Pulling Power From Data

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1 Pulling Power From Data How to make analytics work for you in the retail marketplace An Executive Snapshot of Global Retail Disruption Sponsored by: VISIT THE REMODISTA SANDBOX:

2 Data Footprints Ten years ago, Facebook, Twitter, smartphones and tablets were all pipe dreams. What a difference a decade makes. Today, they're all a part of our daily lives, and they're sophisticated datacollection devices and services that can help you understand your customer like never before as long as you know how to glean wisdom from the numbers. Online retailers are working to take full advantage of the insights created by the data footprints we leave behind as we browse from site to site. Retail has always been on the forefront of the technology and analytics space. As we work to establish loyalty to our brands, and understand how to interpret user intent signals for make purchasing decisions. As we explore things like predictive analytics and adaptive marketing, we get closer to answering the question: Can we fill the funnel by interpreting data from a user and their network to predict human behavior?

3 Changing Data A marketer s ability to collect information from shoppers is more robust than ever. It s a matter of finding "nuggets of gold" from the data (formerly known as big data ) we collect. Unearthing the ore of consumer insights will help us move forward ensuring that it s possible to identify new customers and target our best potential customers more efficiently. With cookie data, shopping data, social media data, and opt-in data, it can feel like you re trying to move a mountain. With micromoments at the forefront of mobile shopping allowing consumers to share data at all time (Did you tap the "sleep" setting on your FitBit last night before dozing off? Yes, that means FitBit knows when you're asleep just like Santa Claus), there s a unique opportunity to trade matrix-like data volume into meaningful user-fueled insights into business intelligence that delivers value to the whole business. dead, because Amazon simply owns it. To separate yourself from the virtual megamalls of the world, your brand must not only collect data from users who interact with your brand (whether through your website, mobile site, or social media), but also create relationships that will make the case for your brand's value beyond the price point. To be truly valuable, your data analysis plan should accomplish two goals: Know which customer insights are most indicative of future behavior (for example, reading an may not lead to as many sales as clicking through a Facebook ad) Be dynamic. Your data should be able to tell you in real time how to shift your strategy based on the customer's actions in order to meet them where they are. Retails run into data roadblocks Every retailer wants to reduce the cost of acquiring new business. But the transactional world, where a good price or free shipping attracts the customer, is all but

4 open rates rarely get you to the heart of what the customer really experiences. Rose Hamilton, Chief Digital Officer Vitamin Shoppe Interested in sponsoring content like this? Contact us:

5 Media iq Digital presents: CMO S Guide to Extracting Insights Breaking Down the Silos Data collection silos exist whenever two or more of your teams are collecting data but not merging it, or not sharing insights across company teams. Remember that your marketing team, your website team, and your strategic growth gurus should all be talking to one another regularly about how your company plans to attract new business from both new and existing customers. Start Small If you haven t started digging into the data, don t let the enormity of things like attribution or volume daunt you. And blindly directing teams to find insights won t serve you either. In fact, that sort of directive will likely send your teams on a wild goose chase of random technology products that make big promises that are impossible to solve with existing industry information. TAKE ACTION: Approach all marketing initiatives from a programmatic approach. Build marketing channel-wide plans that ensure that all stakeholders are on the same page about messaging and campaign goals. TAKE ACTION: Most of the data you need to start mining for data is already at your fingertips with existing systems. Merge your CRM with site data. That will allow you to gain some initial insights on who, exactly, is reaching out to you via your online presence. Current customers and potential customers might require two (or more) different strategies to engage them and create new business.

6 Media iq Digital presents: CMO S Guide to Extracting Insights Invest in the Relationship You ve got the data, now you need the insight. Finally, use your data's insights to further invest in the relationship with your audience. Build on your findings by testing and measuring on a regular basis to create meaningful engagement with current site visitors, as well prospective customers. Engagement is a long game. By building trust over time, they re far more likely to trust, interact and buy from your brand in the long run. Sustainability is what we re aiming for, right? TAKE ACTION: Combine smart staffing choices with functional dashboard technology choices to ensure you re getting valuable customer-centric storytelling insights not just statistics.

7 Business Intelligence without the ability to act in real-time is like a car with no gas; being agile and making real-time data driven decisions is what drives business growth. Rachelle Daglis, VP Media iq Digital Interested in sponsoring content like this? Contact us: Kelly@remodista.com

8 Retails run into data roadblocks As we define the future of data insight into retail customer behavior we ll see the rise of tactics like adaptive marketing. An impressive and evolving process that will help retailers aggregate data sources and user networks to be able to understand and respond to buying real-time signals. We re starting to see hints of intelligence coming from social advertising platforms like Facebook thanks to the sheer volume of data they collect. We re getting closer and will continue to make progress towards understanding true audience intent. That level of sophistication in predictive analytics is still ahead of us, but you can plan for it by: Leveraging the data you're collecting today across all channels to better understand your customer's interest in engaging with your product. Understanding the pathways your customers follow, the actions they take, and the advertising strategies that catch their eye will all help you leverage your data insights to attract new business. Focusing on meaningful engagement with your customers, building trust through unique and memorable online offerings that they will remember even if they ultimately make their purchase from a brick and mortar store. Staying open to the newest analytics technologies and data analysis services available to you through your CRM vendor and through social media outlets. By leveraging existing data analysis tools, you'll be ready to take advantage of new tools as they enter the marketplace. CONNECT TO LEARN MORE ABOUT MEDIA IQ VISIT THE REMODISTA SANDBOX: Knowing which analytics are most meaningful to your company: are "views" enough, or are you looking for more focused actions?

9 There is a great divide between in-store activity and online behavior. Technology can build a bridge to tell the true customer story. Kelly Stickel, Founder + CEO Remodista Interested in sponsoring content like this? Contact us: Kelly@remodista.com

10 ABOUT THE AUTHORS Remodista RETAIL & MOBILITY DISTILLED Remodista is a social think tank examining disruption in global retail. Our mission is to provide insight, education and innovation to global brands through collaborative research and analysis. Media IQ Media iq is a leading global analytics technology company that uses its superior analytical platform AiQ to unlock insights from data to drive business growth To learn more Media iq have a clear vision for their clients - to inspire through insights. They are experts at ingesting large amounts of data, modelling data to convert into insights and then actioning these insights through a variety of products and services. In short, Media iq make data valuable, insightful, and intelligent, which helps clients engage customers, grow sales and generate revenue. REMODISTA FOCUS AREA Retail Analytics We are exploring the cross section of in store and IOT. We are working to better understand the difference between capturing the data, integrating it among various technologies, and using the data to predict future customer behavior.