6 Data Driven Ways to Uncover New Revenue in Retail.
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- 6 Data Driven Ways To Uncover New Revenue In Retail. By: Avi Mizrahi
- Is Big Data the only way to solve retail growth problems? For most critical business decisions, investing in Big Data solutions before understanding the problem you are trying to solve is like swatting a fly with a sledgehammer.
- In many cases, small data can be far more effective. In my experience, small data can help solve for many of today's most critical growth questions.
- The following 6 data driven techniques are a practical way to uncover new GROWTH.
- 1. Understand Macro Trends Use the PESTe model to organize your findings around the Political, Economic, Social, Technological and Environmental factors that could impact your industry.
- Sample PESTe Chart.
- 2. Collect and Mine Consumer Data for Insights Are you tuned in to your consumers? Consider custom or off-the-shelf research. Support it with your own field work. The insights will inform future products, services and marketing.
- Sample Consumer Segment Summary Chart. Text 1 2 3
- 3. Know the Key Industry Metrics, Trends and Forecasts Industry data points are more than just the latest and greatest product innovations on display at conferences. It's about data: market size & shares, growth trends, competitive intelligence, and keys to success.
- Visualize Industry Market Shares. Text 1 2 3
- 4. Analyze, Prioritize and Segment Your Customer Insights How are customers spending their hard earned money on your products? How frequently do they buy? What are their patterns? Customers are not âtellingâ you, they are âshowingâ you what they value. Pay close attention to customer insights.
- Sample Customer Loyalty Map. Text 1 2 3
- 5. What Are Your Internal Capabilities? What does your company do extremely well? Can it be copied? Can you leverage this capability in other parts of your business?
- Determine The Key Parts of Your Value Chain. Text 1 2 3
- 6. Envision the Future With Customer Stories Organize a group activity to visualize the future from the customerâs perspective. Click here to learn how to facilitate a session for your team. https://www.linkedin.com/pulse/6-data-driven-ways-uncover-revenue-growth-avi-mizrahi-mba-bba-?trk=prof-post
- Organize An Off-Site Session To Create Customer Stories. Text 1 2 3
- Data Is All Around You. I have used these techniques in large corporations and small start-ups. They helped me to innovate new products, create marketing campaigns, develop retail concepts, identify profitable product promotions, and much more. Sometimes, the small data is the best place to start!
- This SlideShare is based on a LinkedIn Post I wrote. To read it, click here. If you like the article, please give it a thumbs up and feel free to connect with me. https://twitter.com/AviMizrahi_TO https://ca.linkedin.com/in/avimizrahitoronto https://www.linkedin.com/pulse/6-data-driven-ways-uncover-revenue-growth-avi-mizrahi-mba-bba-?trk=prof-post