6 Data Driven Ways to Uncover New Revenue in Retail.

6 Data Driven Ways ToUncover New Revenue In Retail.

By: Avi Mizrahi

Is Big Data the only way tosolve retail growth problems?

For most critical business

decisions, investing in Big Data

solutions before understanding the problem

you are trying to solve is like swatting a fly

with a sledgehammer.

In many cases, small data can be farmore effective.

In my experience, small data can

help solve for many of today's most

critical growth questions.

The following 6 data driventechniques are a practical way

to uncover new GROWTH.

1. Understand Macro Trends

Use the PESTe model to organize your findings

around the Political, Economic, Social,

Technological and Environmental factors

that could impact your industry.

Sample PESTe Chart.

2. Collect and Mine ConsumerData for Insights

Are you tuned in to your consumers?

Consider custom or off-the-shelf

research. Support it with your own field

work. The insights will inform future

products, services and marketing.

Sample Consumer SegmentSummary Chart.

Text 1 2 3

3. Know the Key Industry Metrics,Trends and Forecasts

Industry data points are more than just the

latest and greatest product innovations on

display at conferences. It's about data: market

size & shares, growth trends, competitive

intelligence, and keys to success.

Visualize Industry Market Shares.

Text 1 2 3

4. Analyze, Prioritize and SegmentYour Customer Insights

How are customers spending their hard earned

money on your products? How frequently do

they buy? What are their patterns? Customers

are not ‘telling’ you, they are ‘showing’ you

what they value. Pay close attention

to customer insights.

Sample Customer Loyalty Map.

Text 1 2 3

5. What Are Your InternalCapabilities?

What does your company do extremely well?

Can it be copied? Can you leverage this

capability in other parts of your business?

Determine The Key Parts ofYour Value Chain.

Text 1 2 3

6. Envision the Future With Customer Stories

Organize a group activity to visualize

the future from the customer’s

perspective. Click here to learn how

to facilitate a session for your team.

Organize An Off-Site SessionTo Create Customer Stories.

Text 1 2 3

Data Is All Around You.

I have used these techniques in large corporations and small

start-ups. They helped me to innovate new products, create

marketing campaigns, develop retail concepts, identify profitable

product promotions, and much more.

Sometimes, the small data is the best place to start!

This SlideShare is based on a

LinkedIn Post I wrote. To read it,

click here.

If you like the article, please give

it a thumbs up and feel free to

connect with me.