Data has created a significant buzz in the retail and marketing space over the past few years. The giants in the industry quickly learned to capitalize on their analytics to get ahead of competition. Small retailers have been hesitant to get into the game because of cost and perceived complexity. What took them time to grasp is that they have access to data that is actionable. Those insights are enabling small retailers to become quick, agile and more responsive than some of their mega-competition.
Much like the epic battle between David and Goliath, these small retailers are becoming legitimate in the space. As an owner, you can take advantage of 5 areas of data that provide a gold mine of actionable data. If you take a step forward into this area, you will never look back. Here are the areas you can look at to do more with:
- Sales Receipts/Point of Sale Records: It is the classic “Who, What, When, Where, Why and How.” This data can be used to evaluate everything from staffing, store hours, sales volumes or specific traffic information. It is a gold mine of information.
- Inventory Tracking: This data will help you accurately manage inventory, buffer stock and overall annual inventory. It significantly impacts customer service and cash flow.
- Customer Loyalty Programs: Skip the paper punch cards. The digital tools give you amazing insights into customer preferences and habits. It will also help you connect on a deeper lever with your customer base and solidify loyalty
- Web Analytics: Website analytics provide amazing actionable insights. Whether you sell on the web or not, you will be able to glean amazing insights into customer behavior, preference and habit. You will also be able to have a greater understanding of what marketing platforms work best for your business and allow you to exploit that success. Whether it is Yelp, Twitter or pay-per-click ads, you will be able to quickly gain value from your marketing efforts.
- Social Media: This is a powerful tool for small retailers. Social media will allow you to keep a close tab on customers through interaction and understanding. Capitalize on this venue and you will boost loyalty and customer volume.
As you can see, these are simple areas where even the smallest retailer can take advantage of data insights to boost their business. These 5 easy steps will get you in line with your biggest competitors and will surely secure a significant market share for your space. Of course, as you become for comfortable in these spaces, you need a solid partner to help provide knowledge, insight and expertise. Data Ladder is the right partner for small retailers who want to capitalize on data quality. Their premier software, DataMatch Enterprise, is the perfect solution that is both effective and affordable. Go to Data Ladder and download a free trial of the software.