Your Business, regardless of the size and focus (B2C eCommerce vs. B2B Corporate) will definitely benefit from a thought out data strategy. In today’s technology driven business world quantitive and qualitative information is key to success and enables the decision process thorough repetitive and reliable input.
Here is an example of questions data can answer you:
Sales/ Marketing/ Analytics
– Which sales channels are best for our customer groups?
– How successful was a marketing campaign?
– Which customer segment shall I focus on?
– What are the purchasing activities of our cohorts?
– How successful was the sell-out of certain brands/ products?
– What is my competitor doing in terms of marketing activities?
Product Management
– In which products shall we invest?
– What is the optimal pricing for our product?
– Which impact does conversion improvement bring to my business?
– What is the customer journey and how can I improve it?
Sourcing
– Which products shall we source for the upcoming season?
– Which sizes are the best selling one?
Business Expansion
– Which new markets should we expand to?
– What is our marketshare in a certain market?
(Marketing-) Finance
– What is the cost/ gain ratio of our marketing activities?
– How much marketing budget should I invest into which channel?
– What is the lifetime spending of a customer (-segment)?
– How much can I invest to acquire a customer from a given segment?
Are you discussing the answers to those questions already on a management level?
All this and even more detailed questions can be answered with a well integrated data management/ data warehouse system. So if you want to take your decision process on the next level, you should definitely consider an integration of your data in one place and help your teams with high quality data.
Where do I beginn? “Think big and start small”
Standard Approach:
– Requirement Definition
– Concept Development
– Software Development/ Implementation
– Testing & Integration
Our Approach:
– Data Consolidation
– Analysis and Data Output based on certain industry needs
Our recommendation: Don’t do big data before you need it. The data driven approach needs to be lived within the company, so try the MVP approach (Minimum Viable Product) before you spend too much time and resources with a holistic system.
Most importantly, make sure that all your data is tracked in a correct manner. Read here more about data in fashion retail business.
Things we can do for you:
We can help you to…
- understand your demand.
- analyse your existent data structure.
- develop and integrate a data strategy
- expert digital knowledge
