“I’ll have a quad venti 140 degrees breve no foam with whip no sugar stirred skinny three pump vanilla syrup.”
“Hendrick’s and tonic, please. Trim with frozen cucumbers, lime wedges, pink peppercorns, and a green cardamom pod.”
“Just a cobb salad, romaine lettuce only, no egg, ranch dressing on the side, extra bacon and cheese.”
If you are in retail food & beverage, the above order scenarios may seem over-the-top, but considered absolutely normal for your type of business.
In the past, marketing efforts are focused on promoting product and service features and are generally costly – businesses are not able to get concrete payback on such efforts mainly because of irrelevance: 1) they are not reaching the right customers and/or 2) their customers want something else or better.
Today, digitization empowers customers to never “settle”. They know options are available and will bias according to your business’ ability to tailor-fit based on customer preferences.
While it is important to build identity with core products and services, your business must adapt to growing expectations, so you foster new customers and expand relationships beyond a one-time sale.
The shift from traditional product-centric marketing to the modern and relevant customer-centric marketing approach presents a compelling reason to know MORE about your sales and who generates them for you – your customers.
Most small and medium business entrepreneurs would claim to already have an excellent understanding of their customers, based on basic demographics and historical sales data. To a certain extent, this is true because their smaller customer base presents an advantage to maintain more personalized customer dealings. Also, point-of-sale, e-commerce, and other sales data-gathering solutions exist and now made available (and affordable) to small and medium businesses. However, this would still fall short.
Information is only valuable if you can extract insights from it. Data consolidation and visualization with drill capabilities must come after data-gathering, enabling big-picture analytics that you can act upon, timely and intelligently.
Without analytics, you will find it difficult to derive the right questions: Who are your customers? Where can they be reached? What are they buying? What triggers them to buy? How much are they willing to spend?
With analytics, you gain real opportunities to target your most valuable customers, anticipate their needs, and win trust that your business will be able to provide them those needs.
How can we help? Accelerating your analytics journey is the core objective of RAPID INSIGHTS ZONE — premium analytics professional services, made available to all business types and sizes. We offer PREMIUM but affordable retail management solutions and professional services suitable to your requirements: point-of-sale and analytics. Our services will help you KNOW MORE through analytics, so you have MORE TIME and resources to focus on growth. When you are ready to accelerate your analytics journey and inevitable business transformation, contact us!