Show your support by donating any amount. (Note: We are still technically a for-profit company, so your
contribution is not tax-deductible.)
PayPal Acct: 
Feedback: 
Donate to VoyForums (PayPal):
| [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, [8] ] |
| Subject: USStudy Confirms DataM/Loyalty | |
|
Author: Catuity up 19% in U.S. |
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: 16:39:20 01/13/03 Mon Posted By Subject Post Time Post ID pourquoi5 (ID#: 224751) USStudy Confirms Data M/Loyalty 14/1/03 7:13:33 AM 5911216 « Previous Message Next Message » Retail Horizons study pinpoints the need for customer centricity January 13, 2003 In a new study released today by the NRF Foundation and BearingPoint (formerly KPMG Consulting), the importance of customer-centric strategies was highlighted as a key to future success and survival of US retail enterprises. The Retail Horizons study stated, "for a retailer to be customer-centric, it must understand current and target customers; segregate the high-value customers from the low/no-value ones; and provide the right combination of products and services to satisfy and earn the loyalty of the profitable customers." The featured presentation was one of the sessions that opened the 2003 National Retail Federation's annual conference in New York. The Retail Horizons study outlined the need for a "seamless, multi-channel integration" among retail data streams, advocating that such strategies have "become a business imperative as customers now expect that their buying behavior, demographic and pyschographic information will be tracked and utilized to provide them with a more tailored service level or, at a minimum, a mass-customized product. Today, customer retention and marketing is the umbrella comprising strategy, business processes, organizational design and technology that enables this level of customer-centricity." The study implications are wide ranging for loyalty marketers. Specific data were highlighted from the survey of leading U.S. retail organizations which indicated that all systems, programs and technologies that helped retailers identify, maintain and increase the yield from their best customers were likely to spawn competitive advantage in the decade to come. Loyalty programs were specifically highlighted as one of the CRM tactics that could enable the customer-centric future. The study also characterized the need for loyalty program data, and other customer information systems, to evolve along a continuum progressing from retail data to knowledge to action in support of decision-making by the retail enterprise. "First, retailers are not yet using data to its greatest advantage," the study concluded, "that is as a means for gaining a deeper, more granular understanding of their customers, then using that understanding to make better, faster decisions. Second, the retailer that succeeds in using data will be better positioned to differentiate its value to customers whose loyalty is being eroded by the ever-increasing options offered in a blurred competitive landscape." « Previous Message Next Message » This message has been viewed times Report a BullBoards Violation Ignore pourquoi5 Post Reply View Threads [ Next Thread | Previous Thread | Next Message | Previous Message ] |