Retailers are typically defined by one or two characteristics: customer service and marketing. While the first can be self-explanatory to address, the marketing aspect is more of a moving target. While leaning on data gathered within your walls will be helpful when used to identify product and customer traffic trends, it will not be able to provide you with the full picture you need to stay a step ahead. Point of sale market research can benefit you greatly.
Conducting point of sale market research means you must look at the purchasing environment as a whole, striking a balance between the known expectations of your customers and trends throughout your industry. Leveraging your POS data is still a requirement in this process, but you must also know how and where to introduce outside information into the equation. And this requires you to add a few steps to your marketing analysis playbook.
Determining Your Research Goals for Today and Beyond
A majority of marketing research goals have been long-established and proven. What this means for you is that very little time must be spent reinventing the wheel. In fact, most of the effort surrounding the development of your research goals can be pinpointed to two key areas: how to encourage your clientele to make impulsive purchasing decisions and determining which items are present in the customer’s mind when they walk through your doors.
Changing tastes are to be expected and must be accurately anticipated on your end. Developing your marketing research plan must integrate the purchasing trends as seen through your POS solution while casting an outward glance towards those retailers considered being transcendent in your niche. This gives you one distinct advantage as you move forward in your research effort: making the exact marketing research resource selections that are perfect for you and your brand.
Determining the Best POS Market Research Resources for You
It would be simplistic to say that a simple web search should reveal the best marketing research resources you need to conduct an accurate POS marketing analysis. The high volume of potential resources on the internet is filled with data that is not only too difficult and time-consuming to sort, but is often filled with inaccuracies to be useful. Knowing the difference ensures that your point of sale market research maximizes the quality and usability of the data you acquire.
Getting a return on your time investment is a crucial element of an effective marketing research strategy. We have discovered a couple of solid resources that can act as a starting point when conducting your point of sale market research and analysis. In many cases, you may not need to go further than these. But for those of you that may need more, it can be highly beneficial to conduct some point of sale market research to help guide you through the internet jungle of marketing statistics to determine how and where the missing pieces of your marketing research can be completed.
Start at The Source: The National Retail Federation
The National Retail Federation (NRF) provides a wide range of services to its members, including retail advocacy, education, safety and security resources, and business structure guidance. The reports and seminars with retail industry leaders provide subscribers with an endless trove of valuable information that will help to kick start your marketing analysis.
The key helpful function that their website provides is to take data gathered from retailers across the country and to parse it out into easy to read reports. These allow you to effectively break down consumer trends in ways that best serve your research efforts. The ability to view seasonal and holiday reports and powerful keyword search functionality on their website makes this the first stop on your marketing research path.
Listening to Your Peers and Industry Experts
Another great online resource for conducting point of sale market research is SHOP! They provide members with multiple research and growth opportunities, and work closely with POPAI (Point of Purchase Advertising International) in driving innovation in retail. The networking and insights provided here allow you to better define the data requirements of your point of sale market research while giving you a peer-driven platform from which data can be acquired and used for your marketing analysis.
The marketing data they provide can be obtained without having to purchase a membership, though you may find that going this route will be more expensive than the membership costs. The information that can be gained here will serve you beyond your marketing analysis, as they provide a variety of data-driven insights around other aspects of retail operations, such as staff retention and customer experience enhancements.
Don’t Forget to Seek Out POS Technology Innovations
One oft-missed area that should be considered critical is the inclusion of your technology backbone. You must have a POS software platform in place that is flexible enough to provide you with innovative functionalities that can easily be customized based on the findings of your marketing analysis. Also, the scalability of both its hardware and software are crucial when it comes to meeting the changing expectations of clientele.
Next-gen technologies, such as mPOS, acceptance of eWallet payments, or presenting an omni-channel interaction option to the world are quickly moving into the mainstream. Your marketing research will not only tell you if any of these are a fit in your business, but will aid you in developing a POS platform strategy that will serve you for years to come. In turn, this presents a sleek, sophisticated feeling POS environment that will entice customers to return while creating and invigorating shopping experience for all.
Engaging a Valued Point of Sale Market Research Consultant
The nuances that you need to be aware of when conducting your point of sale marketing research analysis will likely be incomplete. You simply do not know what you do not know, which will likely result in missed points of data examination and the development of a forward-thinking marketing strategy. Additional expertise will need to be sought out in order to achieve your marketing research goals.
Seeking a point of sale marketing consultant can be made easier once you know what to look for in a solution partner. Your consultant must have high levels of retail industry experience, and have the demonstrated ability to stay on top of marketing and technical analysis. They must be well versed in examining the data with you, and have a sixth sense around what changes you need to implement to stay ahead of the pack.
When you reach out to talech, you gain more than a POS solution provider. We invest the time to learn your business inside and out so that your point of sale marketing research and analysis gives you the concise data you require. From there, we work with you to develop a POS solution that becomes a valuable asset in seizing the advantages gained via your new marketing strategy. Reach out to us today to sign up for a free demo and find out how we can revolutionize your business.