Outdoor gear and sporting goods retailer REI did something shocking earlier this week; they cancelled Black Friday. At first you look at this plan and think, what is REI doing? As a retailer, can they seriously afford not to process orders on a day as important as Black Friday?!? However, upon closer examination, it may be described better as an extreme customer loyalty push.
Data is one of the most strategic assets businesses hold today. When used appropriately, it can allow for a better customer experience, improved business decisions, operational efficiency and much more. Organizations that are struggling to use data for analytics are falling behind in more than just technology, they are failing to utilize everything at their disposal to run an effective company.
While data continues to grow in importance for businesses, the methods for managing information are just now starting to catch-up. In years past, information was managed primarily by individual departments with vastly different technologies and processes. While that is still the case today in a wide number of businesses, more are starting to realize that data across the organization needs to be consistent and accurate. That means having a big responsibility for data at a higher level, centralized governance and regulation around data, and processes to keep information entry and management consistent.
In my blog, “The role of technology in empowering the CIO and CDO office”, I explain the role the Chief Information Officer can play in helping the Chief Data Officer function through technology supporting data preparation, monitoring and data governance. Technology is not the answer to all of these, however it can make data practitioners lives much easier, providing the necessary productivity boost.
Football season is in full swing. If you’re like me, you’re working to perfect your fantasy football line up. And if you’re a true fantasy football guru, you know all too well that a good offense will score you many more points that a strong defense—that’s why you’ll find benches stacked with wide receivers and quarterbacks rather than defensive lines.
The same holds true when you look at data quality strategy. Yes, I did make a football/data quality analogy—tis the season. Being on the offensive with your data quality will put you in a stronger position than constantly investing in your defensive line.
When marketers, data gurus and members of the tech industry get together at an industry event, you get a number of things: interesting , new ideas from the most innovative companies, extensive networking opportunities. But one of the real draws of industry shows? The exhibit hall. It’s where creativity meets sales head on, with combination of cool booths and fun swag.
What is customer loyalty driven by? If you take a look at some of the companies today with the most successful loyalty programs, you would come to the conclusion that success in loyalty programs is the result of accurate data-driven insights.
Retailers focus on loyalty programs. Why? In an era when consumers have more control over their shopping experiences than ever before—with multiple digital channels and a 24/7 at-their-leisure shopping cycle—loyalty programs are an integral part of continuous engagement with, and being relevant to, the customer. They enable you to encourage and motivate your best consumers to keep purchasing your product or service.
Richard Thaler describes the origins of economics, “Economic models have substituted the human being, or Homo sapiens, for “a fictional creature called Homo economicus,” or “Econ,” a perfectly rational decision maker who always optimizes.”
It should be clear that there is quite a large assumption in the basis of economic theory: it’s based on a perfectly rational decision maker who always optimizes.
So how can digital marketers use this information to convert more users?
What’s top of mind for today’s retailers? The EDQ crew is back from a trip to Philadelphia for this year’s Shop.org conference, the National Retail Federation’s (NRF) event specifically for digital and multichannel retailers. The floor was busy with conversation, but so was the social sphere: the conference Twitter hashtag #shoporg15 revealed a few common themes and insights on the mind of modern digital retailers today.