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3 Ways to Use Data for Your Retail Marketing Strategy

Posted by Emily Fanning on May 3, 2018
Emily Fanning

There is far more to retail marketing than designing a catchy e-mail blast and choosing the best Instagram filter; great marketing demands great data! Today, it is actually essential to personalize your marketing based on data. Customers expect it, so you better be collecting it!

Strategic retailers are using their data to do things like grade their customers to help them market to different segments in different ways. For example, top tier spenders get exclusive VIP event invitations while lower tier discounters get early sale notifications. They're also using sales data to influence advertising initiatives—highlighting slower selling items that need some additional exposure—and plan events around their highest performing brands. 

With retail reporting software that offers the ability to create custom fields and shows real time KPIs, the opportunities are endless; but to get your wheels turning, here are 3 reports to run using your POS that will contribute to your retail marketing strategy.

Top Customers By Spend
Your POS should be able to easily pull data showing your customers' gross sales, average transaction value and gross margin. When filtered by spend level, say everyone $2500 and above within a 6 month period, you have a “best” customer segment that you can then market to with appropriate messaging, offers and events. Export this list as a CSV file and use in your favorite email automation software.
Note: Springboard Retail integrates with MailChimp to provide a seamless marketing sync boosting productivity and saving time!

Analytics_TopCustomers

Key questions to ask:

  • How can I use the data I collect to segment my customers?
  • How are my margins in each of my customer categories?
  • What kind of marketing efforts can I develop for each customer segment?

56% of consumers are willing to share data to receive faster and more convenient service. 


Sales & Customers By Vendor
This report gives you the opportunity to analyze your brands for marketing and promotional efforts. Use gross sales and number of customers for each vendor purchased within a time period to get a view of your most popular brands. This report will help you decide what brands you might partner with more extensively, like asking for product exclusives, trunk shows or special promotions. You can also determine which brands may need a lift with some additional marketing efforts to see if you can boost performance. Add customer name and email to your report and you have a ready-to-go list for brand-based email campaigns.

Analytics_VendorSalesPerformance

Key questions to ask:

  • What are my top 3 brands?
  • How can I partner with these brands to drive more sales?
  • Are there less popular brands that might benefit from promotional campaigns?

Poorest & Deepest Inventory
By looking at your inventory performance within a timeframe, you can quickly see where you need to add marketing initiatives in order to push poorer performing items that you are deep in. This is a key report to pull through your POS software. Choose style name, on-hand quantity and sell-through to identify which items might need a boost, through an email blast, social media post, or simply re-merchandising. Only you will know your timing benchmarks, but running these reports regularly and acting on the data will help you proactively address issues BEFORE you have to resort to markdowns.

Analytics_PoorestDeepest

Key questions to ask:

  • Which items am I most deep in and have a poor sell-through rate?
  • What is a reasonable sell-through time period for this item?
  • What can I do to boost this item’s performance?

While it's easy to dismiss marketing decisions as "right brain" and intuitive, they too need to be driven by numbers. After all, you've developed a framework for reporting KPIs and used your cloud-based POS retail management system to collect the data; now it's time to act on it to achieve your goals!


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To learn more about how to use data to personalize your marketing, watch our free Retail Marketing Webinar!

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Topics: Retail Marketing, Retail Analytics

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