There’s simply no way you’d know everything you need to know to act in business – unless some kind of demi-god on Earth. As a retailer there will always be a hidden part of the equation that will constitute as risks. Luckily, there’s no need to take action with unsound decisions.
Availing of a reliable people counting software could give you just enough competitive advantage to tip the market to your favor. Its ability to establish trends may be your best ticket to attain more sales, translating to bigger profits.
Missing the Forest
In marketing, it always is best to do due diligence. Sometimes, however, a wrong reading of the market could end up disastrous. And no one is spared – even mega-corporations could flounder just like that.
For instance, wanting to up the company’s ante in celebrating its 100-year existence, Coke executives went for the kill and introduced a totally new formula that deviated from its time-tested centuries-old Coke offering – branding the novel product New Coke. However, the result not only alienated its loyal following; it also presented their competitor as the more viable beverage option.
While your promotion may not be as global, studying your market would certainly give you needed marketing edge. This is where consumer shopping behavior is key. Marketing your business without people data is tantamount to going into business blindfolded.
Getting a Bird’s-Eye View
To get a hold on your retail marketing, enlisting the aid of a good people counting software is essential. This way you are able to gauge how effective your marketing tweaks are on a daily basis. Additionally, looking at compounded data should let you adequately assess your weekly, monthly and yearly sales performance in relation to against people visits. This way, you are in a better position to refine your marketing execution and operational efficiency.
Sales data may be helpful but it may fall short in painting the whole picture – especially true when you’re still starting and sales is still trickling. Keeping an eye on foot traffic is vital as one visit could be one step away from a prospect customer.