What can Business Intelligence do for lipstick?
Quite a lot, according to giant beauty chain, L’Oréal. George-Edouard Dias, head of Digital Business, is leading the company’s quest to combine analytics, social media, data from smartphones, and from the cloud to create new customer experiences, and improve the company’s relevance and sales.
Business intelligence is essentially the technologies, applications and practices for the collection, integration, analysis, and presentation of business information that support better business decision making. It provides historical, current, and predictive views of business operations.
L’Oréal has, what Dias calls, “islands” of disparate data in different data bases on customers and their preferences. Such data is collected from tweets, Facebook and other platforms, and reviews of products. The company has traditionally used this information to forward plan marketing of their products. But it has been looking for ways of integrating the data more and using it more proactively. Now, using business intelligence tools, it can curate the information to provide much more responsive marketing in real-time.
The aim of this use of Business Intelligence isto:
- help the customer make “moment of truth” decisions about their purchase
- help retailers make decisions sell better
- help the company make business decisions around interacting with customers
- stay relevant so as to bring in the next generation of customers.
L’Oréal is just one of many companies who see the value of business intelligence, and which are using it in a unique way. Staying with fashion, the Burberry Group is successfully making use of radio frequency identification (RFID) tags in its stores to mine customer data. When a customer picks something off a rack and walks past certain screens, the RFID triggers a video which the customer can watch. The video gives the origin of the item and suggests other items that may go with it. All of this contributes to a personalized and comprehensive customer experience, with hopefully more sales for the group.
Both these businesses are using different forms of business intelligence tools and data to reach the same end: understand the customer better, increase their company’s relevance to that customer, and boost sales.
You can do the same in your business, just contact us today and we’ll get started.