DDM - Retail Trade

Segmentation Solutions for Retailers

Issue link: https://resources.datadrivenmarketing.equifax.com/i/883590

Contents of this Issue


Page 0 of 3

Segmentation Solutions for Retailers Retail Segmentation Efforts Often Yield Fragmented Views of Customers Today's retailers have been working with data and segmentation systems for years. In the process, many internal departments have built or acquired systems for their own specific uses. Whether using marketing data for customer and prospect programs, transaction data for merchandising planning, or market data for location planning, different departments have created their own systems to provide them with information they need or to manage the data they capture. However, when retailers want to take their data use to the next level, they discover that these departmental systems are typically siloed, and the systems often don't interact. Thus one department can't take advantage of another's data, and may not even know what is captured and used. In addition, overall corporate strategy is often not able to take advantage of the whole universe of in-house data, nor be able to easily enhance it with third-party data. Aim For a 360 Degree View of Your Customers and Prospects By incorporating a syndicated segmentation data solution into your enterprise, you can gain a more unified view of data that can then be better leveraged across multiple departments. Marketing can develop more effective promotional campaigns that address high-potential customers, or acquire more customers who look like them. Real estate can better determine potentially profitable locations with trade area data. Merchandising can look at trade-area customers and prospects and tailor the product mix accordingly. A syndicated segmentation solution can help enhance not just one department, but bring potential benefit to strategy decisions enterprise- wide. Having a unified source of detailed, actionable data is key. Better Leverage Your In-house Data Retailers typically capture a wealth of data points, including: ■ Transactional: Purchase date, item, location ■ Loyalty: Customer name, address, purchases, locations ■ House card: Customer, purchase date, location, amount ■ Store planning: Store sales, geographically summarized data KEY BENEFITS Help enable a holistic view of customers and prospects Deliver messages that better resonate with your desired households across channels Identify more high-potential customers Better leverage data in support of enterprise-wise business decisions

Articles in this issue

view archives of DDM - Retail Trade - Segmentation Solutions for Retailers