Big data is everywhere and franchises would be fools to ignore the vital information that could break them or make them. There are almost limitless opportunities to use data for commercial gain when creating a product, service, website or marketing campaign. However, care has to be taken to under the insights provided.
Predictive analytics software helps to take a business forward by making use of existing data, learning from it and accurately predicting future trends and insights accurately. Retail and commerce is set to benefit in an almost unprecedented way by utilising this technology. Make sure to get advice from the experts before any considerable investment.
Wi-Fi like Purple Wifi‘ tracks consumers as they are navigating through shopping centres with significantly strong location tracking methods meaning that retailers can understand how shoppers behave in more detail, allowing them to develop a larger picture than just the products purchased. Following up on these purchase is now even easier by connecting customers purchases to loyalty cards meaning that customers shopping habits can be recorded and predicted.
Display advertising is allowing customers to be tracked and marketed to as they navigate the web and all this data has allowed audience targeting to become even more accurate than ever before. It comes as no surprise to data analysts that this could provide a business function that has the potential to boost businesses above their competitors. The freedom to advertise easily to consumers based on their interests established by their own behaviour leaves the opportunity open to make more sales and marketing more accurately.
Franchises have been particularly slow to realise the power of big data which is surprising as this could help their businesses more than almost any other. The collection of data in a franchise business function could help to develop ideas and strategies that work with metrics that traditional systems cannot touch upon.
Franchisors have to work on communicating data to their franchisees regarding the behaviours of their customers or how to utilise data in their franchise. Changes to the system based on factual data will help to develop growth opportunities and provide insight into how to be more efficient in future.
Third-party solutions are getting to be big in the data game as consumers have become less and less likely to exchange their data for discounts and carry multiple cards around in their wallets/purse just to add 3 points to a purchase. Information can also be access via phones and tablets which users connect to the wifi in store count towards metrics about repeated visits and why or how long customers visited for.
So how can franchises get in on the action?
Think about what data is currently saved and stored by the business at the moment and consider how this information motivates promotions of future products or services, helping to establish peak times, slow times and staff rotas. Consider loyalty opportunities that will allow you to collect more data about your customers, online or in store.
