Arguably the real jewel in the crown of today’s intelligent retail EPOS solutions is the unprecedented access they offer to detailed data collection and analysis. This functionality lets you view overall trends, patterns, and structured data in a manner that will facilitate you in expertly crafting your marketing strategies.
According to a survey by Insights Report, 64% of survey respondents ‘strongly agree’ that data-driven marketing is crucial to success in today’s hyper-competitive global economy. For the most part, retailers get this invaluable data is through their trusty EPOS systems that are more than just glorified cash registers. If optimised and utilised correctly your retail EPOS solution can provide you with the data you need to conjure up a top-notch marketing strategy that will assist your business in reaching your sales goals, ensure customer retention and loyalty as well as streamline your business operations.
Read on to find out how your retail EPOS solutions can greatly improve your marketing effort.
Whenever a customer makes a purchase, you can collect valuable information. From names to addresses to phone numbers and past purchases, a solid retail EPOS solution can house all this data and help you construct useful data analytics reports.
You can leverage this information to concoct robust profiles on many of your customers to use for a variety of purposes. The more detailed a picture you have of your target customers, the more effective and targeted your service or product can be.
Using the data insights available in your EPOS system, you are able to determine how to cater to your customers. Knowing trends, traits, preferences, and other information of your clientele will prove to be extremely beneficial when crafting specialised marketing tactics to reach your business goals.
If you’re using EPOS software that comes with advanced reporting and analytics, you’ll get a clear picture of what products are moving and what products are clogging up your inventory. With this information, you can do a little trial and error with items and see which ones perform the best. You will be able to see a pattern on what item(s) beats all the others – you can then make it a point to sell more of that.
Be sure to check your margins though; just because a cheap product sells like hotcakes doesn’t mean you’re making more from it when compared to something more expensive that also sells, but not as much.
Brick-and-mortar retailer marketing strategies rely heavily on promotions, discounts, and loyalty cards. These methods typically account for 45% of total sales and revenue generated. Therefore, understanding your customers and how they react to your products or services is integral in conjuring a solid marketing effort that will translate to hard numbers.
Using the data provided by your retail EPOS solutions, you will be able to determine who your loyal customers are and what their preferences could be. Utilising the expert data insights provided by your EPOS system, you are able to track and understand how your customers react to your products and services – giving you the ability to effectively cater to their desires and needs through effective loyalty programs.
The world of business is powered by data analytics and insights. Whether you’re a big operator or a small independent restaurant, managing this information correctly will help you rise above your competitors, increase your revenue and maximise your profit margins. Nobody wants to spend their evenings labouriously crunching numbers – EPOS systems to do the legwork for you and ensure that you are armed with the right information and features to assist you in the effective and seamless management of your establishment’s operations.
To learn more about how your retail EPOS solutions can facilitate you conjuring top-notch marketing strategies, visit eposEX.