Do you know your numbers?
“What Scares Me Most…
…is that you know more about my customers after three months than I know after 30 years!”
It’s hard to imagine a world where supermarkets don’t know what we spend our money on, and consumers aren’t rewarded for their regular custom where – as Bruce Forsyth once said – points make prizes.
Today, we don’t think twice about whipping out our loyalty cards and collecting points as we shop. And we think even less about the discount coupons that land on our doormat; all of which give us money off the things we buy the most.
But back in 1994, supermarket giant Tesco had no idea what their customers were spending their money on. They had no idea who their customers were, what made them tick, and what they bought week in, week out.
All this changed though, when the owners of a small business gave a presentation that transformed the way Tesco – and supermarkets across the world – collect data on their customers.
The Tesco Clubcard was born, and the supermarket never looked back.
…It makes me remember how important it is to truly know your customers.
When was the last time you analysed how they spend money with you, which demographic they fit in to, and what it is that they want from your business?
2014 might not be over quite yet, but it’s never too early to make a New Year’s Resolution. Make 2015 the year that YOU fully understand your numbers.