The term marketing intelligence’ is directly proportional to ‘knowing your customers well’. For a retail company, reaching the depth of its target market and understanding its consumer behaviour that drives that specific market are two of the core requisites.
Every industry is striving for innovative ways to connect with its customers. And the ones that successfully build a personal reputation with them, don’t hit the ground easily. To assist companies in this pursuit, there have been inventions of various retail business software solutions.
To understand how these software solutions can help transform the retail industry’s way to connect with their customers, we must understand what marketing intelligence is
What is Marketing Intelligence?
Marketing intelligence is typically the process of collecting data related to the marketing efforts of an organisation. This data is then used for decision making of marketing campaigns. The data is derived from the market that the organisation belongs to or wants to operate in.
They generally collect data that help the organisation to fathom market segmentation, market opportunities, target audience and its buying behaviour. The technology is also used by organisations to determine competitors’ strategies to enhance their own game. Retail CRM software can effectively perform the job for you.
Marketing Intelligence can be segmented in three parts viz Competitor Intelligence, Product Intelligence, and Market Understanding.
Marketing Intelligence For Retail Industry
One of the very first steps of utilising Marketing Intelligence is by conducting market research before launching your products into the market. This gives you an opportunity for customizing your strategy based on the target market.
The integration of AI in retail business software simplifies the task while ensuring accuracy in the database. CRM software can help you create strategies by sorting and segmenting acquired data. It allows you to analyse the data using various analytical methods.
By facilitating you with the analytics, the retail CRM software enables you to understand your target market, your competitors, and current market trends better. And it also helps you to identify any opportunities for improvements and modifications.
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The term marketing intelligence’ is directly proportional to ‘knowing your customers well’.
For a retail company, reaching the depth of its target market and understanding its consumer behaviour that drives that specific market are two of the core requisites.Every industry is striving for innovative ways to connect with its customers.
And the ones that successfully build a personal reputation with them, don’t hit the ground easily.
To assist companies in this pursuit, there have been inventions of various retail business software solutions.
The store-based segment which is expected to dominate the Athleisure Market mainly because of the advantage of touch and feel, which is not the case with online retail.
However, online retail for the industry is expected to outplay brick and mortar retail in the coming years due to competitive pricing and buying convenience.
These are shoes and apparels designed for athletic activities and sports which are being worn in other settings, such as, school, workplace, social, and other casual occasions.
Athleisure industry reflects the changing lifestyle more than just a trend in fashion industry, the popularity of which is directly proportional to the busy schedules, health consciousness, and more relaxed dressing standards at the workplaces.
However, the market of yoga pants is expected to increase mainly due to the fact that there has been increasing trend of yoga enthusiast’s in the developed regions of North America & Europe.
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So, these are some tips that will help in boosting the conversion rate that is directly proportional to the leads that any business will get.
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