Analytics as a Competitive Advantage
The strategic task of each business owner to date is to establish and continuously improve the main business processes. Particular attention is paid to the business processes of managing customer relations. The trend includes cloud-based business intelligence systems. They help to identify and optimize business processes that create the most value for the client, and inefficient to eliminate, which will ultimately improve the company’s competitiveness.
Companies focused mainly on their internal business processes, such as retail and HoReCa, need business analytics in the first place. Forming an assortment of goods, offering new services or even dishes in the menu directly depends on the target audience. In addition, both HoReCa and retail have long understood the secret to the success of their business, abandoning the competition policy in favor of analyzing the level of service and customer satisfaction.
One of the modern tools for business analysis is the automatic collection of customer data using wireless technologies. Of course, the most popular such technology is Wi-Fi. Almost all modern smartphones have a built-in Wi-Fi module. He constantly scans the available Wi-Fi networks, sending radio signals that catch smart access points (Wi-Fi devices). Thus, the client’s smartphone (recognized by a unique MAC address) and the client itself are constantly in the field of view of the system even without connecting to Wi-Fi. The system collects and analyzes data on all devices, the trajectory of their movement, and on their basis generates analytical reports in the form of graphs and diagrams for a given time interval.
Insights and personal information about clients
The solution of Wi-Fi analytics allows you to collect and analyze the personal data of your customers (customers), their preferences. This information gives you the key to understanding not only who is the target audience of your business, but also the insights of each client.
How does this happen in practice?
The visitor of your establishment is invited to use the free Wi-Fi internet access. On your smartphone, the client sees a registration page branded for your company. To connect to Wi-Fi, you need to enter personal data (at your request – name, phone, etc. or simply e-mail), or, more informatively, connect through your profile in social networks (Facebook, VKontakte, LinkedIn ). The system reads all data from the Wi-Fi user profile.
Examples of Wi-Fi analytics reports
- the number of passersby (the number of people passing by the outlet, for example, a store in a shopping center),
- number of visitors (number of people who entered the store, ie potential buyers),
- the number of random and regular customers (people who made a repeated purchase),
- residence time,
- Visitor travel route,
- “heat map” (“hot” areas with the most intense visits and the least popular “cold” ones),
- stops and their duration.
Applications of Wi-Fi analytics in business
The above analytical reports are key metrics for retail. For example, with the help of a “thermal card” a retailer can competently organize a trading space (merchandising), for example, to promote sales, promotional products should be located in the entrance areas of the store, and alongside the accompanying goods (for example, accessories), which will ensure effective sales (cross- sale). For owners of shopping centers, a thermal card will help to form the right price policy for renting.
The counters of passers-by and visitors determine the percentage of passers-by who entered the store. This information gives an understanding to the retailer, the restaurateur how effectively tools to attract attention to its establishment. We are talking about an unusual signboard, attractive window dressing, pleasant background music, various smells …
The strategic goal of each company’s activity is, of course, an increase in sales. It is known that this can be achieved by: attracting more buyers (as mentioned above), increasing the conversion rate and increasing the value of the average check.
The conversion rate (the ratio of buyers to visitors) signals primarily about the effectiveness of sales. The initial data for this can also be obtained using Wi-Fi analytics.
Increase the cost of an average check is much easier for regular and loyal customers. But how to turn a casual buyer (customer) into a loyal one? After all, a satisfied customer does not always mean loyal. For this, it is necessary not only to understand deeply the needs of a specific client, but also to establish close confidential relations with him. This is especially true for hotels, hotels, restaurants, cafes and other service companies.
Thus, you will get a cut of your target audience by demographic, gender and other criteria. Moreover, Wi-Fi analytics gives you the opportunity to communicate with each customer individually. You can create new loyalty programs with automated dispatch of coupons, advertising messages, etc. on a smartphone (sms), e-mail client or in his account in social networks. Your messages can be sent to a segmented group of customers based on the number of visits, the time of the stay, the birthday. In other words, the Wi-Fi analytics solution allows you to also monetize Wi-Fi.