Building a Customer- Centric Organization...Customer-centric analytics allow teams to better...

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RETAIL INNOVATION 2019 Building a Customer- Centric Organization

Transcript of Building a Customer- Centric Organization...Customer-centric analytics allow teams to better...

Page 1: Building a Customer- Centric Organization...Customer-centric analytics allow teams to better understand behavior and drive D2C revenue growth strategies. 5 Leveraging Customer Insights:

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Building a Customer-Centric Organization

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Hello

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Stacey Fierstein Ben GrantSenior Director Global MarketingVince

VP, Customer SuccessCustora

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Vince

• Established in 2002 featuring luxury apparel and accessories

• Offers women’s and men’s ready-to-wear, shoes, handbags, and home items

• 45+ retail stores, 14 outlet stores, e-commerce

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Before:High fashion teams have relied on broad performance metrics like sell-through rate and trend forecasting to inform decisions.

Now: Customer-centric analytics allow teams to better understand behavior and drive D2C revenue growth strategies.

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Leveraging Customer Insights: The Four Stages

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Step 1 Business Case & Target-Setting

Size Revenue Impact

Benchmark Performance

Calculate Goals

How much revenue is the segment predicted to generate each year?

How do customer metrics stack up historically and versus competitors?

What should we aim to achieve for our customers next year?

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@ Vince:• Orienting around future value

• Identifying opportunity with high-impact segments

• Connecting directly with the customer

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Step 2 Deep Segment Insight

Behavioral Profiles

Qualitative Root Causing

Personalization

What does a typical customer in this segment look like?

Why are these customers behaving the way they do?

How can we be more relevant and engaging to this segment?

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@ Vince:• Understanding discount

shoppers vs. full price

• One-time buyer to repeat journey building

• Optimizing interaction at every touchpoint

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Marketing Merchandising

Customer Experience

- Performance- Brand Marketing

- Assortment- Forecasting

- Clienteling- Customer Service- Surveys

Step 3 Cross- Functional Program Design

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@ Vince:• Building a unique VIP customer

journey

• Becoming customer-centric across the company

• Refining wholesale strategy to complement DTC

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Step 4 Measurement & Optimization

Experimental Design + Omnichannel Results

Cross Team Alignment

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@ Vince:• Finding the right winback message,

sent at the right time

• Reducing promotionally while keeping discount shoppers

• Identifying high-impact marketing channels

• Improving customer equity across all the current & future customers

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The Future:

Bringing together valuable data and creative intuition across every team.

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Thank You

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#RIC19