Hint: It involves implementing a digital retailing strategy with messaging woven into it. And we’ve got a guide to help you make it work. SEE HOW
Some people love him, others loathe him but there is no question that Sir Terry Leahy, the CEO of Tesco's during its heady rise to the top of the UK retail industry, is the master of what IT people nowadays call 'Big Data' or what CEOs and leaders increasingly describe as 'Data Investment Management'.
These new titles describe an activity that's been around for decades; the end-to-end process of learning from customer data, analyzing it to then apply the learning lessons that matter to deliver more efficient processes, better (more effective) marketing and an improved customer experience.
In this 2011 article by Ian Grant of Computer Weekly under the title 'Tesco uses customer data to stride ahead of competition' Terry Leahy talks about his thoughts on the value Tesco has gained from its focus on Data Investment Management.
In 1995 Tesco gave customers incentive to join its Clubcard incentive scheme by giving them a penny discount in a pound spent. This was 25% of its profit at the time! This resonates even more today because in a recent interview, the founder of Amazon Jeff Bezos stated that Data Investment Management is around 25% of ITS business.
It begs the question how much should Motor Dealerships be investing in their own Data Investment Management strategies. The good news is that since the early days of customer insights capture and analysis there have been a heap of new technologies and Brontobytes of data added to the wibbly wobbly web that make it much more cost effective for organizations to implement effective systems.
If you've not had the opportunity to read this article I'd encourage you to spend a couple of minutes going through it. It's well worth the time investment.