Digital data has changed the face of retail marketing in recent years and we’re all working our socks off, rushing to understand how we can make the most of the extraordinary potential that’s now available to us.
Sir Arthur Conan Doyle once asserted: “It is a capital mistake to theorise before one has data. Insensibly, one begins to twist facts to suit theories, instead of theories to suit facts.” Smart man, Sir Arthur.
FINDING THE DATA YOU NEED
So how do you, as a retailer, find the data you need to drive your business forward?
That task may not be as tricky as you think. As outlined at our recent Retailing Marketing Masterclass in Soho, most, if not all, of the information you need to steal a march on your competitors, could already be in your hands.
This information comes in various forms including stakeholder research, sales team discussions, existing research, enquiry data, customer data, web analytics and sales figures. (Yes, there may be a need for extra research and third-party data sets to find out what you can’t find out from the above. But not always.) The secret here is to find everything you already have and then bring the relevant stakeholders together for data discovery workshops.
LOOKING FOR NUDGE MOMENTS
Combine all this information, layering it appropriately, and you will be able to establish what we call nudge moments to move your consumers further along the buyer journey.
At HPS, our proven process takes four distinct stages. First, we find out what you have by capturing all the available data and we fully define the challenge by talking to key stakeholders and breaking down the silos.
Secondly, we analyse the data and layer it, where relevant, to unlock its potential with actionable insights.
Thirdly, we prioritise. We’ll have learnt plenty from the first two steps, maybe uncovered 10 different things we could do to move your business forward, but we need to focus all our attention on the one that will make the biggest difference.
Finally, we optimise by using KPIs to track the effect of our actions and establish ongoing best practice.
NEVER ENDING VOYAGE OF DISCOVERY
Of course, this is a journey that never ever ends because once we’ve reached the final stage, we can then feed everything we’ve learnt back into the discovery phasing before re-starting the process again.
All the time, we’re using the data to give you a better understanding of your customers. The better you understand your customers, of course, the longer you’ll keep them. And the easier it will be for you to find new ones.
So, while we can take a wholly rational approach to the collection and dissemination of our data, we need to view it through an emotional filter. If you’re in the retail space and would like a little help understanding and optimising your data to provide actionable insights for your business, request to attend our Retail Uncovered Masterclass in Soho next February.