This month, customer insight – the holy grail of retail and consumer marketing – has been a “red thread” through a number of our client discussions. Indisputably, we live in an age where personal data is king: snippets of customer information are gathered at each transaction by retailers increasingly seeking to personalise your shopping experience. At its simplest, this might be a site which requests your date of birth to surprise you with a treat on your birthday; or one which uses sophisticated AI to analyse your consumption habits to offer vouchers or promote products specifically designed to catch your eye – thanks to geospatial targeting this may even be whilst you are within a certain vicinity of the store.
On the surface at least, this is a win-win scenario; consumers are getting a personalised experience, being directed to products which match their needs more quickly, and getting the odd freebie/discount out of it. Meanwhile retailers are developing deep, authentic relationships with their customers, increasing brand loyalty and driving sales – research from McKinsey suggests personalisation can deliver five to eight times the ROI on marketing spend, and can lift sales by 10% or more.
Norman Broadbent plc (LON:NBB) is a leading Professional Services firm offering five interrelated Talent Acquisition & Advisory Services: Board & Leadership/Executive Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Recruitment Solutions.