Are You Missing Out On Big Business Because of Poor Data Mining?

You may know your customers pretty well. Maybe your kids go to school with their kids, maybe you live next door to some of them, or maybe they’re on your synchronized skydiving team. You probably feel like you have a pretty good bead on what they’re looking for, in your store and elsewhere.

…or do you?

*dramatic sting*

The thing is, your customers may be giving you tons of important information every day that you aren’t utilizing. Every person who walks into your store or buys something from your site is telling you things that you need to know about keeping your business thriving. It’s just a matter of figuring out what information you’re looking for, and how to get it, and that “what and how” is through data mining.

No canaries needed!

Basket Analysis

The place to start your mining is through basket analysis. This does exactly what it says on the box; meaning, you take a look at what your customers are buying and draw conclusions from it. This may seem pretty obvious, but there are a lot of things that basket analysis can tell you that you may not have thought about.

Sometimes there are patterns emerging that you may not have noticed – for instance, are your customers buying certain products together? Are they buying a certain item more at different times of day or seasons of the year? What are customers coming back to buy consistently, and how can you use that information to track what kinds of complimentary items that they might want to buy as well? There could be an untapped market niche there that you haven’t thought about filling. Basket analysis can also show you when customers seem to be cooling on your wares, and that information can lead you to figuring out what you need to do to retain flagging shoppers.

So how might you find this information? Through reports! PayGo’s Reports feature contains an almost dizzying array of information about sales in your store, where you can search by any kind of parameters your heart may desire.

 

Shopper Demographics

This is a pretty basic one, but there may be more information there than you know. People love to talk about themselves, so something as basic as a customer survey could end up being a goldmine for your business. It’s always important to know things like your clientele’s general age, interests and so forth, but don’t be afraid to be direct. Your customers want you to succeed, and they may have some great ideas about inventory, as well as any directions your shop can go in. You could do an in-store survey as well as a survey on your social media sites or via e-mail campaigns.

There’s more than just surveys, though. Your customers give you and your employees lots of important information about themselves and their shopping habits while they’re in your store. PayGo’s Customer Entry System (CRM) was built so you have a place to record all of that information, along with your customer’s email address, phone numbers and any other information that might be important for marketing, inventory or customer outreach purposes.

Case Studies

Case studies may seem like the sort of thing that only big businesses use, but they’re important for businesses of all sizes. Simply put, a case study takes a typical shopper/user/demographic and asks them detailed questions pertaining to your store. For instance, if you wanted to expand into a new product line, you could do a case study on a few typical customers and ask about what kinds of things they would like to see in any store, where they typically do their shopping, what kind of price points they would like to see, and so on.

PayGo is a solution provider for independent retailers based in Rochester, Minnesota. Our primary focus is on point of sale / retail management software. We also offer a Merchant Account integration, a WooCommerce integration, Digital Marketing Services, and more.