Retail Blinks is a series of short, simple and practical insights and guidelines for retailers and manufacturers on how to improve business performances with data.
Many countries are sadly in a dire situation.
Bringing back shoppers to (physical or digital) stores is critical during the lockdown as well as after the lockdown.
Because each customer is different, your CRM tool needs to help you build offers tailored to their different behaviours.
Here are some ideas on how to use your CRM to create a winning customer segment-product fit:
Of course, customer selection must be consistent with the expected objective.
‣ Basket variation-based segmentation
‣ Frequency variation-based segmentation
‣ Category share of wallet-based segmentation
Your CRM will tell you the financial weight of each segment so you can select.
For your selected segment, let your CRM analyze its customers behaviours and tell you which categories will be best to be promoted.
‣ Penetration based ranking
‣ Share of wallet-based ranking
For your selected category, ask your CRM to give you at least 2 options:
‣ Product penetration-based selection
‣ Past promotion shares of wallet-based selection
Your CRM should give you the sales forecasts so you can optimize your choice.
All this can be easily done in Ulys CRM
Ulys CRM is a Customer behaviours Analytics platform designed by retailers for retailers.
Retail shorts is a series of practical practice sharing Hypertraders could learn, capture, implement and monitor across the diversity of our Clients.
Hypertrade is a Retail Data Collaboration Platform that provides tech, data and continuous retail experts support to turn your teams into Champions.
We hope it helps!