To stay relevant and thrive in the ever competitive market; every business should be able to make good business decisions based on insights around their customers and competition. With that said, it would seem that a business should or able to hire a small army of analysts and spreadsheets to make sense of the data derived from various systems and tools.
However, with technology and the resulting data and insights becoming more accessible, traditional brick and mortar businesses are able to transform their tech stacks and the way they operate and grow. Business owners are now able to capture useful data about their customers and get to know them and analyse how they behave. We’ll explore 3 reasons why brick and mortar businesses must embrace the latest technology today.
1. Discover & Retain Your Customers
- Not every customer is the same - those that visits your business the most and spend the most on average are your best customers and makes an impact on your revenue. By focusing on the 80/20 Rule -- which is top 20% of your customers who drives 80% of revenue; you will need to know who they are, what they need, what they care about the most and how they feel about your business.
- A customer engagement platform will provide you data including each customer’s visit recency, frequency, average spend, favourite product, lifetime value and more. You could even get granular and measure SKU level data; enabling you to personalise and target messages and offers based on their purchase history and lifecycle. These options used to be available for big brands, but not anymore. Start building a personal relationship with your customers so you know how to retain them by keeping them happy and satisfied or win them back if they are falling away from the fold.
2. Measure Your Marketing Campaigns in Revenue
- Success of your marketing campaigns should be measured with the metrics that matter. By utilising a customer engagement and marketing automation like Shoppertise Campfyre to execute a marketing campaign that aligns with what you have strategise will help you by providing the reporting needed which includes how many customers received the campaign, opened it, redeemed a reward and how much revenue is generated from the campaign.
3. Make Mobile Payments & Loyalty Easy
- By linking not only their payment methods but digitising their loyalty programme in an app or platform; it makes it super easy to capture customer’s purchases and eventually using the critical data captured to increase sales and ROI.
- The easier it is to make a purchase, the more positive and seamless the experience is to your customers. Going cashless means zero waiting time for change. Customers are also able to pre-book and happily enjoy your products or services in-store without any surprises.
Brick & mortar businesses do not need to fall behind when it comes to technology as it is crucial in identifying who your customers are and build authentic relationships with them which will in turn increase your revenue and ROI.