Why Using a Data Analytics and Intelligence Tool Should be a Top Priority this Year
In my last blog post, I wrote about the benefits of leveraging transparent data for marketing and intelligent merchandising. And while the importance of trying to organize this data may be clear, the urgency to do so may not be. Here’s why this should be a priority for your business this year.
Reason #1 – It allows you to be relevant to your consumers
Today’s consumers are empowered and their expectations are changing at a fast pace. They expect retailers to know what they want and they expect that product will be relevant to them.
Freely available democratic data, like keyword search data, customer testimonials, reviews, likes and dislikes and articles are all available for the taking. This data is vital information for helping you to make better decisions about what products to offer and how to market those products so that your consumers pick you every time.
Reason #2 - Your competitors are doing it
According to a 2013 study by IDC, approximately 50% of retailers were aiming big data analytics at pricing strategies, market intelligence and customer acquisition. More retailers will join their ranks over the next two to three years. The point is, you don’t need to copy your competitors as much as you need to adopt tools to get smarter about marketing and catering to your customers. If you do that, the competition can’t take away your customers and the opportunity for new customers.
The new future is about constantly being relevant to your customers. As you think about what you’ll need for the year ahead, it’s important to look at the tools that will best help you for the future. Much like packing a backpack for a journey, you need to determine the most essential items for that journey. Are there old items that need to come along, baggage that can be tossed or items that can be retooled or upgraded to better prepare you to face the challenges of today?
By utilizing a technology platform that encompasses demand, product and supply intelligence, you will be able to get a more holistic view of what your consumers want, what’s out there, and what you need to do.
To read the next blog post in this series, please click here.
Mihir Kittur is a Co-founder and Chief Innovation Officer at Ugam. He oversees sales, marketing and innovation and works with leading retailers and brands with insights and analytics solutions around their category decisions to improve business performance.