Data and Your Customers

By Jim MacKay Aug 18, 2016 10:30:00 AM

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Retailers big and small can benefit from customer data. Check out these three ways to enhance customer experience through analytics.

Trying to draw in and retain customers? Of course you are. But if you’re not using quantified information to aid your efforts, you might be missing the mark.

Not only is data key for retailers, but it can also help create a personalized customer experience for each and every individual who walks through the door. Don’t believe me? Here are a few ways data can improve a customer’s experience, whether you’re selling couches or mobile phones.

Identifying target customers
A careful look into customer data has the ability to reveal a retailer’s actual customer—which may be very different than their assumed target demo. Maybe you have more customers in their mid-twenties purchasing sofas than customers in their sixties, but you’ve been targeting Baby Boomers with your marketing and advertising efforts. Uncovering this data can give you a fresh look at which customers should be your focus—giving you the ability to serve both their needs and your efforts better. 

Optimizing product offerings
Recording each purchase can provide valuable insight into which items are hot, and which ones are not. By carefully analyzing purchase data, retailers can optimize product offerings by stocking up on the best sellers, and lowering inventory for the items that aren’t moving. Offer customers products they want, while upping margins for you. 

Customizing promotions
Whether they’ll admit it or not, everyone loves personal attention. By digging into each customers’ purchase history, retailers can personalize each promotion sent their way. This not only makes customers feel special, but it also encourages purchases that may not have happened without the extra promotional push. 

Does your business use customer data to optimize customer experience in any other way? Tweet @Fortegra to share!

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