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Solving The Top 3 Problems Retailers Face
THE TOP 3 PROBLEMS RETAILERS FACE
2022 Edition
* The first problem is that you start the wrong way by looking at the wrong set of data. Opens and clicks are not customers. You’ve got to find the most valuable customers and the keyword here is not valuable, but the customers, you have to define the customer first.
* If you treat everybody the same, by definition nobody is special, even your special customers.
* Identify the buyers on their first purchase, that have very high potential value. These buyers have differentiated themselves in some way that you can see from your customer database and treat them special very quickly.
* Customer acquisition is almost always an extremely costly endeavor, and when 80 percent of your customer base never buys again, it can become a wealth destroyer this is why you need to acquire better buyers from the start.
* Every single day, if you’re not being proactive about it, your customer base is decaying. You need to use your customer insights to deliver the right message to the right person to prevent them from becoming dormant/inactive.
Below is a lightly edited transcript of Episode 30 of the Inevitable Success Podcast.
Transcript:
Damian: If you’re in business and you sell things retail, you have these three problems. So what are they? The three comments that basically every retailer has. Today we’re going to talk about each of those three problems, and one tip to address it.
Stephen: I’m doing good. I believe in simplification. In other words, all these problems are rather complex but I think we all have to start at the right place. So let’s simplify it, let’s identify those problems, and yeah I want to start there because it’s a good starter. Of course, you will face other things but start there.
Damian: All right. So before I get into the three problems, how is it that you uncovered that every retailer has these three problems?
Stephen: There’s the basic one, two, three’s of consulting work which is, listen to your customers first. Secondly, we look at numbers a lot. When we look at these numbers and go, oh gee that’s a problem. So defining the problem statement, by the way, is the number one rule in consulting where any solution in that if you do not know what the real problem is, you’re going to do a lot of things that will not help you. So that’s why we just look at a lot of numbers here.
Damian: Yeah, and you know if you could say like how many databases you think you’ve you’ve actually looked at and in –
Stephen: In my lifetime?
Damian: In your lifetime.
Stephen: Oh geez. During my first –
Damian: I think Stephen started looking at databases when he was four or five years old.
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By The Inevitable Success PodcastTHE TOP 3 PROBLEMS RETAILERS FACE
2022 Edition
* The first problem is that you start the wrong way by looking at the wrong set of data. Opens and clicks are not customers. You’ve got to find the most valuable customers and the keyword here is not valuable, but the customers, you have to define the customer first.
* If you treat everybody the same, by definition nobody is special, even your special customers.
* Identify the buyers on their first purchase, that have very high potential value. These buyers have differentiated themselves in some way that you can see from your customer database and treat them special very quickly.
* Customer acquisition is almost always an extremely costly endeavor, and when 80 percent of your customer base never buys again, it can become a wealth destroyer this is why you need to acquire better buyers from the start.
* Every single day, if you’re not being proactive about it, your customer base is decaying. You need to use your customer insights to deliver the right message to the right person to prevent them from becoming dormant/inactive.
Below is a lightly edited transcript of Episode 30 of the Inevitable Success Podcast.
Transcript:
Damian: If you’re in business and you sell things retail, you have these three problems. So what are they? The three comments that basically every retailer has. Today we’re going to talk about each of those three problems, and one tip to address it.
Stephen: I’m doing good. I believe in simplification. In other words, all these problems are rather complex but I think we all have to start at the right place. So let’s simplify it, let’s identify those problems, and yeah I want to start there because it’s a good starter. Of course, you will face other things but start there.
Damian: All right. So before I get into the three problems, how is it that you uncovered that every retailer has these three problems?
Stephen: There’s the basic one, two, three’s of consulting work which is, listen to your customers first. Secondly, we look at numbers a lot. When we look at these numbers and go, oh gee that’s a problem. So defining the problem statement, by the way, is the number one rule in consulting where any solution in that if you do not know what the real problem is, you’re going to do a lot of things that will not help you. So that’s why we just look at a lot of numbers here.
Damian: Yeah, and you know if you could say like how many databases you think you’ve you’ve actually looked at and in –
Stephen: In my lifetime?
Damian: In your lifetime.
Stephen: Oh geez. During my first –
Damian: I think Stephen started looking at databases when he was four or five years old.
Related Thought Leadership Content
Search