What’s the first brand that comes to mind when you think of footwear? There’s a good chance you immediately thought of Nike (or Adidas, but let’s save that story for another day). And who can blame you? Nike is not only the largest shoe brand in the world, but they’re also one of the most well-known brands as a whole. At least in the footwear industry, their brand awareness is truly unparalleled.
Let’s take a look at one of the most successful retailers in the world - Target. Target’s decision to use data to both identify its customer segments and personalize its advertising efforts truly revolutionized the way data could be used in the retail space.
We think that there are three “quick win” areas where you can leverage data segmentation to improve aspects of strategy. We’ll start by looking at how data can help you optimize customer acquisition by identifying which products are most likely to lead to repeat purchases. Next, we'll dive into how leveraging data on customer behavior can lead to product decisions that keep your customers engaged and loyal. Finally, we'll discuss how data can help you decide on pricing and promotions that strike the right balance between short-term revenue and long-term profitability.
Just a few years ago, this niche industry was shocking the world with its sudden explosion in growth, valued at over $1.5 billion in 2016 and nearly doubling the next year. What’s crazy is that while HelloFresh now dominates the meal kit sector, this wasn’t always the case.
Finding new customers can be infuriatingly difficult, expensive, and time-consuming. While it’s always good to be on the lookout for potential ICP candidates, it’s also crucial to drill down on your current customers. After all, if you fail to cater towards your current customers, you might just lose them.
You just purchased a pair of sneakers from Allbirds, and you immediately receive a post-purchase email in your inbox. There’s about a 45% chance you even open the email in the first place, but let’s say you do. Which one of these emails would you be more likely to look through? Which would leave a more lasting impression?