In a world of digital disruption and shifting brand loyalty, how can you drive competitive advantage? The winners of the future will be businesses that understand what their customers are doing when they are not interacting with their brands and react appropriately. Here are six insights to help you drive future competitive advantage, build sales and grow market share.
1. Understand that customers are not loyal to retailers or brands.
In a world of digital disruption and a multitude of choice and price, most modern, savvy consumers will react to the brands that best cater to their needs, rather than historic loyalty.
2. Your competitors already have relationships with your customers. They will move their purchases to those that understand them and serve their needs best.
It is vital to understand the shifting nature of consumer behaviour. Brands and retailers who don’t react swiftly to the signals will disappear, while those who react fast to customer data will thrive.
3. By identifying what matters to your customers more than your brand, you can see how they live their lives and follow their passions.
We know that passions predict purchase. Knowing what customers love, value and believe will enable you to present relevant and timely offers to build loyalty and drive sales.
4. By enhancing customer data with third party data, you can understand what customers do when they are not shopping with you.
Transactional behaviour only presents part of the picture. New data sources are opening up the possibility of a more detailed picture of customers; measuring and tracking billions of consumer passions and motivations will help organisations to become more relevant and timely.
5. You can optimise your strategy by identifying how you and your competitors’ market share differs across customer segments.
Our Observatory platform enables you to segment your audience and we can also show you how they are interacting with your competitors, so you can react accordingly. This insight is based on 90% of the UK population, not a small sample.
6. By understanding your customers’ needs and wants we help you show loyalty and relevance.
By engaging with and responding to this deep customer insight, you will drive functional and emotional loyalty.
Check out our case studies to see how some of the UK’s best known brands have used this formula to deliver transformational change.