He’s one of the great retailers of the past three decades, so let’s learn from Mickey Drexler.
Drexler’s had one of the great retail careers. Successful at many large brands – Bloomingdales, the Gap, and now transforming J Crew into a retail juggernaut. Several publications have catalogued his many attributes that contributed to a long career with this much success, but one in particular relates to his love of analytics. Drexler was gathering data well before it was easy – collecting physical sales tags to analyze what was selling and what wasn’t. Now J Crew is a CRM and analytics machine – knowing how to turn new customers into repeat ones and the value of each of its social, marketing, catalog and physical store channels.
Check out a great article from Track Maven detailing how Drexler turns analytics into great retail strategy.
Related on the subject of how retailers need to evolve their approach to CRM to incorporate analytics in order to drive loyalty, merchandising, and marketing is this article from FICO. They say retailers often have their strategy backwards – not focusing on customer engagement until the end:
The fact is, managing the interactions with customers and designing programs to generate awareness and sales through many different channels often comes at the tail end of the strategy. It takes vision, creativity and discipline to design programs that can be targeted enough to feel personal and relevant to consumers. Throw in Big Data, and analytics can be downright intimidating to retailers, in part because it requires expertise beyond their comfort zone.
We agree wholeheartedly at Lumiary and have been marrying analytics with CRM from the beginning. Connecting all your sources of customer data is the place to start, and then advanced analytics can drive powerful insights. We’d love to help your team consistently turn this intelligence into higher sales and happier customers.