Retail is all about –R-E-S-P-E-C-T!
R: Recent data is the most relevant data to use when analyzing both customers and inventory.
E: Everybody’s voice counts. Listen to any feedback from customers and employees. Good or bad it’s all valuable.
S: Sales are old school retail. Promotions are more effective in moving inventory and creating incremental sales.
P: Personalize your customer marketing by using customers purchase history.
E: Embrace: There are new technologies that help you engage more actively with your customers both in-store and through social media. Don’t ignore them. If you’re not engaging with your customers your competition is.
C: Consolidate all your customer purchase data into one silo, whether they shop on-line or in your store. A single view of all a customer’s activity is essential when designing marketing campaigns.
T: Trail and error is the key. Track the results of all your promotions and campaigns. If it works refine and make it better. If it doesn’t work, scrap it.