Shopping centers have a notorious challenge when it comes to identifying their audiences. “Monserrate Mall” beat that trend by leveraging digital data and AI to understand its visitors.
Across industries, post-conflict Colombia is one of the most suitable markets in LATAM. The country’s newfound socio-political tranquility, pro-business environment, and growing middle class make it an attractive prospect for investors worldwide.
For the retail industry, this is great news: consumers have more money and the willingness to spend it. However, the added demand also means new retailers and shopping centers are flooding the market at lightning speed.
Our client, who we’ll call Monserrate Mall for the purposes of this article, is an iconic and well-established mall in the capital city of Bogota. In 2017, 11 new commercial developments were in the works in Bogota – five of which are soon-to-be malls, and direct competitors to Monserrate Mall.
In order to remain in its establishment position, Monserrate Mall realized it needed to do something most malls can’t: get to know its audience.
Since visitors buy from mall tenants rather than the shopping centers themselves, malls have little way of accounting for their foot traffic. To help Monserrate Mall beat that standard, Bright implemented a CRM program for them. The program offers mall visitors rewards and experiences, while gathering their data and earning loyalty in return.
After implementing the new program, Bright helped them interpret its results by running the program data through machine learning to process customer information, then giving marketers predictive insights to build smarter pricing and targeting strategies with.
What they found out was mind-blowing.
Bright uncovered that Monserrate Mall had been targeting the wrong audience all along.
As it turns out, like most shopping centers, Monserrate Mall was focusing its marketing efforts on targeting females who visited the mall frequently. However, Bright pointed the mall to a cluster of men with a lower visit incidence.
Why? Because even though the women in Monserrate Mall’s main target audience were visiting more often, Bright found a cluster of men that was spending more money.
Ultimately, Bright helped Monserrate Mall refocus its marketing efforts to appeal to the demographic that accounted for the largest share of its revenue.
Monserrate Mall was Bright’s first real client but its AI’s results shouldn’t be chalked up to beginner’s luck.
After using Bright, the Monserrate Mall marketing team walked away with several data-backed audience clusters, as well as actionable insights on visitors’ spending trends and behaviors.
Bright helped the client make the most out of its data. Do you ever wonder what your neglected data could do for your business? Find out more here.