21st March, 2016
At a recent retail technology event hosted at BT Tower, Alex Field lifted the lid on Thomas Pink’s loyalty processes and showed how a move away from traditional analysis has resulted in a business strategy shift.
Thomas Pink has refined its business strategy and, building on this analysis, is currently enhancing its brand position.
Thomas Pink may have traditional values when it comes to quality and service, but as a modern British shirtmaker, it’s been challenging the establishment from day one.
Average data capture for Thomas Pink in 2015 stood at 56%, which was broken down into four main segments: sleepers, trialists, multibuyers and VICs (very important customers). But as people become more wary of sharing information – and as new US legislation comes into play – capturing customer data is becoming more difficult.
As well as direct engagement, Thomas Pink uses a single customer view, segmentation and in-house analysis to interpret data generated through a combination of surveys, focus groups (both small groups and 1:1 sessions), purchase behaviour across channels and customer comms tracking to build up a better picture of its customers and their needs.
From information to understanding
The big change is how all this data is interpreted. Traditionally the team would look at acquisition, retention, loyalty KPIs and the like. Now, cohort and pareto analysis is throwing a whole new light on customer behaviour and buying patterns.
As a result, Thomas Pink has refined its business strategy and, building on this analysis, is currently enhancing its brand position. Alex talked to attendees about how market insight such as this can shed new light on the complete marketing mix.
Alex stressed the importance of understanding the power of customer data and insight. He felt it was important to differentiate between business as usual KPIs and strategic insight and to build a brand story that reflected the truth.
Change of this nature is never easy of course so it’s vital to agree any new approach with stakeholders and to draw up an action plan together. You’ll need to clearly identify the success factors in any new strategy and obviously be able to measure the results.
You then just have to be prepared to take your business in a whole new direction…