Identify Your Highest Value Shoppers for Maximum Profitability
Retailers have more sophisticated tools and greater access to data than ever before. But along with these expanding capabilities comes increasing expectations. Executives and shoppers alike expect marketers and merchandisers to go beyond guesswork, gut instincts, and simple tactic-level thinking to create data-driven customer experiences that generate sales.
Target segment analysis is the process of dividing customers into groups, or cohorts, with similar attributes and purchase behaviors to determine which are the most profitable. Marketing campaigns, product mixes, and recommendations can then be tailored to these specific segments, improving basket sizes, acquisition costs, and lifetime value.
But traditional retail and business intelligence tools make it difficult to properly segment audiences in meaningful ways. Cohort analysis is often difficult to execute, requiring extensive coding and several laborious steps. This leaves retailers with overly broad audiences, ineffective campaigns, and low profitability product mixes.
Loaded with actionable strategies and insights, this playbook is your step-by-step, no-fluff, easy-to-implement guide to target segment analysis.
In this guide, we explore:
- How to identify core retail metrics with dollar-based outcomes
- Business intelligence best practices for achieving a 360 degree customer view
- The 3 essential cohort analysis capabilities every retailer should focus on
- How Lovepop uses cloud analytics and data exploration to optimize merchandising
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