A recent study found that 59 percent of retailers say a lack of consumer insights is their top data-related pain point (Aberdeen Group). What makes this so interesting is the amount of data that retailers already have, but are not acting upon. Just think about the consumer data available today—purchase history, wish lists, demographic and behavioral data, website engagement data, product review submissions, rewards balances, and more—so why aren’t retailers doing more with it?
The process of storing, interpreting, and disseminating this information is a massive undertaking that many retailers are just not yet equipped to handle. Last year, retailers spent nearly $2 billion on business intelligence and $9.4 billion on infrastructure. That’s big money to spend, and that’s exactly what’s at stake.
In this highly competitive environment, retailers are not only looking to acquire new customers, they’re looking to acquire the right customers—those with the highest lifetime value. The key is to find exactly where they are, and to deliver the most relevant message at the most opportune time.
Building and optimizing a multichannel advertising strategy that speaks to the need of each individual seems impossible, but we’re getting closer.
On Thursday, May 8th, we’re sitting down with Data Scientist Lisa Burton, Ph.D. to discuss ways retailers can extract insights from the data they’re collecting to most effectively advertise to each shopper. Specifically, she’ll cover:
- Ways to use data for some of the biggest retail challenges—attribution, segmentation, targeting, and bid parting
- How to use available data to better understand your customers and increase the efficiency of your ad spend
- What happens to ad performance when you integrate 3rd party data with your customer data
- Examples of retailers who are using data science to drive more revenue from their paid search programs
Margins can be slim, so learning how to use the data you have now to grow revenue is critical. What’s your biggest data challenge? Are you doing anything interesting to deliver more relevant advertising?