It is no secret that the big box chains and online giants like Amazon are taking the lion’s share of consumer dollars. These companies have the resources and the data to accurately target, engage and draw customers both on and offline. So what are these retailers doing that you aren’t?
- Getting the data: Companies like Starbucks and Home Depot have large populations from which to generate customer demographic and behavior data. Using loyalty programs through their apps/credit cards and having more influence with payment companies allows them to aggregate data that a small retailer would never have access to.
- Using the data: Large retailers are able to segment and target niche groups of customers based on a variety of factors like demographics, personas, and geography. They use long tail marketing techniques to communicate with and draw very specific types of individuals with unique products and offerings.
- Aligning values: They have built brands using value systems that their customers relate to. Their message is consistent and they have the ability to deliver a clear message through various channels.
- Prioritizing customer happiness: They make sure that their customers are happy. It is the same reason why brands like West Elm, Amazon, Zappos, etc. accept returns with almost no questions asked. They make it as easy as possible for customers to receive the products they want no matter what.
- Ubiquity: Large brands have already mastered omnichannel. They are everywhere online and have prominent retail locations that are easy to find. Every online and offline decision is data-driven.
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