In a recent interview by Fairfax Media with the Woolworths Chief Executive, Ian Moir, he stated, "if you start worrying and looking over your shoulder at what someone else is doing and you're concerned they might be doing something you should do, then you've got your attention in the wrong place".
This is an important message for all businesses.
Customers need to have your full attention. Understanding the motives of your customer allows the business to make strong decisions about direction that can create competitive advantage.
By choosing to follow the pathway of your competitors, or by constantly rethinking direction based on the choices of a competitor, a business will lose sight of their real goals.
Understanding the way a customer thinks is imperative.
Data analysis is an effective tool to achieve this. Businesses have access to important statistics, which give greater insight into the actions of the consumer. This information can range from when something was purchased, how many, past purchases, if they buy with discount or full price, if they prefer online to in-store and many more.
These statistics paint a digital portrait of the customer, which means you can, not only segment them, you can target them.
This analysis is based from an article from ‘The Age’