3 Analytics Tools Your Offline Business Needs to Stay Competitive

Posted by Robin Johnston on Mar 22, 2018 7:00:00 AM
Robin Johnston

bi dashboard.pngBusiness owners have a myriad of responsibilities.  Despite the boom of online stores and businesses, a lot of businesses such as restaurants conduct the majority of their business face-to-face, offline. Depending on the type of business you own, your responsibilities could range from management, bookkeeping, covering employee shifts, marketing, etc.  On top of all of those responsibilities, you still have a business to run which involves knowing important information about your customers, your business, knowing how they both interact, and then making important decisions that impact how your business grows and remains competitive.  

Imagine not only having to make these important decisions, but also having to create and maintain elaborate spreadsheets, run formulas, and crunch numbers on all of your customer and business data just so you can make those important business decisions.  

This is where analytics can help your business grow and stay competitive, all while saving you time.  Rather than spending costly time and resources collecting, tracking, and analyzing customer behavior data on your own, analytics tools do all the tedious collecting and analyzing for you, giving you vital customer data and reporting in real time and on demand.  In the digital, tech-driven business world, analytics tools are a necessity.  Below are three analytics tools your offline business needs to remain competitive.  

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Daily Traffic

This number may not be as important when compared to your revenue, profit, or losses, but it is up there.  Daily traffic gives you insight into how many people are coming into your shop.  Simply knowing this number alone gives you a starting point for not only remaining competitive, but also growing your business.  If 30 people come into your shop daily, how many actually make purchases?  How many are new or repeating customers?  If they do not make purchases, and are not customers, how can you guide them to making a purchase and becoming a repeat customer?

Projected Location Data

Whether you are looking to open your first store, or looking to expand your business in a new location, projected location data helps you make the decision that is best for your business needs.  When looking to open a business in a new location, no matter the information available to you, the most important question is:  Which location will bring in the most customers?  Projected location traffic allows you to collect foot traffic data.  The magic in this analytics tool is that it can be tracked whether someone logs onto your Wi-Fi or not, using signals and physical sensors to gather data.  Once everything is compiled and analyzed, you are then able to look at your list of potential locations, seeing which ones have the most traffic and at which times.  This gives you a competitive advantage for expanding your business.  

Wi-Fi Marketing Automation

Rather than running a report every month to see which customers have not made a purchase in the last month, automated, intelligent marketing is an analytics tool that can compile customer data, understand behaviors, and trigger marketing campaigns based on customer behaviors.  If a certain customer comes into your shop and purchases a coffee daily, an intelligent marketing campaign could trigger an offer for half off the purchase of their next coffee.  If a frequent customer failed to show up all of a sudden - say for a period of two weeks - an automated marketing message could send that customer a special offer to bring them back in.  Additionally, Wi-Fi marketing automation tools also are able to track the efficiency of every intelligent marketing campaign, giving you important return-on-investment data for each campaign.  For example, your automated marketing analytics tool can look at campaigns to rescue at-risk customers and see how many customers actually returned to becoming frequent customers.  

Analytics tools do the important, dirty work of compiling and analyzing data so that you can dedicate more time to the day-to-day operation of your business.  Not only do these tools save you time, but they allow you to remain competitive in your market, even giving you a competitive advantage over your competitors.  Consider contacting a company that offers products and services that provide these opportunities to grow your business and increase your profits.  

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