New Year’s Resolution: Make Better Informed Business Decisions with Traffic Data

Goals 2015As the New Year draws closer, people begin to think about goals to set for the up and coming year. Have you begun to think about the New Year’s resolution for your business? If you haven’t, it’s time to get started. We’ll even give you a hand.

If you haven’t already, gain the competitive advantage that collecting traffic data provides. Boost profits, efficiency, and productivity in 2015 with people counting technologies. Traffic data provides significant insight and valuable information regarding traffic trends, sales conversion rates, and promotion success.

1. Identify Foot Traffic Patterns
Installing people counters at your entrances, and even in the separate areas of your facility, will provide you with traffic data that will reveal your store’s most popular entrances and areas. This data is extremely beneficial in regards to determining the success of your store layout. For example, do you know if traffic flows evenly through your establishment? Do you have your most popular entrances appropriately staffed to accommodate the heavy traffic flow?
Identifying foot traffic patterns will allow you to find answers to critical questions such as these. Traffic data will help you better understand your retail store traffic and that understanding can be used to improve your sale conversion rate.

2. Manage and Schedule Employees Based on Traffic Data
People counters will provide you with traffic data that, when tracked over a period of time, will identify useful trends in regards to your highest traffic times and your lowest traffic times. Identifying your high and low traffic times is useful when managing and scheduling employees.
Optimizing the service that your business provides to its customers is essential. Traffic counting data is critical to ensuring that you are appropriately managing and scheduling your employees. Identifying your peak traffic times, will allow you to anticipate when you will need to ensure that you have a few extra staff members manning the checkout terminals and on the sales floor to provide assistance. Conversely, identifying your low traffic times will allow you to cost effectively staff your establishment and save money.

3. Accurately Calculate Your Sale Conversion Rate
Calculating your sales conversion rate is mostly just complicated guesswork unless you have people counting technology installed. With traffic data, you can compare how many sales you’ve made in a given time period to how many people walked through your store within that same time period. In this way, you’ll be able to easily and accurately determine your average conversion ratio per year, month, week, day and even hour.

4. Determine the Success of Your Promotions
Without traffic data, the success of your promotions can be a bit unclear. Traffic data will reveal accurate outcomes for each of your promotions. Similar to determining your sale conversion ratio, you can compare how many people have walked through your doors to how many have made a promotional purchase. You can take this information a step further and determine why your promotions were successful or unsuccessful and use that knowledge to create more successful promotions in the future.

Ultimately, you will save money, increase profits, improve your conversion rate, and determine the ROI of your promotions with traffic data. This coming year, craft better business decisions by implementing a people counting solution in your establishment and utilizing the traffic data it provides.