Has Social Media Killed the Mall? Part 1
Similarly, applying predictive analytics to real-time social data can identify which new products will be the most sought after by your target customer, therefore enabling you to place those items in your store windows or feature on the homepage of your website.
Location, Location, Location
Use social media to leverage and promote your own sales and events as well as nearby promotional events that could lead to more foot traffic. You know your customers are listening on social media, therefore use the channel they've got their eye on to entice them with an event-specific special promotion. Assign a special hashtag to an event so you can promote your brand, its specials and the event itself through users who share their experience on social media. Hashtags can also help you keep track of how many people interact with a topic. That data can then be used to plan forthcoming campaigns and see what's top of mind for consumers.
JetBlue, for example, offers a great use case of the power of social media to get customers moving. In 2010, it devised a "Twitter Ticket Giveaway," tweeting secret locations in various cities where people could show up and receive free plane tickets. By sending out tweets that demanded an action, JetBlue got social media users on their feet and rewarded its most loyal customers. Savvy retailers can take note, offering special promotions and giveaways that get customers away from the computer and into their stores.
Make Sense of Your Data … and Put it to Work
While social media monitoring can offer key customer insights, does your team know how to make sense of thousands of data points? This year, commit to embracing more technology and using analytics. Say your ideal customer has her eye on a new red sweater. She can easily buy it online, but happens to be running an errand for something else. You've mined your data and put it to work: You know that 65 percent of women are looking for red sweaters this year and have placed several in the display window to catch her eye, as well as offering a special in-store discount. That's putting your data to work, and reaping the fruits of your labor.
Greg Petro is founder and CEO of First Insight, a technology company transforming how leading retailers make product investment and pricing decisions.
Greg has a 25-year history in the retail industry with a career spanning merchandising, sales and management. But while at one of the world’s leading supply chain technology firms, he saw a need for retailers and brands to re-engage with consumers to determine which products would be top sellers well before costly investments are made to bring them to market. In 2007, Greg Petro founded First Insight Inc., a technology company that delivers what is now the world’s leading predictive analytics platform for consumer-testing new products. Through engaging consumers online and mining social data, the First Insight platform empowers retailers and brands to introduce the right products at the right price, and target them to the right customers. Today, he serves as its Chief Executive Officer and President. Greg is a member of the Board of Advisors of the Fashion Institute of Technology, as well as a frequent speaker at the graduate business schools of Columbia University and the University of Pittsburgh. Greg also speaks and at a number of industry conferences, where he educates his listeners on how retailers can use technology to identify and deliver what their customers really want. Mr. Petro holds both MBA and Bachelor’s Degrees from the University of Pittsburgh.