Today, sales managers are relying more on POS data to provide them with the critical information they need to plan for their small businesses more intelligently. If you want to ensure your success during the especially tricky climate as we are facing, now is the time to cut expenses where you can. Surprisingly enough, it’s also the time to reinvest in your business. Many retail shops, and even some bars, are finding themselves undergoing a reimaging process this year for their brands.
Sales analytics tools from POS platforms are causing managers to rediscover what it means to be an experienced sales manager. Traditional performance tools don’t always give you enough information to make fast, inventory-driven decisions during a dinner rush, for example. These days consumer behavior is more unpredictable. Who’s going to stay home and order take-out vs. who is going to visit your new, socially distanced restaurant patio?
Few business owners would say they don’t need sales analytics that can give them a data-driven way to plan for future sales targets, either by product, employee, or product category. POS sales analytics tools now give managers robust and scalable options to better plan for increasing business revenues.
How to Better Set Targets for Sales and Growth
Businesses were closed for weeks this year due to COVID-19. The Department of Labor and public health departments nationwide are implementing various policies that are affecting and will continue to affect how you do business. Managers are searching for new ways to grab more sales.
Managers are weathering a time where the main goal presently is to just get out of the red. Sales analytics data can help you to make plans for this, and for when business is back to normal. Are you able to run reports with a few clicks on these performance metrics?
- Sales to date (day, week, or month)
- Lead conversion rate
- Product cannibalization rate
- Product performance
- Sales per rep
- Sell-through rate
- Average receipt value
How about scheduling automated reports for yourself or your team and shift leaders? Not every new product you introduce to your retail store will be a hit. Sometimes, inadvertent product cannibalization occurs. But, how do you know before you can assess the unintended impact? Taking the wait-and-see approach is too risky given the current economic uncertainty. Sales analytics tools from cloud-based POS platforms can now help you to determine the impact of your marketing decisions more quickly.
Empower your employees who are developing their skillsets while mitigating the risk to your bottom line. Quicker, more fool-proof reporting may allow you to pass on new responsibilities to your employees. If you ever wanted your associates and servers to be more sales-driven, begin to show them how the data works during staff meetings. Use your new cloud-based POS for iPad to walk your employees through the mistakes they made or the upsell opportunities they missed.
Scalable Sales Reporting
Older POS and touchscreen devices got the job done. You likely managed to sustain your business through tumultuous times in the past, instances of downtime aside. A few industry leaders emerged and managed to grow their businesses all the while. If you are a new business and looking into cloud-based POS platforms, you’re getting off to a good start.
You aren’t like the rest, and some POS systems aren’t either. Systems like talech’s have already done that work for you. Breakout reporting will allow you to slice-and-dice sales and product data without having a data science degree or hiring an expensive I/T consultant. Economical and scalable options already “built-in” help you to adapt to future operations and staffing adjustments continually.
As a sales manager, you can develop a new table of key performance indicators (KPIs) that matter most to your business. The best sales analytics tools inside POS platforms means spending more time using analytical reports to come up with new ways to make more sales.
Leveraging POS Solutions for Business Planning and Modeling with Sales Data
Sales analytics tools allow you to offer incentives to your customers who purchase consistently from you. They may reach a particular milestone based on dollars spent or the total number of items purchased, whatever makes the best sense for your business.
Experienced talech associates are available to consult with you about your business industry. They know the ins and outs of retail, restaurant, bars, and salons. There is always more that you can do with your sales data, it just needs to be recorded, analyzed, and reported in a user-friendly way, and a dynamic POS system is the fastest, most streamlined way to get there.
We at talech want to assist customers that have been financially impacted by COVID-19, in light of restricted movements in cities and towns across the country. We have launched a number of initiatives to help customers during this time. Click here to find out more or reach out to our Support Team at firstname.lastname@example.org