Can Your Marketers Pass the “Big Data” Test Without People Counting?
My sales were up last quarter but now they are steadily declining. Why? I have a hypothesis, but how do I test if it’s true? And how can I do this on a daily and weekly basis?
It’s a simple concept but worth repeating: high performing retailers know each store’s daily (even hourly) foot traffic, shopper conversion rate, and average transaction.
People counting is required to know the first two sales drivers, and the average ticket is known from the point of sale. Knowing all three sales drivers gives the store manager, the marketing director, and the CEO the power of information to make quick decisions. Is marketing an issue? If so, where? Where are my store operations driving high conversion rate and where do I need to make immediate staffing improvements? Without objective analytics such as people counting, intuition and gut feel take over, so says a recent blog post at Harvard Business Review (“Marketers Flunk the Big Data Test”
When marketers review data, they tend to be at two extremes: taking in too much data and constantly recalibrating, or not reviewing valuable, available data in a systemic way. The recommended approach? Focus on goals, filter out noise, and put data front and center in decision making. Take a look at HBR blogs