Game, Set and Match

Tuesday 14 March 2017

You need to be in the personalisation and data game, understand and use any data-sets you can gather about your customers and match your product offerings to their expectations.

Personalisation and the use of customer data is the latest game in town. Those who are playing are reporting consistent winnings. They are using data to understand their customers’ product preferences.  Then they are delivering content and pricing that matches their customers’ expectations.

This is not a new sales technique.  It has been practiced in retail for centuries.  A storekeeper gets to know his customers.  He learns what products they like, how much they have to spend and when they want to buy.  If they walk into his store and browse products on the shelf, the storekeeper can see what it is that is of interest to customers at that very moment.  He can respond accordingly, perhaps suggesting a relevant special offer or bringing out some goods from a backroom that weren’t previously on display.

This ‘knowing’ sales technique has not translated well into the out of store shopping experience.  In the online shopping environment or in the call centre, the customer knowledge that was so valuable to the storekeeper has, to a great extent, been lost.

This situation is changing, though.  We have moved into the era of big data and the realisation of its value to personalise the shopping experience.

Big data is actually a massive amount of small data, data-nuggets that, collectively, can allow you to build a profile of your customers’ product preferences.  Data may be used to understand individual preferences,  to infer collective preferences –  where customers are grouped with others of a similar type – or used to understand demand so that products can be priced accordingly.

This conference explored the use of data to improve the effectiveness of customer communications, raise sales conversion rates, increase customer loyalty and manipulate price in response to demand.

The rewards are there for the taking.  If your business is not collecting and making effective use of customer data, you are missing out on one of the most successful ways to maximise sales and profits.

Click on the Speaker’s name to download the presentation

Our thanks to the following for kindly sponsoring this event: