Like the vast majority of business owners, you would love to take your business to new heights. Discovering untapped markets for your products and services gives you valuable revenues and makes you more known in the community. Broadening the reach and accessibility of your brand is the logical next step, and both are most likely at the top of your list of goals. While your motivation is evident in all that you do, there is still that one important ingredient you need to get over the hump.
The most valuable asset for any business operating today is data. However, without having the tools to mine it all in the form of sales performance analytics, you will find yourself buried in a sea of information that will yield sparsely productive results. You must have the right data tools in place to determine business trends with a high degree of accuracy, and the best place to start looking for powerful data tools is within your POS system.
Innovative POS Solutions Presents Multiple Data Analysis Options
Possessing the best data analytics tools for your business is directly dependent on the POS technology you are using. While powerful data management software is available, it is highly unlikely that an external data analysis software solution will provide seamless data compatibility and consistency. This makes having a robust and inclusive set of POS tools in your pocket the best way to give you the most complete view of sales performance in your business.
When taking a look at all of your POS-based sales analytics options, there is a short list of important features that must be included in your POS system to cover all of your data-based sales performance bases. Your POS solution of choice must at a minimum include these features, as they will give you a robust data analysis platform from which you can develop a powerful sixth sense for guiding your business into new or better avenues of products or services.
Enjoy the Benefits of Integrated Inventory and Sales Data
The first and foremost feature that must be considered mandatory in your search for next-gen sales performance tracking is coherence between all of your data points. Having integrated data streaming in from all points of your business to one centralized, cloud-based repository ensures that your valuable information remains secure and logical. This presents you with several instant benefits that you can begin to enjoy immediately.
- Reporting you can trust. Have you ever looked at the numbers on a spreadsheet, then looked out across your business, and thought that something didn’t quite add up? Using data that is formatted and gathered in the same way helps you to build confidence in the numbers and charts that flash on your screen.
- Forecasting models yields powerful insights into sales performances. At a glance, you know what your most popular items are. But what if the sales of items you think are your top performers begin to slow? Will you notice this trend in time to avoid costly clearance rack sales? Integrated sales and inventory data will allow you to notice even the slightest upward or downward change so that you can rapidly respond with a fact-based change of pace.
- Leveraging data to build a forward-thinking inventory strategy. In addition to seeing distinct trends developing around the products and services you provide, having integrated data gives you the analytics you need to develop inventory controls that become effortless and nearly automatic. Monitoring for thresholds such as quantity, shelf age, or expiration date reduces the risk of product leakage and keeps your offerings fresh for your customers.
- Keeping a closer eye on staff sales conversion rates. One last, and yet very critical, piece of the data analytics puzzle is the monitoring of how effective your staff is at selling what you stock. You can directly tie the associated sales data of each staff member into sales performance metrics such as rate of exchanges and returns, order accuracy, and sales per customer, to give you a clear view of who is performing and who may need help.
Using data in the above ways helps you to build a customer experience that is ultimately designed by the customer. This builds their trust in you as the place to go for their needs and gives you a dynamic word-of-mouth marketing platform to expand the reach of your brand voice.
Sales Performance Analytics Deepen Customer Relationships
Making dreams come true may not be the real purpose of your business, but with the right blend of data, you can come close. Your customers seek you out because they have confidence in what you provide to their lives. Whether it is home-style cooking, relaxing time with friends, or that perfect outfit that adds a spring to a person’s step, your business has a purpose in your customer’s lives. You can build on this by using the sales trends that your data identifies and presents to you.
The valuable insights provided by the data analytics within a cutting-edge POS solution allows you to build lasting customer relationships. In the mind of the customer, you show an uncanny ability to know exactly what they want, and when they want it, delivering not only on promises but showing a genuine sense of caring about who they are. Your customer service quickly becomes more of a friendship than a customer/owner relationship, stepping your business to the front of the line in your community.
It Is Time to Build Your Sales Performance Analytics Foundation
When it comes to building the foundation to provide you with precision sales performance analytics, there is one way to wade through all of your options to the one that suits you best. It starts with you learning about how to achieve the maximum benefit from your business data. From here, an experienced POS consultant can help you to build a set of sales performance analytics that builds next-gen forecasting to throttle your growth forward.
The consultants at talech will provide you with expert advice and knowledge about how to put your POS data to work for you. They will provide you with the tools required to build cutting-edge data analytics that will impress both your customers and your bottom line. Contact us today to sign up for a demo and to learn more about how talech can be your expert POS partner.