6 Data Driven Ways to Uncover New Revenue in Retail.
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Transcript of 6 Data Driven Ways to Uncover New Revenue in Retail.
Is Big Data the only way tosolve retail growth problems?
For most critical business
decisions, investing in Big Data
solutions before understanding the problem
you are trying to solve is like swatting a fly
with a sledgehammer.
In many cases, small data can be farmore effective.
In my experience, small data can
help solve for many of today's most
critical growth questions.
1. Understand Macro Trends
Use the PESTe model to organize your findings
around the Political, Economic, Social,
Technological and Environmental factors
that could impact your industry.
2. Collect and Mine ConsumerData for Insights
Are you tuned in to your consumers?
Consider custom or off-the-shelf
research. Support it with your own field
work. The insights will inform future
products, services and marketing.
3. Know the Key Industry Metrics,Trends and Forecasts
Industry data points are more than just the
latest and greatest product innovations on
display at conferences. It's about data: market
size & shares, growth trends, competitive
intelligence, and keys to success.
4. Analyze, Prioritize and SegmentYour Customer Insights
How are customers spending their hard earned
money on your products? How frequently do
they buy? What are their patterns? Customers
are not ‘telling’ you, they are ‘showing’ you
what they value. Pay close attention
to customer insights.
5. What Are Your InternalCapabilities?
What does your company do extremely well?
Can it be copied? Can you leverage this
capability in other parts of your business?
6. Envision the Future With Customer Stories
Organize a group activity to visualize
the future from the customer’s
perspective. Click here to learn how
to facilitate a session for your team.
Data Is All Around You.
I have used these techniques in large corporations and small
start-ups. They helped me to innovate new products, create
marketing campaigns, develop retail concepts, identify profitable
product promotions, and much more.
Sometimes, the small data is the best place to start!
This SlideShare is based on a
LinkedIn Post I wrote. To read it,
click here.
If you like the article, please give
it a thumbs up and feel free to
connect with me.