5 Ways Retailers Can Best Leverage Data Analytics

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Measure Effectiveness and Adjust Accordingly

Retail campaigns must be measured for their effectiveness. The importance of data analytics when looking to gain insight into a campaign is critical. In fact, the ability to adjust a campaign based on data insight can result in millions of dollars saved by the retailer. A retailer looking to target millennials, for example, needs to be able to quickly analyze data from several sources, including mobile, to evaluate the impact of a campaign, and then use that insight to fuel future promotions or offerings that are personalized to the specific demographic.

In today’s competitive landscape, it’s no surprise that retailers are struggling to attract consumers – both online and in-store. In fact, BDO analysis found that 92 percent of companies noted risks related to U.S. growth and expansion, up from 56 percent in 2013. The brands that are attracting and retaining customers successfully are leveraging data to better target consumers.

However, data can be a very complex issue for retailers, as they’re not just pulling from large datasets, they’re also pulling from multiple sources. Consider all of the channels that go into a retail campaign: marketing funnel, social channels, customer data, lead generation data and so on. To manage campaigns effectively, retailers need to see the whole picture and know what data from which channels is most impacting their campaigns.

In this slideshow, Sisense VP of Product, Jeremy Sokolic, highlights how retailers can drive the most valuable insight and propel their business forward.

 

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