The analytics landscape is evolving. As outlined by APT CEO Anthony Bruce in a recent Information Age byline, decision-oriented executives and budding analysts alike must be attuned to the latest developments to effectively leverage analytics to drive business value.
What do Harvard Business Review magazine, a Nobel Prize-winning economist, and APT have in common? Fighting noise.
This past month, Harvard Business Review published an article co-authored by Nobel Prize-winning economist Daniel Kahneman entitled “Noise.” According to the article, “It is obviously useful to an organization to know about bias and noise in the decisions of its employees, but collecting that information isn’t straightforward.”
Fortunately, organizations can combat these analytical challenges with a scientific approach to decision making. The best way to remove the bias and noise that can cloud judgement is by testing new initiatives with a subset of customers, employees, or stores in market before rolling out more broadly. This is the essence of Test & Learn. By judging a program’s success based on actual customer spending and behavior, leading organizations can be confident that consumers, not executives’ instincts are driving business decisions.
For some, it may prove difficult to trust data over intuition alone. However, executives must remember that adding cause-and-effect analytics to their toolbox can dramatically increase the profitability of their actions going forward. According to Kahneman, “Ideally, the people who use these tools will view them as aids that help them do their jobs effectively and economically.”
In an article featured in Marketing Week, APT CEO Anthony Bruce provides his perspective on targeted loyalty offerings. “You have to ensure you’re changing behavior, not just offering the reward,” he says. Bruce goes on to discuss the increasing prominence of digital channels in loyalty delivery, explaining that “the [digital] trend is very much afoot today, and often new schemes don’t require the customer to have the plastic card with them.”
In an article featured in Convenience Store News, APT SVP Marek Polonski outlines steps that convenience retailers can take to maximize returns from their loyalty programs. “Getting real and reliable information about program performance in a rapidly changing environment can be extremely difficult, and obtaining it next month or next quarter is often too late,” he writes. “Executives need better, faster and more accurate insights today to maximize the success of tomorrow’s initiatives for all convenience retailers looking to win in loyalty.”
APT is pleased to announce that Sunoco has joined a number of leading convenience retailers, including Wawa, Maverik, Thorntons, and United Dairy Farmers, in extending and expanding its license of APT’s Test & Learn software to make more profitable decisions. In a recent article in Convenience Store News, Chris Williams, Vice President of Merchandising at Sunoco, discusses how Sunoco will leverage the software: “We will be analyzing the impact of adding Laredo Taco, the Stripes fresh Mexican foodservice concept, to additional locations to serve our customers and drive fuel customers into our stores. Similarly, we look forward to using the software to refine our promotional and merchandising strategies, as well as to generate more nuanced customer segmentations and smarter offers for our APlus Rewards program.”
In an interview with CNBC, APT Chairman Jim Manzi provides his perspective on the growth of “click-and-collect” offerings by retailers.
Banking Strategies recently published an article by APT SVP Will Weidman, naming the top trends that FIs should watch in 2016. Weidman says, “2016 is looking to be one of the most transformative years in financial services in decades. Disruptive competitors are growing, digital and mobile continues to evolve, branches look more and more like Apple stores and interest rates have started rising. Banks will need to embrace smart innovation not only to keep up, but to truly differentiate themselves in a cost effective manner.”
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In an article featured in Retailing Today, APT SVP John Howard predicts five trends that will define 2016 for apparel retailers. He writes, “Recent innovations include mobile app and in-store technologies, multichannel fulfillment solutions, and coordinated cross-channel promotions. These kinds of initiatives will continue to be top of mind in 2016, particularly as consumer expectation for a seamless and personalized experience–and deep discounts–continues to grow.”
In an article featured in Convenience Store Decisions, APT SVP Marek Polonski discusses the top trends that convenience retailers can expect to shape 2016. He writes, “Over the past 12 months, the industry has been abuzz with M&A activity, new in-store technologies and oscillating fuel prices. As the rate of innovation continues to increase, there will be a number of opportunities for convenience retailers to gain a competitive advantage, but only if they navigate the industry shifts correctly.”
In an article for Progressive Grocer, APT VP Jeff Campbell discusses the top 5 trends that will shape grocery in 2016, which include a focus on specialty departments and shoppability.