We know we want to do more with retail customer analytics, but we’re not sure where to start. What advice do you have for developing a customer data analytics strategy? We’re a midsized retailer.
Start by examining your current customer-focused key performance metrics to determine if they meet your business objectives. In many cases they will not, and therefore you should look to produce a more balanced set of metrics that reflect your business goals and objectives, will drive the behaviors you expect from your customer facing-employees, and will measure both efficiency and effectiveness (outcomes). The next step is to identify the data sources you need to access to produce your new metrics and then start to look for technology that can produce the metrics you require.
This was first published in April 2010