Retail brands: Knowing means growing

Source: http://www.experian.com/blogs/marketing-forward/2019/07/10/retail-brands-knowing-means-growing/

retail brand

To set your brand apart from the competition (and thrive!) , you need to get to know and communicate with your clients on a more personal level–this means knowing more than just their email or mailing address. It means building a relationship with them to turn them into loyal customers who keep coming back. To make this happen, retail marketers must engage with customers across all verticals and invest in true data-driven advertising.

Ask yourself these questions:

  • What do my clients do? If you know more about your customers’ lifestyles, interests and spending habits, you will have a better understanding of how they decide to invest their money and free time.
  • Once you understand your core customer base, you can move to how and when you need to reach them. This starts with segmenting your customers and then reaching them across their favorite channels.
  • You then need to learn what motivates your clients so as to understand their buying behavior. Do they buy items spontaneously or do they spend a whole lot of time researching? Do they simply buy things with a coupon or is free shipping more important?
  • Lastly, determine what advertising is revealing ROI so you can optimize your marketing campaign. To make sure your efforts are showing results and your marketing budget is getting the most bang for the buck, attribution is crucial.

Retailers need to aim to get more value from existing data, supplement it with third-party resources, and find better ways to manage it and extract valuable insights. Experian’s Customer Data Engine is the best solution to assist retailers with this challenge. This client data platform helps give you a complete picture of online and offline customer engagement and delivers the data, tools, and insights needed to make conclusions on reaching customers and lookalike prospects. Client Data Engine is a centralized platform where 1st and 3rd party data is managed and updated on an ongoing basis in a safe environment, providing retail marketers with analytical tools, lookalike prospects, campaign management, audience distribution and closed-loop measurement.

When retail marketers have a deeper understanding of what they have to know about their clients, they can create customized audiences using this data. Advertisers appreciate first-party data and frequently look at it first. Normally, this refers to internet data about customer activity on a site or program, and may come from form and email submissions, views of product or apparatus and things people searched for online. Although first-party data is gold, there is almost always additional information required to fill in gaps.

As an example, the need for recency, frequency and monetary (RFM) information is vital. RFM information is a way for retailers to analyze their clients by using recency (how recent the customer made a purchase), frequency (how often a client makes a purchase) and financial data (how much money a customer spends on purchases). It offers the retailer the details of when the last time the customer made a purchase, how often does the customer make a purchase and how much did the client pay. With this information, they will know who their most valuable customers are and have the ability to create customized audiences.

To get a deeper understanding of your customers, solutions such as Experian’s ConsumerViewSM database can be leveraged to provide you with demographics, life event triggers, purchase data, lifestyle segmentation data and more. With thousands of information attributes available, it may take any business to the next level.

According to international research firm, Coresight Research, retailers in the USA have announced 5,994 store closures in just the first 15 months of 2019. Changing consumer requirements, and a volatile economy have made it difficult for retailers to keep pace. However, retail isn’t going to go away, and brands just need to be smarter about how they conduct business. Ensuring you understand and know your customers is just one of the ways to guarantee repeat visits and set yourself apart from the competition. By enriching your information with 3rd party data from Experian, Customer Data Engine allows you to know and target your customer the same manner that Direct to Consumer brands and retailers can and offers you a whole 360-degree view on what your clients are doing and how they are interacting with your brand.

To learn more about Experian’s Customer Data Engine, contact us at -LRB-877-RRB- 902-4849 or experianmarketingsolutions@experian.com to find out more.

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