Customer relationship management – CRM made very simple!
CRM is not new, in fact it’s as old as retailing itself! In Egypt, FRC recently worked on an exciting project helping a major new force in food retailing capture some of the “traditional market” (mom & pop stores) with its very professional new modern supermarkets.
With great prices generated by buying power and loads of professional marketing skills, you would be forgiven for thinking expanding this super new format would be easy! But actually no, much of this traditional food retail industry made up of these mom & pop stores use CRM to maintain the loyalty of their customers. The owners of these stores actually KNOW their customers personally! They give credit, when they know payment is a sure bet and they often home deliver with a lad on a bike! They even will go and get something from another retail store and deliver that too, if that’s what the consumer wants!
This is CRM made simple, the owner of the store has data or knowledge, as he would describe it, and uses it to make decisions to keep customers loyal.
Now fast-forward to modern retail industry companies, who can find themselves via loyalty schemes or other methods capturing literally tons of data about their customers. This quantity of data is not a problem to collect and store, the issue is what to do with it that brings real commercial value?
The crux of the matter is to be able to understand what exactly is important to your customers! This means recognising that in businesses with a wide offer of products and services that also have a broad number of consumer types, the key drivers of what makes a customer return to a particular retailer will of course be unique to that customer.
Actually the customers can be organised into groups, segments is the terminology. Success in this segmentation process is 50% knowing what is important in various parts of a retailer’s offer and 50% data analytics. In other words, to know what to look for amongst your customers’ behaviour, then use analysis tools to find these behaviours. This leads to accurate segmentation, allowing a retailer to create specific offers, messaging and incentives to relate perfectly to that consumer. This is how CRM helps retailers motivate their customers to stay loyal.
FRC has teamed up with ailove.ru, who have not only the experience of how to manage and mine this data, but have the ability to actually build their own regional data base, which can be combined with a retailer’s own customer information, to make really targeted segmentation and great decisions on how to ensure the most important consumers are incentivised to shop with your business.
FRC are very capable of building a scheme and the incentives to capture the consumer’s data in the first place and ailove.ru can take the data captured and analyse it to bring very targeted insights, allowing great business/marketing decisions. This service can be used to aid new store location decisions, by ensuring there are enough of the right type of consumers near the targeted site. It can be used to personalise promotion activity, so it is relevant, or simply to congratulate customers on an important event.
What’s more, we can do it anywhere in the world!