The modern path-to-purchase enables consumers to easily jump between online, mobile and brick-and-mortar touchpoints; depending on each customer’s respective preferences. Brands that are collecting and analyzing this customer data with a holistic approach are finding a significant a competitive advantage over brands that fragment their incoming data with siloed data collection and analytics.
A great example of how a cohesive research strategy can push brands to the front of the pack is found within the Outdoor Retail Industry.
Mid-market retailers face the constant battle of competing with big box retailers who typically have bigger stores, more products and lower prices. Rather than choosing the uphill battle of competing on these fronts, especially price, an increasing number of mid-market CEO’s are allocating resources to business intelligence platforms and data-driven initiatives. Their ultimate goal is to build stronger relationships with customers by offering personalized experiences based on each customer’s unique preferences.
A recent report by the Aberdeen Group shows that 86% of top performing outdoor retailers incorporate some form of business intelligence within their operational strategy, whereas only 55% of followers are doing the same. In other words, top brands are leveraging data analytics to work smarter (not harder) when acquiring new customers and nurturing loyalty.
For more details and examples of how Outdoor retail brands gain a competitive advantage through a cohesive data analytics strategy, check out this article: Brands and Retailers Turn to Analytics to Gain an Edge
If you’re interested in learning more about how your brand can gain a competitive advantage through strategic research and analytics, give us a shout.
For over 30 years we’ve been working with brands to develop, implement and maintain data-driven strategies best suited to their industry and position. It’s what we love to do, and we’ve gotten pretty good at it.