Here’s how this collaborative data can improve your marketing strategy.
By combining video and point-of-sale data, you can figure out which products sell best, which promotions work the best, and why. If business is about people, then the point of sale is the most logical place for you to examine what people are buying and how they are interacting with your employees. Here’s how this collaborative data can improve your marketing strategy.
Identifying Marketing Data
Where do customers go when they enter your store? Are they being approached by employees once they enter? What displays or products are drawing customers over? Are your peripheral products getting the customer attention that they deserve? By using a video surveillance system you can actively monitor customer counts, traffic movements and other factors in real time to help you design a state-of-the-art retail operation that uses seasonal trends, human psychology, customer service and other critical factors to maximize the viability of your store.
Separating Marketing from Security
Video analytics are traditionally split up between security-based and business analytics. The two functions are actually quite different, although the technology performs the same for the most part. The camera is traditionally set up the same and then managers can decide what tasks they want the analytics to perform. It’s an efficient system for simple business process and security. However, if your business is less focused on security and loss prevention and more focused on increased sales and effective marketing, it may be in your best interests to tweak your video analytics package to focus more on point-of-sale transactions, customer service, and marketing efforts than on physical security and shoplifters.
As in any business, information is key for retailers but video analytics can generate a massive amount of information gathered from video data. Just having that information isn’t enough if you don’t do anything with it. It’s critical for retailers to engage their video analytics provider not only in employing the product but also in training for managers and other employees in how to drill down through the data on point-of-sale transactions to figure out what it means for your business and your marketing strategy.
Finding a Balance
The problem with the two essential functions of most retail operations is that security and loss prevention doesn’t care about marketing and other business applications, so business-based analytics often takes a backseat to security functions. It’s important within your organization to identify the personnel on the business side so that messaging around video analytics data is integrated throughout the business.
Making Decisions Based on Actionable Data.
It’s good to know how many people come into your store, but that doesn’t help you make decisions and create a sound strategy around your marketing. By taking a more complex look at your point-of-sale data, you can get beyond people-counting and take a closer look at customer satisfaction, the customer experience, conversion rates, and acceptable (or unacceptable) queues at registers.