Has Social Media Killed the Mall? Part 1
Similarly, applying predictive analytics to real-time social data can identify which new products will be the most sought after by your target customer, therefore enabling you to place those items in your store windows or feature on the homepage of your website.
Location, Location, Location
Use social media to leverage and promote your own sales and events as well as nearby promotional events that could lead to more foot traffic. You know your customers are listening on social media, therefore use the channel they've got their eye on to entice them with an event-specific special promotion. Assign a special hashtag to an event so you can promote your brand, its specials and the event itself through users who share their experience on social media. Hashtags can also help you keep track of how many people interact with a topic. That data can then be used to plan forthcoming campaigns and see what's top of mind for consumers.
Greg Petro is founder and CEO of First Insight, a technology company transforming how leading retailers make product investment and pricing decisions.
Greg has a 25-year history in the retail industry with a career spanning merchandising, sales and management. But while at one of the world’s leading supply chain technology firms, he saw a need for retailers and brands to re-engage with consumers to determine which products would be top sellers well before costly investments are made to bring them to market. In 2007, Greg Petro founded First Insight Inc., a technology company that delivers what is now the world’s leading predictive analytics platform for consumer-testing new products. Through engaging consumers online and mining social data, the First Insight platform empowers retailers and brands to introduce the right products at the right price, and target them to the right customers. Today, he serves as its Chief Executive Officer and President. Greg is a member of the Board of Advisors of the Fashion Institute of Technology, as well as a frequent speaker at the graduate business schools of Columbia University and the University of Pittsburgh. Greg also speaks and at a number of industry conferences, where he educates his listeners on how retailers can use technology to identify and deliver what their customers really want. Mr. Petro holds both MBA and Bachelor’s Degrees from the University of Pittsburgh.
