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In days gone by, getting customers into stores revolved around blunderbuss techniques like loss leaders or cut-price essentials. While they drive the top line, promotion strategies need to be more sustainable from a profitability point of view. In the digital age, personalisation adds a new dimension to pricing and promotions. A typical blanket offer affects customers in three different ways. An offer of £5 off a £50 basket will be wasted on a customer who normally spends £25. If they usually spend £50 this offer simply rewards them for their normal behaviour, but to a customer who usually spends £40 it’s likely to drive £10 of extra sales. Continue reading Tim Mason’s article in The Grocer, in which he advises on the opportunities for data insight and how this can lead to hyper-personalised promotions, rather than irrelevant blanket offers. Tim also talks about changing consumer behaviour to your advantage, and touches on the bursting potential for hyper-personalised pricing to give brands and retailers a competitive advantage.
If I were to highlight one strategic trend from the headlines this year, it is that retailers are finally starting to shift their digital transformation efforts up a gear. In August, Ofcom underlined why retail must redouble its efforts in following the customer online when it revealed near ubiquitous levels of UK smartphone penetration. One-to-one marketing is now a potential reality, not a dream.
The results are in for Black Friday and it’s not good - even with potentially large price discounts, consumers still didn’t respond well, with like-for-like sales down 0.5% last month and footfall dropping 5.5% post Black Friday – almost double the decline of the previous year. Lessons from 2017 also proved that cutting prices simply cut margins and profitability, without increasing customer demand.
To achieve lasting, in-depth customer loyalty, retailers must develop keen insights into their customers, understand their behaviors and preferences, and deliver valuable, relevant offers and communications to customers based on those insights. To do that, they need connected customer data.