Retailers want to know everything there is to know about their customers – but can’t. They struggle to remarket to customers because they fail to understand and anticipate their wants and needs, despite a clear mission statement to present can’t-turn-down offers to the right customers at the right time.
Retailers know it’s five times more cost-effective to retain a current customer than it is to acquire a new one, Yet, only 16% of companies make remarketing a top initiative – and that’s because they can’t do it effectively.
The reason: Retailers have troves of customer data for remarketing but can’t use most of it because it’s hard to identify, unify, cleanse, enrich and analyze customer data that’s dirty, found across dozens or hundreds of channels and is constantly streaming in. It’s so hard that:
● Most marketers analyze only 10-15% of all customer data.
● The data passed for analysis is often weeks or months old.
Beyond poor data quality, most retailers also must make do with poor analytic systems that don’t come close to analyzing complex omnichannel customer behavior.
Retailers thus work at a massive disadvantage: They innovate, plan, strategize, market, sell and communicate without a clear understanding of their customers.
This is where effective customer analytics can work its magic. The ability to find the right customer data, and then curate, analyze and act on it creates a complete and near-real time perspective of a customer.
To learn more, please download our new eBook: “The Retailers Guide to Superior Customer Retention and Monetization.”
The eBook reviews how the challenges of customer analytics prevent proper remarketing and how your retail business can clear those hurdles in just four steps. Steps that will help you retain and monetize customers in ways you didn’t believe were possible.