As we speed into a new year, we thought we’d take a moment to reflect back onto some of our top highlights from our most popular webinar yet!
In this webinar, Ben, Coniq CEO and Sean Curtis, Retail Marketing Specialist challenged the way the industry perceived the impact loyalty, CRM and data has had, and the impact it will continue to have. Expanding on findings from our industry whitepaper, Ben and Sean contributed their own insight in order to provide you with a view into the industry you won’t find anywhere else.
Let’s get into it, here’s some thought provoking points from the webinar:
The Evolution of Data
With 86% of shopping centres planning to have loyalty or a CRM program in place by 2019, the industry is becoming more switched on to the importance of data, marketing and smarter communications. Sean noted that one reason for this shift is due to landlords beginning to realise that the quality and size of their shopper database will start to directly increase the value of their asset. Especially now that when you buy an asset, it’s becoming increasingly expected for the asset to come with it’s database.
Ben commented that some members of the industry are starting to see the difference between curing a symptom or curing a cause. For example, you could put out a quick sales push to try and bolster up your KPI’s and revenues for a short amount of time; But then in a few more months time, you’ll be faced with the same problems of dwindling revenue. If you start to take your data, CRM and marketing more seriously, you can start to enjoy a long term solution that isn’t just a brief caffeine hit for your revenue.
Brick and Mortar Fighting Back
Never down and out, Brick and Mortar stores are going to find themselves in a powerful position over the coming years. Competing with online can seem like a daunting challenge as online is able to accrue huge amounts of data from near countless customer touch points. How long do customers dwell on each page? How many links do they click on? What are your most effective pages? In fact, Online is expected to account for 25% of all general retail by 2020 in the UK.
Don’t be daunted by that, now more than ever physical stores are being able to go toe to toe with the big boys of data collection in the online world. With smart loyalty programs and marketing backed up by solid CRM, physical stores are able to start to accumulate numerous touch points just like an online retailer. The trick is that you’ve got to be actionable with the data you’re acquiring. Your data, even down to a customers share of wallet (how much they’ve spend in different or competing brands) can be used to make smarter decisions down to retail mix or adding new or partner brands.
The Importance of Sharing Data
Tying neatly into Brick and Mortar being able to fight back, is how important sharing data is going to be going forward. Retailers can’t help their landlords fight back if they aren’t being involved with feedback regarding data and performance. In days of yore, when centres only used exit surveys a few times a year as a means to build a shopper’s profile there wasn’t too much data that could be shared between the retailers and landlords. Now, with the wealth of data available sharing it between tenants and landlords is more important than ever. With transparent data sharing, you’re allowing your retailers the chance to adapt and change with results, increasing their revenue and allowing your asset to perform much better.
Sean commented that we’ll soon be seeing data analysts as the ‘rock stars’ of the industry because they’ll be helping you and your retailers make sense of the wealth of data you have your fingertips. Ben added, that ‘We’ve found that the best ways to share data is to offer something that is simple but powerful, such as an infographic. It provides a key insight into performance, but also helps you understand the importance of finer details down to things such as share of wallet.’
Bake Your CRM Strategy into Everything You Do
To start to build up your database and boost your CRM, you’ve got to start thinking about incorporating your loyalty or CRM program from every angle and early on. Ideally, it should begin to have an impact across your entire centre and marketing strategy. Even something as simple as free parking, or parking in best spaces for members of a loyalty program. Do you run any events in your centre? Let members of your loyalty program have early access or prime seats. By pushing engagement at more touch-points, you’re allowing yourself more stages for data collection, this gives you the opportunity for far smarter communications and emails. Sean strongly recommended a complete ban on blanket communications to an entire database. ‘Considering the lengths and efforts that you go to achieve customer data and engagement in the first place, to then go and send irrelevant information is a wrong strategy.’
The industry is in a prime position to achieve this, it just requires forward thinking and planning about your overarching strategy. Best of all, with the correct approach your marketing becomes far more effective and also, cost effective.
Want a bit more on Ben and Sean’s webinar? We recommend watching the full recording to get a complete view of what your industry is saying regarding shopping centre loyalty and CRM. Click below to watch the recording.
We’ve got some amazing webinars coming up this year, so keep your eyes peeled to make sure you’re not missing any of our big reveals!
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