It would be interesting if one were able to know, with near certainty, what the customer would prefer with regard to a product over another. This is in fact happening today. Smart retailers are indeed leveraging the info surrounding their customers in order to profit in ways their competitors are rather just beginning to understand.
There is much discussion about the retail experience and this helps in business dealings and profit making.
Why Leveraging Customer Data Trumped a Great Customer Experience?
Enter Big Data
From sensors in one’s phones or embedded in products, we do use loyalty cards, social media sites, and transactional records. One does indeed leave behind an increasingly vast trail of user-generated digital breadcrumbs. These digital trails are indeed the foundation upon which Big Data is built.
It is worthwhile observing one firm gathering and leveraging individual customer data in order to anticipate customer needs, thus providing better information around the products that are most relevant.
Leveraging Customer Data to Better Serve Customers
There is a race on to make the vast as well as growing volume of data that does surround one’s customers easily accessible and understandable, as well as actionable; in other words, the potential to leverage customer data in order to drive profit is staggering.
One needs to make use of information to be proactive in connecting with services, products, and information that is required by a customer.
Give her “better” products:
The focus is on providing better products to the customers. One needs to supply what they need. Customized products do help.
Providing relevant product information
This is very essential for the customer to make a proper choice as far as purchasing a product is concerned. One has to assess the true competitive advantages of retail brands over the other and also make required efforts to design, materials or fit.
Connect her to things that may interest her
One needs to connect with like-minded individuals and have an opportunity to be more deeply engaged in physical and digital interactions thus deepening brand preferences if not loyalty in the process.
The ideas may not be that unique but there are rather radical. It is important to use customer data in order to better understand and benefit one’s customers.
The inevitable downside: Losing one’s competitive advantage.
Today, one’s competitors can easily duplicate one’s products, supply chains, and distribution channels. They can match (or beat) one’s prices and service levels.
One needs to realize that each customer is truly different from the other. Data available data is meant to serve them better than anyone. Knowing more about one’s customer is an advantage in selling and buying products. One can have the competitive advantage over their rivals.
The data is meant to make customers’ lives easier, and also engage them more deeply in their choicest purchases. It is important to leverage the information that surrounds one’s customers, as one will be able to improve one’s experiences.