Insight. Webster’s Dictionary defines insight as “the ability to see and understand clearly the inner nature of things.” It almost sounds like magic. And, if you can truly gain insight into your customer’s behavior and make it actionable…it can be.
Not that very long ago, just a few decades past, gaining insight about your customers was relatively easy. There were three television networks, just a few regional radio stations, and one or maybe two local newspapers. You ran a promotion, placed a few ads and counted the people who showed up. Today, the world is far more complex. Simply counting your customers in the age of social media, satellite radio, 500 cable channels and the declining power of newspapers is simply no longer enough. Retailers need accurate, verifiable data and measurable insight about customers in order to drive direct and immediate action.
While your customer data can be a gold mine, it can also be a black hole. Retailers know that there are many challenges to leveraging consumer insight. For example, a successful promotion at one store may be working well but can stall if there are not processes in place to implement promotions quickly across multiple locations. Data on wait-times is an effective measurement only if it relates to the problem that needs to be solved. And if that problem is a lack of upselling, the data, however valuable, is not relevant. Or, if that wait-time data is relevant but is not corroborated with wait-time data from other sources, it can be misleading—and in the end, result in costly mistakes.
One of the most common mistakes retailers make around understanding their customers is not having a centralized team in place that can connect the dots. A centralized analytics team can parse your data and offer cross-functional, holistic action items that can drive measurable results across multiple locations. Don’t forget the most valuable link in your chain—your employees. They’re your front line and an often overlooked source of insight about what customers really feel.
Some key actions to put in place around consumer insights include:
- Implement processes to share information
- Put a centralized analytics team or person in place
- Train employees to capture key customer feedback
- Corroborate, corroborate, corroborate
- Act! Nearly 40% of retailers with loyalty programs don’t utilize their data
At Envysion, we offer video-driven intelligence integrated with your point-of-sale systems and powered by advanced business analytics. When video intelligence is combined with your other consumer data, you can gain a more holistic, 360-degree view of your customers. From conversion rates to traffic pattern and path understanding, from line-time analysis to campaign measurement, Envysion can help your team deliver the story behind the numbers and let the insight you’ve gained about consumers work its magic.