyal to the experience they have purchasing products, not necessarily the products themselves.” – Meaghan Brophy, Managing Editor, Independent Retailer

 

Philanthropy and Individuality Define the Brand

 

Generation Z-ers have often been dubbed “Millennials on Steroids.” This is because Gen Z customers take Millennial values to new extremes. While for years Millennials have been hailed as the most eco-conscious generation of consumers to date, Generation Z shoppers are even more sustainability-minded than their predecessors. According to Forbes, 76 percent of Gen Z customers are concerned about how people are impacting the planet. This makes having a great mission statement is a necessity for brands, since Gen Z customers expect every purchase they make to go towards aiding the greater good. This might even include a publicized sustainability report, or donating a part of every purchase towards a charitable cause.

 

Creativity is also a core value for many Gen Z customers. This generation not only appreciates the opportunity to have their voice heard, but they also want to take part in the creation process. Retailers such like Target are jumping aboard the crowdsourcing trend by enlisting Generation Z influencers to have a hand in creating their new lines. Target’s Art Class, their new clothing line geared towards Gen Z, lets young people get creative with their apparel with original, influencer-created pieces they can mix and match. Since Gen Z favors being collaborated with over being sold to, so retailers that offer them the opportunity to construct their own unique looks will be the first to win their favor.

 

“Many analysts believe GenZ are the most advertising-immune generation in history and favor value-driven brands who are pioneers in corporate social responsibility such as having a voice in sustainability, inclusion and making the world a better place with social entrepreneurship and value-add on products.  GenZ mobile natives appear to favour retail experiences that are human-centric, interactive and bring people together. GenZ are both instant gratification natives and in-store experience natives, and this is shaping the entire future of E-commerce discovery and how retail brands create a scene in physical stores.” – Michael Spencer, Futurist & LinkedIn Top Voice

 

Capture Customers on Social Media

 

This is no time to procrastinate evolution. Brands need to evolve to have staying power and doing things the way they’ve always been done is a death sentence in the current retail landscape. This means that companies need to meet young customers where they are, through advertising methods which appeal to them. Generation Z prefers video to text, which means it’s futile to try to appeal to next generation customers with long-form textual advertising. According to a recent Adweek infographic, 50 percent of Generation Z “can’t live without Youtube.”

 

Now, more factors than just a customer’s age determine how they navigate their shopping journey. In fact, in the aforementioned Adweek infographic a small number of Gen Z-ers also listed Snapchat, Instagram and even Facebook as their “can’t live without it” platform. More on this in a minute. Regardless of what social channel a young customer prefers to be reached on, one factor remains a constant: they demand a personalized omnichannel shopping journey tailored to their own unique buying preferences.

 

“If you want to reach GenZ, you need to advertise where we are on YouTube, Instagram, and/or SnapChat. You are wasting your advertising dollars trying to reach Generation Z on Facebook and Twitter. Make sure your ads give us something to engage with and share.

If you want to convert Gen Zer’s on your website, you have a 6-second delivery window to show us real people using your product with pictures and videos – and less words.  Also, design your website mobile first and then transform the page to larger screens – I call that reverse responsive design.” – Sky Rota, 13 Year Old Founder of Gen Z Insider

 

 

 

Here’s where we need to start to talk about the importance of segmentation. Generation Z customers have a shorter attention span than any generation which came before them and they expect immediate, intuitive customer service based on their individual buying preferences. Segmenting customers based on generational demographics alone doesn’t provide marketers with enough data to personalize their shopping journey. To create relevant offers, companies also need to tailor their campaigns to suit their target customer’s buying history, location data and online behavior.

 

“From a marketing standpoint, I don’t think that starting with demographics is all that helpful. It’s way too high level. The best marketing treats different customers differently and is therefore more personalized. Just saying someone is from Generation Z or a Millennial doesn’t result in sufficiently actionable insights and targeting. For instance, it’s hard to say ‘We are the fashion brand for the Millennial professional,’ when so much of that individual’s preferences are determined by factors like location, profession, and lifestyle. Take it down to individual data for relevant and useful insights.” – Steve Dennis, Forbes Contributor, President & Founder of SageBerry Consulting

 

That’s a Wrap

 

This isn’t to discount the importance of understanding your customer’s path-to-purchase. While demographical data can be helpful in providing a general understanding of a specific age group’s buying preferences, it is only once companies whittle their this down to an individual level that they provide actionable results. It all comes back to using data to create a single view of each unique customer. Even as our world becomes increasingly technological, companies should still focus their efforts on understanding each individual customer.

Do we need a closing to round this all out?

Survey Respondents Mark Personalization Initiatives as “Top Priority” for 2018

NectarOM recently conducted a Marketing Personalization Survey in partnership with the Texas A&M Retailing Summit. This survey inquired about each company’s existing personalization efforts and which initiatives they are currently using, as well as their primary obstacles to implementation and where they hope to be in the future. Over 75 percent of respondents to this survey said that they were either in the process of putting omnichannel personalization methods in place, or that it was on the roadmap for the upcoming year. With such a large majority of companies still in the inception phase of their omnichannel journey, the outcomes from this survey give us an important glimpse into of where these businesses are with their omnichannel strategy and where they hope to be in the near future.

 

Among the many revealing takeaways from the survey, some of the most enlightening outcomes center around how company leaders rate weigh their current personalization initiatives, as well as what methods they feel need to implemented in order to keep up with their competitors.

 

Current State of Affairs

 

One of the most important factors impacting putting personalization methods in place is how familiar and amenable company leaders are with those methods. While over 58 percent of survey respondents said that their company leaders are familiar with the concept of personalization, another 42 percent said that the exposure level varies with various leaders within their organization. Similarly, 50 percent of respondents felt their company leaders know how to execute a personalized marketing campaign, while 40 percent said that the answer was dependent upon the individual company leader in question.

 

Most survey respondents (70 %) replied that they rank their organization at a medium level of maturity in their marketing personalization efforts. When asked what tools they are currently using to collect and manage consumer data, the leading answers were customer relationship management software (CRM) and data management platforms (DMP), with nearly 64 percent of respondents saying that they are currently using both platforms.

 

Room for Greatness

 

Beyond each company’s existing capabilities, NectarOM also asked survey respondents where they see the most opportunity for growth. A whopping 70 percent of companies said that they are using or are interested in using a distribution platform to personalize their marketing campaigns. This includes distribution platforms such as an email service provider, mobile app push, or website widget. This number was closely followed by other personalization solutions including CRM, DPM, and content management systems (CMS), which were each marked as a priority for 60 percent of survey respondents.

 

In addition, when asked where they see an existing opportunity for omnichannel implementation over 83 percent of respondents marked evolving to meet customer expectations as the primary reason for building their omnichannel offerings, while more than 58 percent of respondents replied that their top reason for building personalization initiatives would be to focus on a more customer-centric approach.

 

Obstacles to Implementation

 

The preceding statistics leave one resounding question unanswered: With so much interest in expansion through omnichannel personalization, what are the main barriers holding these companies back from full-scale implementation? While 58 percent of survey respondents feel that their companies have sufficient budgets to implement omnichannel personalization, nearly half (41%) of survey respondents don’t feel that their companies have enough allocated to get the job done.

 

Interestingly, 60 percent of survey respondents work for companies making over $1 million dollars a year, along with another 40 percent of survey respondents whose companies make from $100 million to over $10 billion dollars a year. Despite these substantial budgets, half of these company representatives don’t disagree with the idea that their business is behind their competitors in terms of executing personalized customer experiences.

 

Plan Looking Forward

 

Perhaps this is why in a recent Periscope Study by McKinsey, over 71 percent of respondents listed personalization initiatives as either their utmost marketing priority or among their top three foremost priorities for the coming year. Among the channels which will be used to build personalization, McKinsey survey respondents listed email and social media as their primary focus. Email is also where NectarOM survey respondents saw the most opportunity for their companies to grow their personalization efforts. In fact, 100 percent of the individuals that NectarOM surveyed checked email as the primary channel where they saw potential for activation.

 

These results point to an increasing awareness among company leaders of how deploying marketing personalization initiatives across existing channels such as email and social media can increase sales and build customer loyalty. What remains to be seen is how these companies deploy these initiatives in the coming year and how each business’s efforts impact both their relationships with their customers and their bottom line.

 

Watch our session to learn more about our survey findings.

How To Augment Customer Experience With Omnichannel Personalization

Omnichannel personalized marketing is no longer just “nice to have” in today’s marketplace, especially with customer experience becoming a key brand differentiator.

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Consumers are now interacting with brands across multiple channels. Not only do they expect relevant content but they also want the ability to “pick up where they left off” when they switch from one channel to another.

Many retailers consider implementing omnichannel personalization as one of the key strategies to generate growth and increase revenue through providing a customer-centric brand experience. In fact, many retailers see an increase in revenue and new customer conversion rate when they start offering personalized customer experience.

A study by Invesp has shown that personalization has been proven to improve customer loyalty and increase conversion:

  • 53% of online shoppers consider customization valuable.
  • 45% of shoppers prefer to shop on sites offering personalized recommendations.
  • Personalized ads have a conversion rate 10 times higher than “one-size-fits-all” ads.

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However, there are many moving pieces to ensure the successful implementation of such strategy, including the collection, integration, and synthesis of a large amount of customer data and the ability to turn it into actionable insights.

Thankfully, there are many tools you can use to help gather customer data and apply them to improve customer experience. Here are a few helpful features to look for:

Customer Data Management (CDM)

Information on your customers’ behaviors and preferences will help you cultivate relationships and increase retention rate. Data collection is the first step to implementing a personalization strategy.

To see CDM in action, look no further than online retail giant Amazon.com. Customer information is collected and utilized for making recommendations that leads to increase in sales, as well as improving customer relationships with more personal services.

To get the most out of your customer data, you should:

  • Decide on the critical data to collect so you don’t end up having to parse through irrelevant information
  • Clean up your data to avoid duplication
  • Funnel all information into one centralized database to construct 360° customer profiles
  • Avoid siloed internal practice and encourage collaboration between departments
  • Make the information and customer profiles easily accessible to sales personnel in the field.

Customer Relationship Management (CRM)

After you have constructed 360° Customer Profiles that aggregate your customers’ unique preferences, brand interactions, and habits, it’s time to take that information to the next level.

You can leverage the analytics capabilities of your software to make data-backed business decisions based on the level of brand interaction and projected lifetime value of each of your individual customers.

To leverage the power of CRM, follow these best practices:

  • Create targeted content for specific customer segment to help your brand stay relevant and top of mind. For example, P&G developed the Being Girl microsite to share relevant content with a specific customer segment
  • Use geo-location to target customers who are in the vicinity of a physical store
  • Learn customer habits and preferences to create offers and deliver services that are timely, customized, and relevant
  • Implement Omnichannel marketing and customer care to deliver a seamless customer experience across all touch points

Automated Personalization

You can also leverage the information about your customers to create personalized campaigns and communications that help you deliver the most relevant information to specific customer segments in a timely manner.

This will not only allow you to nurture customer relationships and improve retention rate but also entice new customers to engage with your business by sending out highly relevant offers at the critical moments of their customer journey.

These are some of the ways you can leverage automated personalization to increase sales:

  • Segment and target high-quality leads that are likely to convert
  • Implement personalized lead nurturing campaigns to deliver the most relevant content and offers
  • Increase customer lifetime value by improving customer satisfaction and loyalty with relevant offers
  • Leverage your social media presence to deliver a seamless experience that moves customer along their purchasing path

The Best Marketing Speaks To What Makes Your Customers Tick

The effectiveness of one-size-fits-all marketing messages is plummeting as consumers are becoming increasingly savvy and expect for customized content and offers from brands.

As a marketer, you need to deliver a personalized customer experience across all channels and make sure your copy, content, and offer are highly relevant while appearing in front of your audience in the right place at the right time to get the highest ROI on your marketing budget.

I’ve Got the Customer Data…. Now What?

Leverage big data for your omnichannel marketing strategies

Big data is everywhere, but do you know what to do with it?

Marketers are tapping into customer data to generate insights that have never been available before.

If you aren’t leveraging this gold mine of information, you’re missing out on a vast opportunity to surprise and delight your prospects and customers.

The problem for most marketers isn’t the lack of such data.

In fact, you’re probably sitting on a large amount of information gathered from various customer touch points—website, email, social media, call center, live chat, or in-store interactions.

All this information can be very overwhelming if you don’t have a plan to utilize it for your business.

What can you do with this data to advance your marketing and sales efforts?

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Optimize Pricing at Customer-Product Level

McKinsey has found that on average, a 1 percent price increase translates into an 8.7 percent rise in operating profits.

Yet up to 30 percent of all pricing decisions made by companies fail to deliver the best price.

The ability to analyze customer preferences and behaviors can help you fine-tune pricing of each product for individual customers to maximize profit.

Attain Greater Customer Responsiveness With Relationship-Driven Strategies

A Forrester study found that 36% of B2C marketers are actively using analytics and data mining to plan relationship-driven strategies.

These strategies have been found to increase customer acquisition, reduce customer churn, and improve existing products for more sales.

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You can leverage data and implement the insights with a robust customer relationship management (CRM) platform to build relationships with your customers. The key is to give them what they want when they want it to increase engagement, loyalty, and customer lifetime value.

Embed Intelligence Into Contextual Marketing

By bringing together evolving customer preferences and interactions across channels, marketers can now take contextual marketing to the next level.

When a customer enters a search term on your website or app, you can combine the search term with the customer’s purchasing history to improve the relevance of the search results and product recommendations.

Develop Customer-Centric Strategies

The use of customer data and single customer view  turns the focus from executing discrete campaigns to managing customer lifecycle.

Through improving customer experience across all touch points, companies are better positioned to cultivate long-term relationships that lead to greater customer loyalty and lifetime value.

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Optimize Go-To Market Plans Using Geoanalytics

Customer data can show you how demand differs across geographic regions.

Using this insight, you can align your sales and go-to-market strategies with territories that have the greatest sales potential to increase sales, improve supply chain efficiency, and reduce cost.

Identify VIP Buyers To Increase Sales

By analyzing average purchase amount, lifetime value, acquisition cost, and retention, you can identify your “VIP” customers that are of highest value to your business.

You can then focus your customer care efforts to nurture relationships with this segment with a personalized shopping experience and targeted content or offers to increase engagement and loyalty.

Deliver Consistent Omnichannel Customer Experience

The use of robust Customer Data Management (CDM) technologies is making it possible for businesses to orchestrate excellent omnichannel customer experiences across a selling network.

This allows you to effectively move prospects along the buyer’s journey to engage with and purchase from your brand.

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The technologies for tapping into the power of customer data are now available at your fingertips.

You can finally collect data, collate information, generate insights, and turn them into implementable strategies that will dramatically increase your marketing ROI.

Discover how NectarOm’s suite of tools can help you leverage customer data and take your marketing to the next level.