How do deal with the ‘known unknown’?

The Known Unknown

Shoppers, the Known Unknown

A question we are often asked by retailers that already collect plenty of data is ‘how do we use our data to improve customer experience in-store?’.

Having a lot of data is great, but if you can’t use it to make meaningful changes based on solid insight then it’s not going to improve your business.

But to be able to identify customers in-store and recognise what that specific person will be interested in is another level entirely, and without the right solution in place I can understand why many businesses feel they are missing out.

At the heart of the question is the idea of the ‘known unknown’ – a customer who you recognise visits your store, but you struggle to offer them a personalised experience to secure their loyalty.

Customer journey

Most retailers, big or small, will understand the role this type of customer holds in the success of their business and how crucial it can be to convert them into regular, loyal customers.

The good news is that the latest analytics solutions can help to interpret the huge amounts of data collected – often in-real time – to help retailers make smarter decisions to improve their customers’ journey and experience.

This could come in the form of discounts on products that the customer regularly buys or other incentives on similar items. Information can also be made available to sales staff to help them provide a personalised service.

In-store technology

We also discussed Beacon technology in a previous blog. Beacons are small and inexpensive pieces of hardware that can communicate with smartphone apps via Bluetooth Low Energy (BLE). They help brick-and-mortar stores enhance customer loyalty, gather data about their customers and provide an entry point for shoppers to become digitally engaged.

It’s no surprise that many shoppers say that discounts and coupons would convince them to use technology like Beacons, while loyalty rewards would convince them to opt-in to in-store messaging. This will provide retailers with the ability to reward customers for location-based actions.

It’s not rocket science, but it’s clear that combining the data collected with smart analytics and an innovative in-store experience can work wonders if implemented correctly. With the technology maturing, the key for retailers will be getting their strategy right. It’s likely that retailers already collect the data they need to make successful decisions, but it is often hidden without the right analytics tools.

Visual analytics

Having easy to understand reports to help decision makers create plans is crucial. And this applies at all levels, from nationwide to individual stores. While some trends are countrywide, others may only have a local impact. It’s unlikely there is a ‘one size fits all’ solution, so having that data is important.

Visual analytics can help retailers to identify the offers that will be successful when used with in-store technology, giving them actionable insights into what has been working from store or group level, what can be replicated and even what should be avoided.

At Zoined we are driving innovation and helping our clients to act on facts. One user recently told us that he uses the Zoined dashboard more than Facebook! We hope that many more managers see the value of their data grow with the analytics tools now on offer.

So if you’re struggling to find the solution to your ‘known unknowns’, consider how you are analysing the data you currently collect, and make positive changes to ensure you have the right information at your fingertips that will really make a difference.

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