Data Reveals More Than You Can Think - Deepstash
Data Reveals More Than You Can Think

Data Reveals More Than You Can Think

If data is not seen as gold by any brand, then they are already coasting towards extinction.

But data is not just about seeing what is truly happening. It is also about making every attempt to anticipate where the market, customers and the business industry is heading.

The key here is to stay ahead of the game by anticipating market changes that can impact your business so you can make data-driven decisions to keep your brand afloat and winning.

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It took me a long time to believe that Toys’rus had truly disappeared from the streets of retail. While I am glad the brand is making its way back, here are some key business lessons for any brand that wants to stay in the marketplace.

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MORE IDEAS FROM Lessons from Toys R us - How to Remain in Business and not Lose Brand Equity

Digital/Online Is The Present And The Future

Every brand that is serious in securing equity in the market place must leverage every digital opportunity that exists.

But it is not just about having a website, it is about having a clear business strategy that leverages online opportunities to maximise sales. Clearly, Toys’rus could have done more with their online game.

The reason is simple - more consumers now opt for online shopping, but you need to attract them to your online store.

The moment you don’t take the digital space as seriously, you’re already taking major leaps backwards into extinction.

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Customer Experience Is A Game Changer

The summation of all the interactions between your customer and your brand is the overall customer experience.

Leave a gap and the customer is already making their way towards your competition.

It is no longer about a good product only, there is more focus on how a customer feels through the experience shopping with you.

Both in-store and online shopping experiences of the old toys’rus were not as seamless as new decade consumer experiences. This is a major issue that leads to customer attrition in any brand.

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Listen To Your Customers

The last point is all about being customer centric. If Toys’rus had put just a bit more focus on listening to what their customers were saying, and studying what their customers were doing and not doing, it may have revealed risks and opportunities within the brand.

When you ignore the importance of the customer’s voice, you may just end up building a brand without the customers you’re looking to win in the first place.

No customers, no business!

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Convenience Is A Core Customer Need

Shopping is clearly now an omnichannel experience with customers buying in store, online or switching across both experiences simultaneously.

Within these experiences is a huge customer need that must never be underestimated - Convenience.

Every winning brand know that it is not enough to have limited options. Customers want the flexibility of shipping choices, quicker delivery, various payment options and much more. At the core of this is convenience.

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Different Types of Retail Traffic

Traffic refers to the number of people who comes into your store, including those who walk nearby. It is an important measure of retail success and naturally, the more foot traffic = the more chances there are to make sales.

The types of retail traffic include:

  • Regular Foot Traffic
  • Online Traffic

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Preparing Small Business Owners For The Holidays

The holidays are coming, and savvy owners should take this opportunity to draw as much traffic as possible to their sites and — most importantly — convert as much of that traffic as possible to customers while they’re there.

During the holidays, business spikes for nearly everyone, but e-commerce has been growing each year over the brick-and-mortar competition — and the pandemic has only increased this growth. In 2020, retail e-commerce sales skyrocketed, with a 35% year-over-year increase over the 2019 season in the United States.

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Marketing is how you build awareness of your brand and its products and generate sales, and branding is how you express who your business is for and what it’s all about.

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Understanding branding vs marketing and how they work together is integral in creating connection and trust with your audience.

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