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Turning numbers into insight and revenue

The formula for a successful indie in the words of Derayane Tadd from The Dressing Room is ‘unparalleled’ customer service, the right product and attention to detail.

Clearly then Indies are great at understanding and responding to the specific needs and requirements of their customers.

Indies are uniquely placed to really leverage their customer knowledge in store because they are agile and flexible enough to respond to customer feedback, which clients are more inclined to give because of the ‘attention to detail’ and high levels of personal service. This interaction provides great insight at a store level but what happens to Indie digital channels when there isn’t the presence of the store assistant to capture this highly valuable intelligence?

The recent Drapers Multichannel Report demonstrated that 67% of shoppers are researching online prior to making a purchase. Therefore understanding online shopping behaviour is crucial – if your digital channels aren’t hitting the mark then you run the risk of potentially losing sales. This is where data and hard numbers comes into play as the only sure fire way to gather intelligence digitally  is through data analytics.

Data is becoming increasingly important - as the retail environment becomes more complex - in order to understand the buying habits of customers across multiple sales channels. What they are buying, where they are buying it, how often and how much they are spending? This level of intelligence arms you with the detail to deliver a number of things. Firstly, to continue to monitor your product range and ensure it is what your customers want. Secondly, you can target existing customers strategically to buy more and more often. Finally, you can use the profile of your existing customer base to identify and target new customers of a similar nature.

Effective marketing activity which is focused and targeted in this way can begin to develop loyalty. Enabling technology has empowered customers who have become fickle, inconsistent and demanding. In this day and age customer loyalty is hard won and is always being challenged.  Good data in combination with the right marketing can develop and nurture customer loyalty, either through a structured rewards programme or regular communication. The retailer who can capture, engage and retain customers in this way will maintain a competitive edge by taking back control from the customer - anticipating, responding to and supplying the right service and products to meet their demand.

In the twenty first century channel insight will enable Indies to deliver ‘unparalleled’ customer service, maintain their knowledge about the right product for their customers and maintain the attention to detail they have become renowned for. Numbers in their raw form are meaningless but with the right application data can provide a wealth of information about your customers that used effectively will differentiate you from the competition and generate impressive financial results.

To find out more about loyalty, effective marketing to retain customers or developing a customer database take a look at our website www.redfishgroup.co.uk or give Marcus a call 0845 862 0416.   

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