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

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  • 1. Why and when you should buy(or not buy) retail dataSource: Flickr

2. 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 yourbrands? Buying retail datarepresents a significant investmentand therefore should only be madein significant customersSource: Flickr 3. Are the retailersshoppers key to yourgrowth?Building on this, justbecause a retailer islarge, doesntnecessarily mean thatthey are key to yourgrowth. Do you have aclear understanding ofwho your mostimportant shoppers are(those will be the oneswhich are key to yourgrowth, in most cases)and do they shop, andcan they be influenced,in the retailers stores?Source: Flickr 4. What would you do differently if you had this data?By building hypotheses around what we believe about shopperswe can understand whether or not data will support theadvancement of these opportunities. Retail data will not answereverything, so being really clear on the questions we plan to askhelps understand whether the data will be valuable or not.Source: Flickr 5. Will this data give me what I really need to know?Retail data is great, dont get me wrong, but it doesnt covereverything. Sales scanning data give a great deal of what gotbought, when and where. Loyalty card data adds in who.But neither give much information on why shopper did whatthey did (nor indeed why not). In my experience, it is thewhy question which most often yields the greatest insight.Source: Flickr 6. Are you using your existing data effectively?As a gentle watch out, it is important to ensure that yourteam has the bandwidth and the skill set to handle theextra data. Retailers who provide data naturally expecttheir suppliers to use it. Most organizations we comeacross arent using their existing data as effectively asthey could, so the value that will be gleaned fromadditional data is questionable. Check first that existingdata is being used to its maximum.Source: Flickr 7. What are the implications of notbuying this data?Of course there are other reasons forbuying data from retailers. It canbuild relationships, and can be tradedas a variable for other concessions.Not buying data may send a negativemessage, so always be careful whensaying no to an important customer.Source: Flickr