In today’s customer focused world analysing your transactional data is fundamental. If you do not know who your most profitable customers are, which are low value and which have the most future potential – how can you deliver a suitable online experience to help you acquire and retain the RIGHT ones to deliver success?
Many boutique and niche retailers know they need this data but don’t know where to start, or perceive getting the analysis done to be highly expensive and complicated.
We have therefore conducted an interview with Ben Collier at our partner Abacus to give a clearer picture of the types of data and analysis available to smaller businesses without extensive customer databases or insight budgets.
In a nut shell what does Abacus do?
“Abacus works with over 500 multi-channel retailers and publishers of all sizes to support their customer recruitment and retention campaigns and wider marketing strategy by providing data and customer insight based on market-wide consumer buying behaviours.”
Why is customer transactional data so important to niche and boutique retailers?
“For any size brand, it’s crucial to capture details of the transactions your customers make with you, their delivery and contact details and their marketing preferences. This allows you to understand the buying behaviours and attitudes of the different segments within your customer database and to communicate with those segments in a way that they like and will respond to. Working with partners like Abacus can then help you unlock the spend potential of those existing customer segments and find profitable new customers.”
What benefit can analysis bring a smaller brand?
“Even a smaller brand with a limited database can share their transactional data with Abacus with many positive outcomes.
Understanding when, how frequently and how much your customers spend with other retailers and publishers in the market allows you to:
• Profitably grow your customer database by sending your direct marketing messages to the most responsive individuals. Marrying what you know about your customers with what Abacus can tell you about their multiple market-wide purchases allows you to find prospective customers who share the same profile.
• Effectively retain existing and reactive lapsed customers by understanding what, when and how frequently they buy elsewhere in the market.
• Grow your share of wallet by comparing your customers’ spend with you vs your competitors and sending the most relevant offers to different customer segments.
• Validate your wider marketing strategy by understanding what other types of brand your customers buy from and when they buy, what their lifestyle and demographic attributes are and when your competitors send their campaigns.
• Identify the health of your customer database by understanding the customer and sales trends in recent years segmented by new, loyal, reactivated and lapsed customers.
The best bit? Understanding your customers and targeting the right individuals at the right time and in the right way is so easy to do… so long as you capture your customers’ data!“
How easy is it to get started and gain access to this insight?
“Sending data to Abacus is easy. Whether or not it’s in a single customer view, we can give you a deduplicated snapshot of your customer data which you can then use to help you make decisions on customer targeting and direct marketing campaigns. There are no development costs and the data we receive and send back to you is only ever via secure, encrypted .sftp”
To find out more about free membership of the Abacus Alliance, please contact Ben Collier on 020 8943 8011 or [email protected].
To find out more about how Leapfrogg can use your transactional data as part of a wider customer led marketing strategy please contact Ben Potter on 01273 322830 or [email protected]