Retail Touchpoints White Paper Review: Transforming the Retail CMO

The insightful people at RetailTouchpoints partnered with Teradata to produce a great analysis and white paper discussing the topic of “Transforming the Retail CMO Through Data-Driven Marketing”.

Along with mobile, “big data” has been a hot topic for the past couple of years and the digital age has caused the growth and importance of data to reach historical levels. With the adoption of online shopping and other eCommerce channels, businesses and marketing departments are rushing to come up with new strategies to manage and utilize the new valuable customer data that is accumulated through their digital integrations (such as online stores, online ordering, mobile websites, mobile payments, etc).

Here is a quick wrap up and highlights of this white paper:

  • CMOs are now identifying strategies to use their data to enable them to gain a competitive advantage
  • The 4 V’s of Big Data
    • Volume: the amount of data being worked with
    • Variety: the number of different sources and data types
    • Velocity: the speed at which it changes, which is very fast
    • Value: the ability of an organization to process and leverage machine-derived insights
  • Big Data could help retailers boost margins by 60% (McKinsey Global Institute)

    mobile 360 customer view

    Source: RetailTouchPoints/Teradata

  • The challenge is to identify all the consumer interaction points that collect data and integrating them into a 360 degree view of the consumer (stores, websites, email, social media, and mobile channels)
  • Shoe retailer, DSW, launched a new mobile web site that now accounts for 7% of DSW.com demand and has helped DSW grow from the 5th in market share to 2nd in two years.
  • By collecting and parsing data on its customers, DSW is now able to market to its cross-channel customers who are worth 2x the value of a single-channel shopper.

If you are a CMO or marketer looking for some valuable tips and strategies on how to manage your big data, you can get a copy of the white paper here.

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One Response to Retail Touchpoints White Paper Review: Transforming the Retail CMO

  1. Pingback: LinkedIn Talks: The Benefits of a Mobile Website | Dot Com Secrets Local Gulf Coast

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