Retail marketers must know various metrics about their customers to understand their behaviour and preferences and ultimately improve their marketing strategies. Some key metrics that retail marketers should be aware of include the following:
Demographic information: This includes basic information such as age, gender, income, and education level. This information helps marketers understand their target audience's characteristics and tailor their marketing efforts accordingly.
Purchase history: Retail marketers should track the purchases made by their customers, including the items purchased, the frequency of purchases, and the amount spent. This information can help identify trends and preferences and also help to predict future purchasing behaviour.
Customer lifetime value: CLV measures the total value of a customer to a business over their lifetime. It helps to understand how much revenue a customer will likely generate for the company and identify which customers are the most valuable.
Customer engagement: Retail marketers should track how customers interact with their brand, including website visits, email opens, and social media engagement. This information can help to understand customer interests and preferences and also help to identify which marketing channels are most effective.
Net Promoter Score: NPS measures customer loyalty and satisfaction. It helps to understand how likely customers recommend the brand to others and identify areas where the business needs to improve.
Return and refund rate: Retail marketers should track the rate of returns and refunds to identify products or services causing customer dissatisfaction. This information can help improve the business's quality and customer service.
Customer feedback: Retail marketers should also collect and analyze customer feedback through surveys, reviews, and social media comments. This information can help understand customer needs and expectations and identify areas where the business needs to improve.
In conclusion, retail marketers should be aware of various metrics about their customers to understand their behaviour and preferences and ultimately improve their marketing strategies. These include demographic information, purchase history, customer lifetime value, customer engagement, net promoter score, return and refund rate and customer feedback.
