Knowing your customer base is undoubtedly an essential first step in any retail operation. Without a deep and multifaceted understanding of exactly who comprises your audience, what drives their purchasing decisions, and what they’re looking for out of a brand, it can be next to impossible to see long-term and sustainable business growth. However, while much effort is focused—for good reason—on researching this cause, identification is only the first step in a successful (and profitable) customer relationship.
In its 20152 CRM/Unified Commerce Survey, retail consulting firm Boston Retail Partners (BRP) detailed the foundation of a “closed-loop system” that begins with customer identification, then segues seamlessly into customer engagement, analysis, and retention. However, the process is far from linear. Rather than stopping at retention, retailers are urged to perform consistent research into customer understanding and identification, enabling retailers to build upon each relationship by repeating the four steps. In a similar vein, top North American retailers are taking a similar approach to their CRM investments, prioritizing the actions that drive this cycle, and planning ahead to ensure steps are in place to keep it spinning for years to come. Read More