Huge potential exists for capturing data in the retail industry. Customized research can produce information on lifestyle, demographics and psychographics, along with purchase habits according to product category.
Analytics make a difference by delving deep to gain valuable insight and integrating information from a variety of sources to create a multifaceted understanding of the customer.
The advantage
Meritus retail focused solutions identify and predict key drivers in order to enjoy a more positive customer response, especially in the following areas:
Identifying valued customers
Measure customer-contact lifecycle value and establish investment benchmarks according to customer segment
Identify important customers, understand their needs and establish actions required to retain and reward them.
Proactive evaluation of customer satisfaction
Identify trends and respond to buying preferences and behavior.
Market basket analysis
Determine which combination of products can be bundled, based on existing customer data.
Inventory
Decide what and how to stock in each store for higher turnover and profitability, including moving slower selling items.
Traffic generation
Add more depth and dimension to campaign management by knowing the touch points that generate desired customers and traffic.
Understand the cross effects of a campaign and determine ROI.
The Meritus RFMTR approach
The Meritus RFTMR model provides measurement across a wider range of parameters, enabling better customer segmentation, target retention and more effective cross-selling.
Recency
Frequency
Monetary value
Tenure of relationship
Range of products bought
Far from taking a traditional approach, Meritus is careful not to place equal emphasis on all stages of the RFMTR process. Instead, we use statistical tools to arrive at differential weightings that identify the importance of each stage when determining customer value.
