Be Your Own Amazon - Part 2
...and we’re back, but now with full bellies, a spark of holiday spirit and the gratitude for friends, family and the fact that we work in a pretty kick-ass market, among pretty awesome people. The holiday buzz is all around, and clearly shopping and buying is on everyone’s mind. Tis’ the season to test the true strength of your marketing efforts, and now’s the time to especially stand out from the crowd. So in case you need a refresher, let’s get back to the topic on hand as we now explore how to compete (and hopefully crush) the Amazon giant that’s standing in the way. We here at Mogean are geolocation experts and truly believe that using location data and other data resources hold the key to beating the competition. If you read our “Be Your Own Amazon Part 1” blog post (which we think you’ll really enjoy), you’ve considered your customer profile and have started thinking how to treat your customers as individuals. We’ve mentioned that big data is everything, and Amazon agrees, so now you need the data to really get to know your customers and soar. There’s immense power in knowing: knowing where your customers go, knowing who they go with, when they go, etc, etc. Amazon knows, and now finally you can too. That said, it’s no secret that Amazon recently bought Whole Foods. With the acquisition, Amazon has the power to leverage the data that it already collects from platforms such as Echo and Alexa and combine it with Whole Foods customer transaction data. Amazon can now tell what Whole Foods location you shop at, when you shop, what you shop for, etc. and then use that data to further personalize your grocery shopping experience. Amazon knows what’s in your refrigerator- pause for a second and think about that. The company is literally making recommendations for you based on your “tastes”!
Speaking of tastes, Mogean worked with a Smoothie chain to help the company better understand and target their customers. By analyzing location-based mobile data, we were able to see what customers were doing before and after entering the store. As we watched the customers, we quickly noticed two distinct groups form - those who engage in a fit and healthy lifestyle, and those who don’t. One group would make a trip to the gym before or after their visit to the smoothie store, the other would go to fast food restaurants like Wendy’s.
Before location data existed, smoothie companies had every right to assume that their customers were mostly healthy, fit, active individuals. But now, we have scientific proof that there’s a whole hidden story to reveal, and a whole other demographic to reach. Think about it, what would you do differently RIGHT NOW if you knew you had an entire customer segment that was the opposite of what you thought your customer was?
Before we look back at our smoothie example, we have some more questions for you to ponder over. Ask yourself - what do you really know about YOUR customers? How do you know it? What other facts about your customers did you think you knew, but are really wrong? Remember that people don’t always give truthful answers when asked about their buying habits. The real truth is in the data, and if you knew your customers better, what would you do differently? Imagine if you found out you had some non-traditional customer segments that you could micro-target. Let’s now venture back to smoothies. Because you know half of the demographic could care less about the health benefits of smoothies, maybe you’d spin your marketing to focus on the amazing taste of the product instead. And if you knew that a portion of your customers frequented Wendy’s before or after visiting the smoothie shop, maybe you’d entice them with a personalized advertisement or coupon that read “Mouthwatering smoothies more delicious than a Wendy’s Frosty.” Imagine the power in those words, and also notice the power of the location data: you wouldn’t have been able to deliver that personalized advertisement to the customers without it. Suddenly, you’re speaking to your customers as individuals. Suddenly you're beginning to understand and do what Amazon has already mastered. Like we’ve mentioned, Amazon has collected the data and leveraged it beyond belief. To compete with Amazon you need to utilize the data too, and leveraging location based technologies will give you the ultimate competitive advantage. We know Mogean holds the keys to all of this. We’ve seen the huge benefits, and trust us, this is the future of marketing. Mogean is here to uncover the dark space retailers don’t see about their customers. We’re here to reveal the hidden story. So let’s recap: you’re now aware of Amazon’s powers, you’ve realized that you need to focus on individualized customer experiences, and also understand the strength of location based data and analytics. With all that, you’re now equipped with the tools to compete with Amazon, but you might still be wondering how to beat them. Don’t worry. We’ve got more tips coming your way- think of it as our holiday gift to you. Stay tuned.