The gift of analytics.
Accelerate the holidays by focusing on customer analysis . With the help of data, your team can target buyers, plan seasonal promotions and manage your inventory levels.
Research shows that " 49% of companies that champion customer analysis are likely to make much better profits than their competitors." This is one of the best ways to differentiate your company in the market.
"The analytics client allows organizations and companies to make business decisions based on data for direct marketing, site selection and customer relationship management. The result is a 360-degree view of customers, "says Molly Galetto Vice President of Marketing Communications at NGDATA.
This holiday season is about studying your data. Let's see how you can earn more sales.
Adopting an omni-channel approach
Vacation shoppers will discover your products from a variety of channels, including mobile, mail and offline activities. Prepare to meet their needs, no matter how they find you.
PricewaterhouseCoopers announced that two-thirds of buyers could be considered omnichannel consumers. These people search for products and make purchases by combining technology, online platforms and physical stores.
For example, buyers can see your product through a Twitter ad and then conduct a brand search on their tablets. And finally buy your product from their desktops using an e-mail promo code.
Buxton reports that "the average consumer does not think about the complexity of merging offline and online retailing. They simply know that they are buying a product of your brand and expect their experience to be the same regardless of the channel they use. "
Work with your team to develop a seamless experience across all channels. Clients should not feel confined to working with one or the other.
Observe consumer habits to determine how your audience interacts on each channel. This will help your team predict the purchase intention. Next, aim to build interconnected relationships, not one-off transactions.
Forget the spirit that your brand 's online store is competing with in – store sales. Concentrate on the integration for a best shopping experience .
"As consumers become more and more independent of the channels and are more and more omni-channel in their customer journey, retailers who break through and meet their requirements are achieving the best returns this season. It is no longer a brick and mortar against e-commerce, "writes Stuart Lazarus former Vice President of Sales at Signal.
Give holiday buyers a choice. Let them decide the best channel for their buying needs.
Focus on specific shopping days
Everyday shopping is not created equal. Consumer buying habits change according to various factors, such as industry, product price and end user.
This season, avoid following your competitors because they could lead you in the wrong direction. Plus, what works for their consumers is not always the best for your buyers.
Use historical data to find your sales peaks and troughs during the holiday season. Which days and times have there been an influx of sales?
Next, focus your sales and marketing efforts on these specific days to catch the consumer's attention. Your brand may wish to host promotional gifts or offer you a discount. And the time constraint will prompt customers to act now or risk missing the promotion.
RetailNext predicts that Black Friday will lose its most popular shopping day title this holiday season. The excitement of hasty sales turns into customer fatigue. As a result, brands are adopting a long-term strategy.
"With this in mind, retailers are now transforming the traditional holiday shopping process into a one-month trial, and retailers are noticing the need for convenience and offering more omni-channel services to consumers. "Says Geneviève Scarano writer and assistant editor at the Sourcing Journal.
During the holidays, make increasing customer value a priority. Persuade customers to learn more about the mission and values of your brand. You want the guests to stay after the holidays.
Manage your inventory
During this time of year, it is important that your team oversees the inventory. Poor inventory management leads to late fulfillment of orders, which prolongs your cash cycle.
In 2015, out-of-stock inventories accounted for $ 634.1 billion in lost retail sales . When your brand fails to deliver, customers are frustrated and are looking for the products of your competitors.
Overstocking is not ideal either. You do not want a surplus of products that take up space on the shelf. Excess inventory costs money and negatively affects your bottom line.
"Missing sales because of stock outs is a frightening thing – but that does not mean you should be overstocking – remember that keeping inventory in your warehouse has its own cost, both in terms of the cost of additional storage space and capital stock in the inventory. says Ruoshan Tao Inbound marketer at TradeGecko.
Strive to create an optimal system that works for your business. The definition of parity levels is a technique that speeds up future decision-making.
Casandra Campbell content creator at Shopify, offers some judicious advice:
"Facilitate inventory management by setting" levels per "for each of your products Par levels are the minimum amount of product that must be available at all times When your inventory falls below predetermined levels, you know that it's time to order more. "
If you have not already done so, invest in an inventory management dashboard. Then you can be notified automatically when certain products fall below your levels by.
Here is an example showing a filtered list of all under-stocked products. It's a simple process, even for your new team members.
Forecasting demand to make products easily accessible to customers and to reduce your costs.
Customer Service Upgrade
The holidays are hectic. Buyers juggle everything from buying gifts to preparing for the end of the year parties. So, be aware of your customer service efforts.
Studies reveal that some customers prefer to completely avoid purchases in order to override the hassle of poor service. A lack of quality service wastes buyers' time and causes them to stress more.
A stressed consumer will abandon his basket. And that equates to less revenue for your brand.
In addition, NewVoice reveals that 42% of consumers change their brand because rude or unnecessary staff repels them. This problem can easily be solved by training your staff to empathize with customers.
To upgrade your customer service, perform a quality check of customer phone calls and e-mails. How do your employees respond to customer complaints? Or any of the customer's questions remained unanswered?
This qualitative data will provide insights on how to improve your service. The results may include the organization of formal training for all staff members or the coaching of specific individuals.
Use the collected data to learn the problems that plague your customers. Early identification of problems helps your team solve problems sooner rather than later.
"For this holiday season and beyond, it's crucial to empower customer service with the analytical capabilities to truly identify and understand customer issues to ensure a seamless customer experience and ensure customer satisfaction." loyalty to the brand. " says Ken Bisconti vice president of IBM Customer Analytics.
Experiment with different methods of customer service. Make your customers' lives easier.
This is the season of analysis
Do not neglect your use of data during the holiday season. It is an opportunity to get closer to a larger number of buyers and increase your income.
Prepare to sell consumers via multiple channels. Focus on specific shopping days to maximize your promotions. And continue to improve your customer service to relieve shoppers of the stress of shopping.
Pay attention to your customer analytics. Happy Holidays!
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About the Author: Shayla Price lives at the intersection of digital marketing, technology, and social responsibility. Connect with her on Twitter @shaylaprice .