Remember Customer Preferences

 An “Econsultancy” report reminds us that people patronize your small to midsize business over a larger retailer because those people expect to receive special attention to their preferences.

• About 45% of consumers say they’d walk away from a retailer who contacted them in a way they’d specifically asked not be used to contact them. 
• About 50% from a retailer who tried to sell them something they’d already clearly said was not of interest to them. 
• About 85% from a retailer they sense doesn’t listen to their preferences. 

     Consider these percentages, derived from an Experian Marketing Services project, as only estimates of consumer sentiments in your community of merchants. They do indicate the degree to which consumers place importance on being heard.
     On the upside are these statistics:

• A total of about 75% of consumers would respond positively in one or more ways to a retailer they sense understands them. 
• About 60% would actively recommend the retailer to others, with about half this amount saying they’d leave a positive review online. 
• About 45% would agree to receive future advertising and marketing materials from the retailer. 
• About 30% would make additional purchases because of their positive feelings. 

     Experian did have an interest in their survey results coming out this way. The company sells products and services to provide what they call a “Single Customer View” by integrating information across a number of sources about each shopper. If your retail business is one in which the same customer might be served by a variety of salespeople, a formal SCV system could be valuable.
     Whatever system you use, among the top challenges facing a retailer in remembering customer preferences are these:

• Shoppers can express their preferences in subtle ways, then assume the retailer understands what they mean. Reflect back to the shopper what you understand so you can correct misperceptions. 
• Shoppers’ preferences move in cycles. For example, researchers at University of Utah and University of Iowa find that monthly paycheck cycles affect not only how much money people will spend on merchandise, but also the types of merchandise they’ll find most attractive. 
• Preferences change when people shop in a group. For instance, when shopping with family members along, a consumer is more likely to take financial risks in purchases than when shopping with a group of friends. But the shopper with family members is less likely to select highly unusual products or services. 

Click below for more: 
Make Your Next Best Offer
Pair Preferences with the Shopper’s Entourage