DDM - Retail Trade

Retail Store Planning Use Case

Issue link: https://resources.datadrivenmarketing.equifax.com/i/883581

Contents of this Issue

Navigation

Page 0 of 2

How Retailers Can Better Identify High-Potential Prospects Leverage Consumer Economic Insights to Help Drive Business to New Locations use case Retailers are continuously looking for ways to optimize their marketing spend while generating effective results. However, many retailers are not able to easily identify consumers with the capacity to spend on their products. By adding economic insights to customer and prospect records, retailers can better identify high-potential households that live near new and existing stores and that are likely to have the affinity to buy their products. With these insights, retailers can better define the target audience for marketing campaigns and help improve the efficiency of their marketing efforts. Challenge: Optimize marketing campaigns promoting new store openings by better identifying high-potential prospects To help ensure the success of new locations, many retailers strive to develop a better picture of their current customers as well as better gauge local market potential in order to help focus their marketing activities on higher-value prospects. Most retailers have detailed information on current shoppers in their Customer Relationship Management (CRM) systems, including frequency of purchase and total amount of spend. However, marketing teams often have difficulty assessing if customers could possibly spend more with them, or identifying which prospects might have the capacity to spend on higher-end products like fine jewelry and gifts. Response: Apply economic-based segmentation to help define profiles for high-potential customers and prospects Retailers can often benefit from the Economic Cohorts household-level economic-based segmentation system from Equifax in conjunction with their CRM data. By leveraging Economic Cohorts, retailers can better understand the profile of their current customers in terms of their likely economic positions (e.g. estimated total income and ability to spend) as well as behaviors, lifestyles, and communications preferences. CHALLENGE Retail brands need new ways to find, and market to, potential high-value customers living near new store locations. RESPONSE Retail marketers and real estate planners can use insights on household economics and market potential, in conjunction with their internal data, to better help identify high-potential customers and prospects for marketing efforts. OUTCOME By using economic insights from Equifax, retailers can better narrow their target audience, help improve marketing campaign efficiency, and better gauge sales potential for new stores.

Articles in this issue

Links on this page

view archives of DDM - Retail Trade - Retail Store Planning Use Case