Question

Topic: Customer Behavior

Value Of Customer Spending Data Across Brands

Posted by thesincerehuman on 7/6/2024 at 4:59 PM ET 125 Points
I’m exploring the potential value of comprehensive customer spending data for brands, not just limited to spending with a single brand but across various channels and competitors. I would appreciate insights from this community on a few points:

What types of actionable insights can brands gain from detailed spending data that includes transactions across multiple brands?
How do businesses currently gather and utilize such comprehensive spending data, if they do at all?
Are there existing solutions that offer detailed analytics of customer spending across multiple brands, and how effective are they?
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RESPONSES

  • Posted by Peter (henna gaijin) on 7/9/2024 at 11:28 AM Member
    There seems like there would be a lot of value to knowing this, so you could help target the buyers better.

    But seems that collecting this info would be very hard. Retail outlets with loyalty cards do track this, but mostly keep the data inside for themselves. To get across channels, you'd need to compile data from al the loyalty cards, which I don't think is happening.
  • Posted by thesincerehuman on 7/11/2024 at 3:41 AM Author
    What if I leverage a customer facing PFM and loyalty tracking app to do this. The downside would be anonymous data insights to brands and not identifiable customer data.
    Would that still be worthwhile?
  • Posted by Peter (henna gaijin) on 7/15/2024 at 11:40 AM Member
    You need to do a cost benefit calculation.

    You have a proposed proposed method for gathering he data - the customer facing PFM and loyalty tracking app. What will it cost to build and implement this?

    What is the benefit to the data to the business? How can you monetize that data? That is the benefit.

    These are bug questions that aren't going to be answered on a web site like this, but require you or a consultant to look inside your company.
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