08 Jan 5 Steps to Analytics Success
Getting successful results from analytics in a brick and mortar environment can be tricky. Especially if you don’t know where to start or what you’re looking for.
After all, you can’t stage a successful analytics revolution without the intel you need to win the battle AND the war.
But what is it that grants successful analytics and, ultimately, a high pay-off?
Well, it’s not just one specific thing (wouldn’t that be nice!), but rather 5 fundamental steps to consider.
Turn Stats and Strats into Sales (in 5 Steps)
1. Evaluate your current strategy for successes
Take a moment and think about the events of your last financial year. What strategies did you implement to get more people to buy your product, visit your establishment, or invest in your business? Which ones worked?
Did you find success in deploying more floor managers during busy times of day? Did you position more expensive products at customer eye level and see an increase in their sales?
2. Evaluate your current strategy for failures
Now that you’ve thought about what has worked for you in the past, consider what hasn’t. For example, did you deploy more employees to till points during busy times only to find that they were more needed on the floor?
Once you’ve identified past failures, you can make better decisions in future to ensure success.
3. Identify the meaning behind your analytics
Statistics can be incredibly useful. They can point you in the right direction and give you insight into areas that need attention. But you need to look beyond the figures to understand their meaning and then take action accordingly . For example, effective analysis of data can tell you when to deploy more staff or where to position products for maximum sales.
4. Align customer behaviour with strategy
There’s only so much data you can crunch (you’re only human, after all!). That’s why analytics software exists: to provide you with the data you need to craft a strategy that works.
Ask yourself the following questions while choosing your analytics solution:
– Does it offer comparative analytics?
– Can it send real-time alerts and feedback?
– Does it support strategy alignment?
– Can it analyse trends?
5. Implement interventions to ensure strategy gets back on track
Your space should be constantly evolving to make things easier for your customers. It also needs to encourage your customers to spend more money with you. It’s a win-win scenario and can easily be achieved with the right analytics software.
We know a thing or two about staging a successful analytics revolution – Click here for advice – you won’t regret it.