“Retailers understand that it costs more to acquire new customers than it does to keep their existing ones happy.” [Epsilon, 2014].
If one thing was apparent at Forrester’s recent Forum for Marketing Leaders, it’s this: the customer rules. Research Director David Cooperstein kicked off his presentation with a Bob Dylan quote that captured the sentiment of the event. “The times … they are a-changin'.” I would argue they’ve already changed, and the change is accelerating.
What types of coupons do your customers use? How many coupons in an average week? When are they searching for offers, on their mobile devices while shopping, or beforehand on their home computers? These are some examples of the valuable coupon data CPGs and retailers can collect through RevTrax’s latest product, Survey Insights.
Last week RevTrax invited our key CPG and Retail clients, partners and industry colleagues to participate in a panel discussion to exchange best practices on leveraging customer data analytics and customer intelligence. Our panelists included representatives from Kimberly-Clark Corporation, Pfizer Consumer Healthcare, Bowlmor-AMF and Chobani.
Here at RevTrax, we continually think about the omnichannel consumer experience and how to improve it. In order to help us on this path, we recently attended Forrester’s “The New Omnichannel Imperative” event here in New York City lead by Forrester Analyst, Peter Sheldon. Sheldon’s research focused on identifying the causes and solutions for the widening gap between consumer expectations and retail capabilities.
Retail marketing is perhaps one of the most competitive areas of advertising today. It also happens to be one of the most complex challenges for which retail marketers constantly strive to gain actionable insights, control, and consistent year-over-year improvement.
What really drives customer loyalty in today’s retail ecosystems? Is it the ability to provide a customer-centric experience? The practice of seamlessly integrating a loyalty program across channels and points of sale? Or could it simply be the delivery of quality service?
Digital coupons represent a significant component of marketing efforts for most consumer-facing brands. As these brands adopt a new-found focus on the omni-channel consumer experience, it’s now necessary to measure the real effectiveness of digital coupons. Tracking, measuring, and optimizing digital offers, especially when driving digital engagement in store, requires technology that provides intelligence to gain visibility into your consumer’s path to purchase.
In today's omnichannel shopping environment, consumers are focused on keeping personal and payment data secure. In a 2013 Harris Interactive poll, 35% of American Internet users indicated they had stopped doing business with a company due to digital data privacy concerns. These concerns can be a disruptive factor in a consumer's path to purchase, which poses a challenge for marketers.