Author: Ole Martin, Angel Investor and Co-owner of Lipscore
The retail landscape is rapidly evolving, and Scandinavian retail chains are no exception. While the focus on customer-orientation remains high, many retailers lack effective tools for measuring their performance. So how can you implement a customer-centric, data-driven business strategy without breaking the bank? The answer lies in the power of customer reviews.
Before diving into the mechanics, let’s examine the pillars of retail success:
While these points may seem obvious, measuring them effectively can be a challenge.
Retail chains often rely on methods like mystery shopping, market research, store visits, and web analytics to gauge their performance. While these methods have their merits, they can be time-consuming, expensive, and offer limited actionable insights.
An alternative is to collect customer reviews systematically. After a purchase—be it online or in-store—send an email or SMS to your customer, asking them to rate their experience on a scale of 1 to 5. Follow this up with an open-text field to gather more nuanced feedback. Focus on three main types of reviews:
Managing a diverse retail chain calls for efficient, actionable management tools. Customer reviews offer such a tool, one that costs little but provides immense value. Amazon has capitalized on this for years; it’s time for Scandinavian retail chains to follow suit.
By effectively leveraging customer feedback, not only do you enhance the customer experience, but you also equip your management and board with actionable insights to steer the company towards a successful, data-driven future.
Unlock the potential of high-volume ratings and authentic reviews for impactful data and business growth.