why and when you should buy (or not buy) retail data

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Page 2: Why and when you should buy (or not buy) retail data

Is this retailer important to you?Is this retailer important to you?

Whilst this is probably obvious, it is also worth reiterating. Is this customer important to

your brands? Buying retail data represents a significant investment

and therefore should only be made in significant customers

Source: Flickr

Mike Anthony
Cant edit as these are pictures: 'Is this customer is important" change to "Is this customer important'
Page 3: Why and when you should buy (or not buy) retail data

Are the retailer’s shoppers key to your

growth?

Building on this, just because a retailer is

large, doesn’t necessarily mean that they are key to your

growth. Do you have a clear understanding of

who your most important shoppers are (those will be the ones which are key to your growth, in most cases) and do they shop, and can they be influenced, in the retailer’s stores?

Source: Flickr

Page 4: Why and when you should buy (or not buy) retail data

What would you do differently if you had this data?

By building hypotheses around what we believe about shoppers we can understand whether or not data will support the

advancement of these opportunities. Retail data will not answer everything, so being really clear on the questions we plan to ask

helps understand whether the data will be valuable or not.

Source: Flickr

Page 5: Why and when you should buy (or not buy) retail data

Will this data give me what I really need to know?

Retail data is great, don’t get me wrong, but it doesn’t cover everything. Sales scanning data give a great deal of what got

bought, when and where. Loyalty card data adds in ‘who’. But neither give much information on “why” shopper did

what they did (nor indeed why not). In my experience, it is the ‘why’ question which most often yields the greatest insight.

Source: Flickr

Page 6: Why and when you should buy (or not buy) retail data

Are you using your existing data effectively?

As a gentle watch out, it is important to ensure that your team has the bandwidth and the skill set to handle the extra data. Retailers who provide data naturally expect their suppliers to use it. Most organizations we come

across aren’t using their existing data as effectively as they could, so the value that will be gleaned from additional

data is questionable. Check first that existing data is being used to its maximum.

Source: Flickr

Page 7: Why and when you should buy (or not buy) retail data

What are the implications of not buying this data?

Of course there are other reasons for buying data from retailers. It can build relationships, and can be traded as a

variable for other concessions. Not buying data may send a

negative message, so always be careful when saying ‘no’ to an

important customer.

Source: Flickr