remodista retailsource paper - pulling power from data

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Pulling Power From Data How to make analytics work for you in the retail marketplace An Executive Snapshot of Global Retail Disruption

Sponsored by:


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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 data-

collection 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?

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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 micro-

moments 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.

” 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

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 email 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.

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Email open rates rarely get you to the heart of what the customer really experiences. “

” Rose Hamilton, Chief Digital Officer Vitamin Shoppe

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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.

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.

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: 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.

CMO’S Guide to Extracting Insights

Media iQ Digital presents:

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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.

Media iQ Digital presents:

www.remodista.com


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

www.remodista.com



CONNECT TO LEARN MORE ABOUT MEDIA IQ

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.

Knowing which analytics are most

meaningful to your company: are "views"

enough, or are you looking for more

focused actions?

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.

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“

”

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

www.remodista.com

ABOUT THE AUTHORS


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.

REMODISTA FOCUS AREA Retail Analytics

Remodista RETAIL & MOBILITY DISTILLED

www.remodista.com

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.

www.mediaiqdigital.com

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. 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.

Media IQ

1-646-681-6390 To learn more

remodista retailsource paper - pulling power from data

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