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Furnish a Room Full of New and Loyal Customers w/ Consumer Insights & Analytics
Technology Category
- Analytics & Modeling - Big Data Analytics
- Analytics & Modeling - Predictive Analytics
Applicable Industries
- Retail
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Predictive Replenishment
Services
- Data Science Services
The Challenge
The national retailer of modern American-made home furnishings and accessories was facing challenges in understanding when to grow, how to grow, who to grow, and where to grow. They were struggling with identifying the right time in the buying cycle to introduce consumers to their brand. Their customer acquisition strategy was not data-driven, leading to an undifferentiated approach where all customers were treated the same. They were also unsure about their future consumer and how to reach them. Lastly, their retail expansion goals were not aligned with their customer acquisition and development strategy.
About The Customer
The customer is a national retailer of modern American-made home furnishings and accessories. Founded in 1980, the company has a passion for helping customers furnish homes they love. Their philosophy is that great design should be beautiful, affordable, and long-lasting. The company's core values include American made, sustainable design, natural materials, value, and exceptional customer service. They currently have 12 store locations and plan to open 2 additional stores this year in Boston, MA, and New York City.
The Solution
The company decided to leverage analytics to address their challenges. They used data to identify key times in the buying cycle when consumers are most likely to be in the market for a furniture purchase. This allowed them to synchronize their marketing messages for optimal timing. For customer acquisition, they segmented their preferred audiences and learned everything they could about each audience. This led to a multi-channel and multi-touch marketing perspective. To identify their future consumer, they looked at factors such as age, education, location, marital status, and generation. They then translated these characteristics into Mosaic® USA segments. For retail expansion, they incorporated their customer acquisition and retention strategy into the market planning process. They used CRM data to gain insights into the characteristics of customers within proximity to new site locations.
Operational Impact
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