Holes in their pockets
A large retail business was finding that a small number of its customers were spending significantly more than others. Traditional customer research techniques couldn’t explain why.
So how could the business understand what they should keep doing to keep their fans happy – and recreate the experience for others?
Into the mind of the spender
We worked with the retailer to unpick their brand value advantage through behavioural economics and consumer psychology using psychologically valid behavioural customer interviews, rather than just focusing on stats.
This revealed behavioural differences between real fans of the brand and regular customers – relating to thousands of pounds worth of spend from one customer to another.
The behavioural insights were then linked to fresh ways of thinking about customer value, new customer metrics and KPIs.
The approach gave the business a clear insight into what had seemed like intangible data.
This has helped the business answer strategic questions like:
- The roles different categories can play
- How competitive advantage shifts online
- Where store investment should focus
The behavioural work was part of a multi-year board level relationship with the retailer, helping to relate changing customer behaviour to business economics.