Big data improves margins for remote retail locations
Sales intelligence is about getting the right data, at the right time, and transforming it into insights that help you close more sales. The right data is different for each business, but the right time is always real time.
Retailers – particularly those in remote locations – need fibre optic networks to move and process big data in real time. Retailers can compensate for the additional time it takes to supply remote locations by anticipating their customer needs and behaviours. According to the McKinsey Global Institute, retailers can improve margins by as much as 60% by taking full advantage of big data. That means transforming it into useful sales intelligence.
There are so many sales intelligence solutions on the market; it can be hard to know how to choose. Start your selection process by conceptualizing your ideal sales intelligence machine. First, you need to know the options available for collecting data. Then, find out what your staff needs to know about your customer. When you know what you want to accomplish, your search for a solution is easier.
Get data from a variety of sources
Purchased market data can be helpful, but you need to collect sales intelligence specific to your business. The best sales intelligence is customer data you can collect from your locations. Let's look at some methods of data collection.
Video, more than just a security guard
Video cameras can collect valuable insights such as customer traffic patterns. Video data looks at dwell analysis, recording where customers tend to spend the most time when they visit your site. With this data, you can optimize store layout and plan promotional activity.
Intelligence may be a phone call away
Call recording can generate a wide range of intelligence. Track the addresses of inbound calls to target your advertising efforts. Your customers may reveal details about your competitors during phone calls. And you can find out what customers are complaining about.
Sensor technology is becoming more affordable, and you may already have sensors like smart thermostats in place. With sensors, environmental conditions such as temperature, humidity, noise levels and perhaps even the scent in your location can be recorded!
And, good old-fashioned sales data
The best way to ensure customers will spend tomorrow is to have a full understanding of why they purchased today. Analyzing real-time sales data with the rest of your data set will lead to more customer conversions.
Context is everything
Nothing happens in a vacuum. Your customers were out in the world before they entered your sales location. What was happening? Was it raining? Was an economic downturn dominating the news cycle? Was a big game on that day?
Your customer is likely shopping online as well as visiting your remote location. Integrate your website analytics with all of the data you collect. Consider working in partnership with suppliers and manufacturers. They may be collecting data that is relevant to your remote locations, and they would share that data if it meant boosting their sales.
With this information delivered in real time, the possibilities are endless. Imagine: It's a rainy morning at your remote location. Your sales intelligence dashboard indicates that several locals viewed product A online and that a competitor's rebate has been mentioned in phone calls. Your system checks weather reports and predicts that customers will stop by in the afternoon and you know the biggest challenge to conversion is that rebate.
You contact your supplier to negotiate a similar deal on product A and send an alert to your sales team. With real-time sales intelligence, you can create the ideal conditions to close the sale when your prospects arrive at your location.
With the analytics tools on the market today, any data set can be transformed into sales insights, and a lightning-speed fibre optic network provides the foundation for real-time sales intelligence that will deliver a win.
For more information on our fibre connectivity solutions, contact your Axia salesperson at email@example.com or 1-866-773-3348.