The vast amount of data that your company can collect can help you better understand your customers on a deeper level. Through analytical breakdowns, owners and managers can increase sales and customer traffic, while cutting costs, in a tactical way.
By exploring the habits and preferences of customers found through big data analytics, you can gain a predictive advantage over your competition. Tailored offerings, service, and advertisements show customers that you understand their needs, which cultivates both trust and brand awareness. In other words, if you are able to anticipate customer actions, relationships become stronger because they become personalized.
Through the mining of big data, companies can target customers as a whole or individually, and the data collection works for both start-ups and established companies. The process involves translating data into a common language, including information on inventory, sales, customers, and staff performance, along with outside data from social media, tracking apps, and review sites.
When Erik Oberholtzer decided to expand his restaurant chain Tender Greens from its base in Los Angeles to spots along the East Coast, big data was his guide. "The goal is to leverage the technology to do what we would do if we had one little restaurant and we were there all the time and new every customer by name," Oberholtzer told the New York Times.
Oberholtzer relies on three analytics systems that communicate well with one another: a robust point-of sale system called Brink POS software, a system to coordinate online ordering and delivery called Olo, and a mobile app that logs customer names, email addresses, and purchase history called Punchh.
"It gives us ways to recognize people who've been in regularly or haven't been in for a while or have specific preferences," Oberholtzer continued. "We want to accommodate everyone's needs, sometimes before they even mention them.
Here are some examples of how big data can be a game changer for you:
A product line that keeps selling. Any insight into what people are buying crucial to making more money. Not only can you find out what people like the best, but you can also determine the time of day, the day of the week, and the months when particular product items are purchased. By using analytics, you can develop new products and remove tired items with confidence based on a historical perspective, instead of by gut feeling or board meeting decisions.
A dazzling customer experience. By using big data, you can WOW consumers by providing an experience that is customized to meet your frequent customer’s personal tastes, which might include personalized discounts or spotlight products.
Track inventory. Big data helps to better organize your inventory, so you never run out of products that are in high-demand and you can minimize stock that runs out of season.
Track employee performance. Employee training and an employee reward program can be designed around big data that analyzes employee performance. Find out which employees are high producers and tailor additional training based on need, among other staff performance indicators.
Monitor scheduling needs. Big data can also be used to schedule staff appropriately and determine when hiring new staff is appropriate.
By using big data, you can find ways of continually attracting more people to your company through your superb products and services, while ensuring your current customer base keeps coming back.