Identifying & Engaging The Most Valuable Customers
Retailers are still just guessing when it comes to knowing which channels are impacting sales the most, with 36 percent of retailers not being able to identify which marketing initiative or tactic was most effective with shoppers throughout their customer journeys according to a new report from Yes Lifecycle Marketing.
The report, "The New World of Cross-Channel Execution: How Retailers Are Closing the Gap Between Disparate Data Sources to Activate Marketing Insights," indicated that the top two challenges facing retailers today are identifying and engaging their most valuable customers, and creating a seamless brand experience across all channels. Yet, while 72 percent of surveyed retailers have e-commerce store fronts, only one-third use purchase data to build customer profiles, an element required to attract and retain valuable customers.
What's even more shocking is that only 26 percent of retailers plan on collecting more data about their customers and how they engage with their marketing channels over the next 12 months.
"In order to fully understand the customer's path to purchase, retailers know data, analysis, and insights have to be at the core of their marketing strategies. But knowing and implementing are two different things," said Michael Fisher, president of Yes Lifecycle Marketing. "Retailers must be insights-driven businesses; and as such they need to bridge the gap between siloed channels in order to create a seamless cross-channel shopping experience. If they don't, they will not be able to identify and, more importantly, measure the impact of how their cross-channel campaigns can work together."
Additional findings from the report include:
- Only 55 percent of marketers use browse history to craft relevant offers.
- Fifty-two percent of brands do not utilize display advertising or retargeting to drive traffic to their ecommerce sites.
- A mere six percent of surveyed retailers plan to make attribution analysis a priority in the next 12 months.