Retail Marketing
In today's CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects.
Targeting allows a retail enterprise to channel its marketing budget where there is the greatest (and fastest) possibility of Return On Investment (ROI).
In terms of overall business strategy, your ability to identify and understand consumers helps you make accurate estimates about the potential for your products and services in a given market, as well as support and direct merchandise development strategies to both new and existing customers.
Whether your target is current customers or new prospects, in markets known or unknown, an effective targeting model reduces the risk of any new venture.
Blending Demographic, Behavioral, Expenditure and Media Preference data with retailer-specific data and applying data mining technologies produces Zip+4 and postal code level data assets that consistently outperform all other direct marketing techniques.
In addition, methodology that should be used must be dynamic to allow the sights to be reset frequently to keep targets in focus consistently.
Today's retail marketing managers must:
Understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and leverage this understanding for competitive advantage.
Improve direct marketing response by ensuring they are targeting the right households at the right time, using the right media with the right message.
Leverage current consumer data to make better strategic decisions about products, marketing and locations.
Increase customer loyalty and retention with a scientific, data driven approach to