Transactional Data: The Missing Ingredient in Your Retail Marketing Strategy

To acquire and retain customers, savvy retailers simply cannot say, “We have a nice product” or “We have lovely salespeople” or “We’re on the sunny side of the street.” It’s hard work to constantly motivate customers to choose your store over the thousands of other choices out there. So unless you know whom those customers are, you will not experience continued success.

Your database of customer information provides a myriad of enhancements to the “product salesperson location” ethic of retailing. If you use that database properly in conjunction with customer relationship management (CRM), you can far surpass your competition. Once you know whom your customer is and, even better, whom the best customer is, you can use that information to market more effectively to that customer. Therefore, you want to know everything you can possibly know about that customer.

Most retailers are very quick to let the customer know that private customer information will never be used outside of the company. The problem, however, is that sometimes the information isn’t even used inside the company. Often the most important steps in the process are omitted: data capture, interpretation, analysis, and action.  

After the customer’s name and address, the most important information a retailer can gather is the customer’s purchase history–also known as transaction analysis.

Read the complete article here.

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