Intelligent Data: a World First for London’s West End
New West End Company and PwC
New West End Company is a global business partnership of 600 retail, restaurant, hotel and property owners working across 74 streets in London, anchored by Bond Street, Oxford Street and Regent Street.
It wanted to raise £100m of additional income in London's West End by 2020. This resulted in the launch of a data insights programme, led by PwC, analysing spend and visit data to spot opportunities to market to customers and cater for their needs.
PwC used advanced machine learning to identify four key variables, with data derived from spend at retailers, mobile networks and global travel. This data was then consolidated into a custom-built system to enable the analysis and reporting of customer segments and behaviour. This has been used to inform marketing and product strategies to increase West End footfall and spend.
Insights for example revealed that 77% of Bond Street spend is from UK nationals, that different nationalities tend to visit London at different times of year, and that retailers along Bond Street should reconsider extending store opening hours until later in the evening. The results are being used to tailor advertising messages all around the world to increase revenue, drive brand loyalty and enhance customer experience in London’s West End.
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PwC was challenged by New West End Company on how to raise £100m of additional income in London's West End by 2020.
The answer: Intelligent Data. The aim was to develop a world-first data insights programme which allowed us to analyse spend and visit data to uncover opportunities to market to customers and cater for their needs.
The first phase was trailed at Cannes Lions in June 2018 at a private event attended by senior agencies, who were all immediately hooked. The Chief Investment Officer at one of the six global media agency networks said, “This has been the most valuable hour of my whole Cannes week….if you can pull this off, it will change retail marketing completely.”
New West End Company and PwC are delighted to be proving him right!