15 Jun How Analytics Software Can Increase Revenue
The thought of analytics software might be enough to put you off the whole idea of it, but the fact is you may be surprised at what you can learn when you do. What’s more important though, is that you can use it to increase your revenue and give your customers exactly what they are looking for.
In addition to all that, analytics software has been used across a variety of different industries, ranging from retail and banking, all the way through to property and gambling. That means you can analyse your customers whether you are running a casino or a bank.
So what is it about analytics that makes it so special and why has it been used across the board that way? To answer that question, you have to take a deeper look at what these programs can do. Once you understand all the information being presented, you can make better decisions for your business, based on real data from real customers.
Key Features from Top Analytics Software
Accurate Customer Counts – Knowing how many people go in and out of your establishment each day is important. When you have an analytics program that records how many people walked through the door, you can build up a history. That history can help you define your monthly and yearly trends, so you know when to expect more customers.
Demographics – This gives you more of a detailed insight into the numbers you are recording. Not only will you know how many people came to your store, but you will also know if they were mostly men or women. You can see if they are families with lots of children, and you can use that information the next time you order new stock.
Customer Tracking – Being able to see where your customer goes once they are inside your store also provides you with valuable information. You can see if they are paying attention to the new products you just put out on to your shelf and you can see if your merchandising is attracting people to buy the items you have on display.
Activation Analysis – When you need to run a promotion in store and you want to measure its effectiveness, retail analytics is the way forward. Your promotional displays can be set up perfectly, but if you place them in the wrong place then no one will get to see it. When it comes to brand activation, being able to analyse how well you do will determine whether it’s worth your while to run more promotions.
Workforce Allocation – Your store needs to have enough staff available to service your customers. That means you have enough people at the tills to not keep your customers waiting. You will also have enough staff on the floor to assist customers when they need to find something.
Taking It Back to Your Customers
So now you know how many customers you get on a daily basis and you know where they normally like to go when they enter your store. You also know how many people you need on the floor to ensure that all of those customers get helped accordingly.
You will also know when to order more stock of that hot selling item and you will know where to put it in your store so that they can see and buy it. What you get with the right analytics software is a fully integrated system that utilises existing infrastructure and allows you to get the information you need whenever you want.
All of this leads to happier customers at the end of the day, and when your customers are happy, they buy more from you and they get other people to buy as well. In this way you get to increase your overall revenue, while keeping your customers happy.
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