september 2002 getting retail crm rightcitebm.business.illinois.edu/shaw/mba/it survey...

September 2002

Getting Retail CRM Right

S E P T E M B E R 2 0 0 2

Getting Retail CRM Right

Retailers’ cautious approach to CRM is paying off.

To stay on course, retailers must pursue a CRM strategy

that matches their customers’ expectations.

I N T E RV I E W S• Retailers invest money in CRM projects -- but not a lot and

not in suites.• ROI exists: 80% are happy with current projects.

A N A LY S I S• Retailers that know fewer than 25% of their customers

should use data to optimize product decisions.• Retailers that know more than 25% of their customers must

use segmentation to find and cater to profitable customers.

W H AT I T M E A N S• Vendors that make a mad dash at retail will fail.• Shopping experiences improve -- or not.

R E L AT E D M AT E R I A L• Online spreadsheet detailing survey results by type of

retailer.• Online spreadsheet including customer lifetime value

calculator.

G R A P E V I N E

E N D N OT E S11

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By Carrie A. Johnson

With Kate Delhagen

Amy Dash

© 2002, Forrester Research, Inc. All rights reserved. Forrester, Forrester eResearch, Forrester Wave, WholeView, Technographics,TechStrategy, and TechRankings are trademarks of Forrester Research, Inc. All other trademarks are the property of their respectivecompanies. Forrester clients may make one attributed copy or slide of each figure contained herein. Additional reproduction is strictlyprohibited. For additional reproduction rights and usage information, go to www.forrester.com. Information is based on best availableresources. Opinions reflect judgment at the time and are subject to change.

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I N T E R V I E W S

RETAILERS TACKLE CRMHave retailers fallen victim to the CRM hype? No. Our survey of 30 retailers shows thatunlike other industries, retailers actively run CRM projects, and although it’s not alwaysan easy process, most retailers are satisfied with early results.1

Top Challenges: Definitions, Budgets, And Multichannel Issues Nearly all of the retailers that we interviewed are in the CRM game -- almost all havecompleted, are rolling out, or are piloting key CRM applications, with most focusing on marketing campaign tracking and database efforts (see Figure 1-1). Yet despite thisadoption, retailers still struggle with:

• CRM definition. Only 27% of our interviewees admitted that difficulty definingCRM is an obstacle to success (see Figure 1-2). Yet when asked to define CRM,they gave 30 completely different definitions, including these:

“Any data-driven method of interacting with an individual or segment ofcustomers.” (Footwear retailer)

“Providing ‘WOW’ customer service with each and every customer touchpoint, so our customer will return to us again and again.” (Apparel retailer)

“We have not yet defined CRM.” (Electronics retailer)

• Money and multichannel coordination. Funding for CRM projects and cross-channel initiatives represent stumbling blocks for retailers: 77% of intervieweesidentify budget constraints as an obstacle to successful CRM projects, while 77%also point to cross-channel app synchronization, and 63% cite organizationalissues as obstacles to success. Only 13% said lack of data hinders their efforts.

Retailers Expect CRM Efforts To Increase Marketing Efficiency And LoyaltyObstacles aside, retailers forge ahead with CRM projects. What’s fueling this enthusiasm?Prudent investments and hopes of better marketing. Specifically, retailers:

• Spend judiciously. Because most of our interviewees have shunned massive CRM suite installations in favor of smaller, more targeted projects like customersegmentation and campaign tracking, the majority of retailers have spent less than $5 million in the past 24 months. Sixty-seven percent of retailers spent up to $5 million, while only 10% spent between $5 and $20 million, and only 6% spentmore than $20 million.

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SEPTEMBER 2002 © 2002, Forrester Research, Inc. Reproduction Prohibited

Getting Retail CRM RightI N T E R V I E W S

Figure 1 Assessing Retailers’ CRM Efforts

• Focus on customer-facing initiatives. When asked to identify expected ROIfrom CRM efforts, 90% of retailers cite optimization of marketing contacts, 87% say they hope to increase loyalty, and 77% expect to improve cross-selling and upselling efforts (see Figure 1-3).

Based On Promising Results, Retail CRM Spending Will IncreaseBecause of their focused spending, most retailers are satisfied with current efforts andplan to increase CRM spending over the next 12 months.

• CRM delivers early returns. Despite CRM’s bad rap, 80% of our respondents --or 24 retailers -- are happy with their CRM investments to date. Of these, 12 saythat “early results are promising,” 11 say that CRM projects have been “a profitableway to spend our IT budget,” and one retailer feels that CRM spending has been

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© 2002, Forrester Research, Inc. Reproduction Prohibited SEPTEMBER 2002

Getting Retail CRM RightI N T E R V I E W S

Source: Forrester Research, Inc.

“In what stage are each of the following CRM projects?”1-1

“Where do you expect to see the ROI ofyour CRM efforts?”

1-3“What obstacles do you face inimplementing a CRM strategy?”

1-2

Completed Rolling out Piloting Considering

Better inventorymanagement

Optimizingmarketing contacts

Increased customerawareness of products

Increased customer-to-customer referrals

Decreased servicecosts

Increased cross-sellsand upsells

Increased loyalty

Base: 30 retailers

CRM suite installation 70%

Customer database modificationand unification 97%

New CSR desktop installation 77%

Marketing campaign tracking 100%

Customer segmentation with ananalytics application 100%

77%

77%

43%

63%

33%

27%

27%

13%

27%

87%

77%

30%

37%

53%

90%

13%

Hardly anyretailers haveinvested insuites: Only 7%have completedinstallation.

7%

Operationalefficienciesare not a toppriority.

(multiple responses accepted) (multiple responses accepted)

Results by type of retailer are available by clicking the online “Get Data” button above this figure.

Synchronizing appsacross channels

Budget constraints

Unwieldy legacysystems

Organizational issues

Privacy concerns

Sorting out vendors

Keeping dataup-to-date

Lack of data

Defining CRM

None of the above

“the best IT investment we’ve made to date.” Not one retailer we surveyedcharacterized its CRM efforts as “a waste of money.”

• Few will decrease CRM spending. Since retailers are generally happy withresults, they plan to keep the CRM fires burning: 60% will increase spending onCRM somewhat or dramatically in the next 12 months, 17% will keep theirspending static, and 20% will decrease budgets slightly or dramatically.

A N A L Y S I S

RETAIL CRM: ONE SIZE DOES NOT FIT ALLRetailers are on a path to CRM success. But the early leaders -- and others that have yet to invest -- must keep three things in mind as they spend more time and money on CRMprojects. First, consumers have experiences -- not relationships -- with retailers (see theSeptember 2002 Forrester Report “Focus On Customer Experience, Not CRM”).2 Second,retailers don’t need every bit of data about every customer -- they need data about keyexperiences.3 Third, because all retail experiences revolve around products and services,we define retail CRM as:

Using select customer experience data to increase product and/or customerprofitability.

Most retailers don’t lack customer experience data, but the way they use it to improveproduct or customer profitability varies dramatically (see the August 2002 ForresterReport “Building Smarter Stores”).4 Our analysis of the retail landscape yields threetypes of retailers that reflect these differences -- which ultimately determine the mostappropriate retail CRM strategies (see Figure 2).

1. One-To-All Sellers: CRM Is About Smarter Merchandising Some retailers don’t know the majority of their customers -- and that’s OK! These one-to-all sellers are primarily general merchants that run cash-based stores with fast transactionsand low levels of service. Their value proposition is having the right products in stock atthe best possible times. Because most only have basic customer experience data -- POSfiles of anonymous transactions -- retailers like 7-Eleven and Payless ShoeSource knowless than 25% of customers by name and can create only a few customer segments.5 To getbenefits from CRM, one-to-all sellers should:

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Getting Retail CRM RightA N A L Y S I S

Figure 2 Three Types Of Retailers And Their Recommended CRM Strategies 5



Source: Forrester Research, Inc.

Short-term CRM strategy

Long-termCRM

strategy

Focus on demand chain managementVendors: DemandTec, KhiMetrics, Retek

Example Discount retailer ShopKo tested markdown optimization software to optimizecategory performance. The result: a significant gross margin increase.

Customerdata

Primary useof data Optimize product decisions

Know fewer than 25% of customers by name; have only one to threecustomer segments

Develop cross-channel demand chain management:• Glean shopping preferences from the Web site and use to inform store plans

Vendors: Coremetrics, digiMine, WebSideStoryGet to know more customers by name:• Gather email addresses

Vendors: Responsys, DoubleClick, Silverpop Systems• Develop proprietary credit cards and loyalty programs

Vendors: Household Bank, Wells Fargo; Givex, PreVision

Identify and cater to cross-channel customers:• Unify databases with Web services

Technology: XML standards and SOAP interfaces from IBM, Microsoft, or Oracle• Give store clerks and call center reps access to basic customer data like

address, RFM values, and brand preferencesVendors: Blue Martini Software, KANA, Triversity

• Use reward programs and create special offers for top 10% of customersVendors: Ernex Marketing Technologies, Givex, PreVision

Segment and score customers by RFM, brand preferences, and life stagesVendors: Business Objects, digiMine, MicroStrategy, NCR Teradata, SPSS

Segment customers into large groups to refine acquisition and retentiontactics and merchandising mix

Know 25% to 75% of customers by name, address, and transactionalhistory; have three to 100 customer segments


Long-termCRM strategy

Primary useof data

Customerdata

Example Toys”R”Us targets its most valuable customers with varying offer levels andfrequencies. The result: higher holiday sales and loyalty from this group.

An interactive spreadsheet, including a lifetime value (LTV) calculator, is available by clickingthe online “Get Data” button above this figure.

Provide better service to the most profitable customers:• Model LTV of all customers to anticipate the needs of top-tier shoppers

Vendors: NCR Teradata, SAS Institute• Prioritize phone service levels

Vendors: Altitude Software, Aspect Communications, GenesysTelecommunications Laboratories

Build on one-to-many foundation, then cater to high-value individuals:• Install clienteling software on POS terminals

Vendors: Blue Martini Software, Retek, Triversity

Score all customers and tailor shopping services for the most profitable ones

Know more than 75% of customers by name, address, transactional history,demographics, and personal preferences; recognize them across channels


Long-termCRM strategy

Primary useof data

Customerdata

Example The Men’s Wearhouse clienteling system maintains 15 years of individualpurchase histories. The result: increased customer service and increased sales

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• Put products before people. One-to-all retailers should intensify CRM effortson product optimization and de-emphasize so-called “loyalty” efforts -- consumerscite low prices and reliably stocked shelves, not relationships, as the reasons theyshop at Wal-Mart.6 A few retailers like ShopKo and Longs Drug have used thistype of customer experience data to optimize demand chain decisions -- productmix, prices, and store locations -- and neither retailer has a loyalty program.

• Tiptoe into customer data collection. After tackling product optimization, one-to-all sellers can then begin to build a foundation of customer data. How? By gathering emails and buying preferences from the Web site to help cross-channel initiatives -- like email campaigns that alert customers when a new storeopens in their area. The Home Depot will use first-time home buyer and ZIPcode data from online purchases to pinpoint locations for its new “corner hardwarestores,” and Target will use its life stage data to market to its Club Wedd registrycustomers -- as they subsequently buy homes and start families.

• Get help from analytics vendors. CRM suites from Siebel or PeopleSoft thattrack individual consumers are nearly useless to this group of retailers, but analyticstools that improve in-store decisions are right on target. In stores, optimizationtools from Retek and DemandTec that apply advanced predictive analytics todemand data will fine-tune product decisions (see the June 2002 Forrester Report“Boost Margins With Merchandise Optimization”).7 Online, analytics softwarefrom retail-focused vendors like Coremetrics and Buystream will gather andsegment user data to fuel offline merchandising decisions (see the March 2002Forrester Report “The Retail Revenue Metrics You Need”).8

2. One-To-Many Sellers: Balance Customer And Product SmartsOne-to-many sellers, often multichannel specialty retailers, use customer information asa strategic weapon to combat the price advantage of one-to-all sellers (see the June 2002Forrester Report “Data Strategies For Specialty Retailers”).9 Retailers like The SharperImage and PETCO know 25% to 75% of their customers and create five to 100 segmentsto deliver moderately “personalized” service and tailored marketing programs. To see theROI from their customer segmentation projects, one-to-many sellers should:

• Mine aggregate data to boost sales. These retailers already know that simplysegmenting customers into cohorts that share key purchasing characteristics works --but they must resist the temptation to get tangled up in more complex efforts beforegetting a few simple ones right. When Cabela’s had a glut of size 14 and 15 bootsand shoes, the retailer emailed online shoppers who had previously purchased thosesizes and saw an 86% click-through rate on the campaign -- six times the retailer’saverage click-through rate.

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• Deliver personalized offers to cross-channel customers. This group knowsthat multichannel customers are valuable, and they’re aggressively marketing tothem, despite integration headaches. For example, Crate and Barrel recently sentemail to customers in select ZIP codes pointing them to store furniture sales,resulting in a 50% in-store sales increase. And by using a Web-services-enabledinfrastructure, Best Buy accesses customer data from a MicroStrategy app that lets CSRs receive system alerts to upsell installation services to customers who’vepurchased satellite dishes in any channel (see the May 2002 Forrester Report“Web Services Erode CRM Barriers”).10

• Invest in marketing automation apps. To create and mine multichannelcustomer segments, one-to-many sellers should use direct marketing softwarefrom E.piphany and Protagona. But to dig into cross-channel databases andunearth valuable multichannel customers, these retailers need higher-end analyticsfrom vendors like SAS and Unica that have modeling capabilities that can predict, for example, which customers will most likely respond to cross-sells (see theMarch 28, 2002 Forrester Brief “How To Tell Marketing Automation AppsApart”).11 To bring this customer analysis one step further -- to the stores --retailers like supermarket Holiday Quality Foods use Triversity’s POS software.

3. One-To-(Almost) One: Build Profitable Customer RelationshipsLuxury retailers like Tiffany & Co. and direct marketers like Avon relied on personalrelationships long before CRM became a catch phrase, selling to profitable customersegments and frequently to individuals. As the only types of retailers with true customerintimacy, these one-to-(almost) one retailers should:

• Recognize individuals. For these retailers, segmentation is business as usual --83% of one-to-(almost) one interviewees segment customers by profitabilitycompared with 53% of one-to-many sellers -- but they take it a step further bycentering efforts around individual customers. Through a new Blue MartiniSoftware clienteling system, Nordstrom will keep individual customer records at POS to help clerks deliver alerts about new merchandise and events to its best in-store shoppers -- those who spend $2,000 more per year than other shoppers.

• Tier services and rewards. One-to-(almost) one sellers will push beyond traditionalRFM measures and score all of their customers. To determine the profitability of existing customers, retailers will calculate the contribution analysis includingservice costs and referrals. To classify new customers, they’ll monitor key purchasevariables -- like what customers bought and how much they spent -- and matchthose customers to existing profiles to zero in on high-value shoppers of the future.

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Lands’ End will identify customers by phone numbers and prioritize high-valuecustomers for immediate service; Prada will use RFID-enabled key fobs to recognizecustomers upon store entry and respond with personalized service.

• Add POS and call center apps to technology purchase plans. As savvymarketers, one-to-(almost) one retailers have rightfully steered clear of CRM suitesand instead put their money into marketing automation tools. What other apps do they need? Retailers with stores should invest in POS clienteling software fromRetek and Triversity and call center applications from Genesys and Altitude thatcan tier service. Once the technology is installed, these intimate retailers need toensure that still-important human sales associates use it to their advantage.

W H A T I T M E A N S

Vendors will flock to retail CRM -- and get rebuffed.With the news that retail CRM spending is an industry bright spot -- and thatretail CRM includes merchandise optimization -- vendor PR agencies will rushto print new marketing materials that hype “CRM” capabilities. But just as retailersweren’t seduced by any product with CRM stamped on it before, they won’t fallfor this onslaught now. To position themselves successfully, Retek and Marketmaxwill partner with traditional marketing automation and analytics vendors like Unicaand E.piphany to give one-to-many retailers a complete product and customeroptimization solution.

Shopping gets either a lot better, or a lot worse.As retailers act on the appropriate CRM strategy, shopping experiences will get better: The right products will be on the shelves in one-to-all retail stores,consumers will be offered the right products and services from one-to-manyretailers, and high-end customers will bask in new benefits from one-to-(almost)one retailers. When retail CRM is done right, consumers will appreciate theseimproved experiences, but they won’t know exactly why things are better -- until a one-to-many retailer pushes too aggressively to become a one-to-(almost) oneretailer and offends its customers by asking for too much personal information.

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Getting Retail CRM RightW H A T I T M E A N S

R E L A T E D M A T E R I A L

Online Resources

A spreadsheet detailing survey results by type of retailer is available by clicking theonline “Get Data” button above Figure 1. In addition, an LTV calculator is available by clicking the online “Get Data” button above Figure 2.

Methodology

To understand retailer attitudes toward CRM, we fielded an online survey from August 1to September 17 at www.zoomerang.com. We then conducted follow-up interviews witha subset of the 30 respondents. We also interviewed a range of vendors, systems integrators,CRM experts, and several additional retailers that were not part of the online survey set.

Companies Interviewed For This Report

Related Research

September 2002 Forrester Report “Focus On Customer Experience, Not CRM”August 2002 Forrester Report “Building Smarter Stores” July 2002 Forrester Report “CRM’s Future: Humble Growth Through 2007”June 17, 2002 Forrester Brief “Tech Spending Profile: Retail”June 2002 Forrester Report “Boost Margins With Merchandise Optimization”June 2002 Forrester Report “Data Strategies For Specialty Retailers”May 2002 Forrester Report “Web Services Erode CRM Barriers” April 2002 Forrester Report “Getting The Retail Technology Advantage”

Blue Martini Softwarewww.bluemartini.comDell Computerwww.dell.comdigiMine www.digimine.comE.piphany www.epiphany.comForeSee Results www.foreseeresults.comFort Point Partners www.fortpoint.com

Harte-Hankswww.hartehanks.comHochman & Company www.hochmanandco.comNCR Teradata www.teradata.comPreVisionwww.previsionmarketing.comRetek www.retek.comSAP www.sap.com

SAS Institutewww.sas.comSiebel Systems www.siebel.comTiffany & Co.www.tiffany.comToys“R”Us www.toysrus.comUnica www.unicacorp.comWebSideStory www.websidestory.com

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Getting Retail CRM RightR E L A T E D M A T E R I A L

G R A P E V I N E

Target’s online survey misses the mark.After a recent trip to Target, we were delighted to find a URL printed on a store receiptthat pointed customers to an online survey. Was this a cross-channel BizRate satisfactionsurvey? Or Target’s own way of tracking cross-channel customers? Turns out it was neither:The survey only asked questions about the store experience -- cleanliness, productselection -- and missed the opportunity to inquire about cross-channel shopping.BizRate charges retailers six figures to do this; Target could have tacked a couple ofquestions onto its existing survey at no extra cost.

……

Borders buyers beware!While we commend Borders for offering in-store inventory info online, many shopperswho search bordersstores.com for item availability are in for a disappointment. All searchresults are displayed with the statement, “Yes: This title was in-store as of the last inventoryupdate.” But scrolling below the fold reveals that this claim, along with “No,” “Order,”and “Pre-Order” comprise a chart key. A tiny box at the top right denotes actual in-storestatus and, if missed, wastes the time of baffled customers.

……

Retailers remember: Clothes don’t make the man (or woman). While gardening, a well-to-do woman we know ran out of bulbs, so she popped down to the local Smith & Hawken store. Too bad they didn’t recognize her -- with her dirtyjeans and fingernails -- as one of their best catalog shoppers and instead ignored her for 10 minutes before ringing up her order. Though she bought the bulbs, she left in a huffand has shifted her garden purchases to . . . The Home Depot.

……

And the award for most titillating survey response goes to . . .The not one, but two retail executives who responded “customer relationship management”to our survey question, “What is your company’s definition of CRM?” Thanks for theclarification guys; we were stumped on that one.

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Getting Retail CRM RightG R A P E V I N E

E N D N O T E S1 Forrester’s Business Technographics® March 2002 North America Benchmark Study revealed that

only 35.8% of Global 3,500 firms would shop for CRM software this year. Forrester’s BusinessTechnographics August 2002 North America Benchmark Study exposed similar findings: Only 15%of the 1,001 firms that responded plan to purchase a CRM app before the end of 2002.

2 Our research shows that consumers like anonymity: In a recent survey of nearly 6,000 NorthAmerican online consumers, 69% of respondents told us that they are either very or extremelyconcerned about losing control of their personal information. And consumers are not looking forrelationship with companies either: Sixty-three percent of online consumers visit CPG sites forpromotions and recipes, and only 3% of visitors look for lifestyle content.

3 Because retailers don’t need to track every individual customer, CRM suites do not meet theirneeds: According to Business Technographics data, more than 12% of financial services companiesuse Siebel, while no retailers have Siebel. Sixty-four percent of retailers don’t use any CRM suite,and of those that do, 4.3% work with PeopleSoft, 2.9% use SAP, and 8.5% built a homegrown app.

4 Most retailers have customer or product smarts, but not both: Retailers that know a minimum of 25% of their customers in the store and use RFM analysis to target high-value shoppers have a high customer IQ; retailers that beat industry averages for stock-outs and gross margins and use key customer information to inform merchandising decisions in the store have a high product IQ.

5 A retailer like Target may have three basic customer segments -- customers that pay with cash, by check, or with a credit card.

6 Based on a July 2002 survey of 4,781 primary grocery shoppers from Information Resources, Inc.’sShoppers’ Hotline Panel, 78.4% of consumers cite prices and 70.7% state in-stock products as themost important factors in choosing whether or not they shop at Wal-Mart.

7 Whether it’s just basic sell-through demand data from POS systems or multiple inputs like supplierdata and competitive pricing, optimization tools run analysis for all key merchandising decisions offof the same set of data. The result? Higher gross margins and more efficient operations.

8 Beyond basic revenue-related metrics like sales figures and conversion rates, Web analytics vendorscollect preference data -- information that can be used to improve online and offline selling efforts.

9 Specialty retailers must serve up highly differentiated and more personal experiences to maintaincustomers’ business and thrive in today’s increasingly discount-centric retail landscape.

10 Web services will help CRM’s main challenge -- cross-channel data integration. A bank uses Webservices to get 1,800 branches, 5 million customers, and 28,000 employees on the same page.

11 All vendors include simple ad hoc query and reporting tools, but only two -- SAS and Unica --offer a full suite of high-end modeling capabilities for activities like forecasting customer behavior.Buyers who want more than reporting but don’t need full-blown modeling tools may be satisfiedwith the interactive analysis capabilities of E.piphany, NCR Teradata, or Protagona.

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Getting Retail CRM RightE N D N O T E S

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