Any business, no matter how small requires tenacity,
creativity, endless curiosity and the need to be one step ahead of both your
competitor and your customer – all of which are crucial to the company’s long
term sustainability. This is
the reason why big companies spend between 2% to 10% on marketing research. This however is usually not the case for
existing small businesses. It is also
one of the reasons why most small businesses have not evolved and are forced to
close down because of the competition coming in from big –well funded and
well-resourced companies. Remember the
movie “You’ve Got Mail” ? … It’s not just a love story.
What most small businesses do not
know is that there is a whole new market out there waiting to be served. Likewise, there are new technologies that
help them reach that market. The local
store now has the potential to go global and be able to have costumer insight
that used to take months plus a lot of resources to acquire.
The power of marketing is being
able to know what customers want to buy based on their behavior. Because doing
business is not just about what you want to sell but more importantly what your
market needs. The data provided by Google
Analytics (for online businesses) and Prism Skylab (for physical businesses
offer what are aptly called as business intelligence at your fingertips. What
used to be a grueling task of gathering relevant information is now literally
in the palm of your hands.
Prism Skylab
Prism
Skylab is described as a “global leader in managing, analyzing and
optimizing offline commerce”. With the use of cloud technology, they make use
of any surveillance or video camera in your stores into a managing and data
gathering system that can be accessed from any laptop, smart phone or
tablet. Data provided range from foot
traffic, length of visit, and purchases which gives you a better understanding
of how store lay-out, product placement and time affect your customers and
their decisions to purchase.
Google Analytics
Google has transformed itself into a resource powerhouse and
clearly their main goal is to provide the best experience for the internet user
who is their main client. And to achieve
that goal they provide webmasters with the right tools to create the best
website possible. Google Analytics
provides insight into the behavior and profile of online visitors in your site
– essential data that help you develop a site that coverts visitors into buyers
and regular customers.
The world is definitely getting
smaller and everything changes faster than ever. Capturing your market’s attention gets even
harder because there are so many choices available to them. This is why it is important that if they do
step into your store or land on your page, it is crucial that your store or
website has what they need and that it has what it takes to keep them coming
back for more.
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