5 INSIGHTS EVERY BRAND SHOULD KNOW ABOUT SHOPPER BEHAVIORS
With today’s pandemic, safety measures have made it difficult for Brands to connect physically with Shoppers. Social networks and other digital alternatives are showing their limitations in terms of profiling and ROI. The reach might be wide, conversions are not always there.
At the same time, the old equation that says it is 10 times more profitable to keep an existing customer than acquiring a new one is making more financial sense.
In that view, leveraging Shoppers Loyalty Data – while obviously being respectful of the Personal Data Privacy legislation in place - might be one of the available options to Brands to efficiently engage with their Shoppers and maintain high ROI while supporting their retailers.
For Brands Teams having the opportunity to access such data, there are 5 insights that they absolutely need to capture.
1.Customer Lifetime Value (CLV) - figure out which costumers are bringing the most profit to your business.
Business Benefit: measure the sales and margin value your selected targets will bring to your Brand
2. Frequencies & Average Purchase Value – understand and track how receptive your existing customers are to your brand, and find new ways to grow the profitability of your business.
Business Benefit: precisely define the frequency and timing of your engagement based on your targets’ buying pattern.
3. RFM – Identify who are slipping away from the brand
Business Benefit: prioritize your customer targets based on 2 variables: their financial values, and the intensity of their relations with your band.
4. Share of Brand Switchers – Find out the category of customers that are tempted by the competition.
Business Benefit: identify to which brands shoppers are switching and win them back early.
5. Cross Merchandizing – Identify what are the most frequently purchased categories, segments and products associated your Brand, category or segment purchases.
Business Benefits: optimize your promotions selections and build data-driven guidelines for better displays adjacencies, both online and in-store.
With ULYS CRM Customer Behavior Analysis Platform, HPT Ariane already supports locals and Global Brands understand, segment, and profit Shoppers in S.E.A.