Behavior Analytics 101
With “data-driven conversions” every part of store operations, marketing, sales, profits, and growth gets easier - Intro to In-Store Optimization (ISO)
Winning retailers deeply understand the unique role of shopping in a physical store. Do you want to play in this emerging & fascinating market of In-Store Optimization?
The Physical Store in Not Dead. Moreover, physical retail is thriving. During the weekends, you cannot find a parking spot at your local shopping mall. Your supermarket is becoming your kids’ favorite food joint. And did you see the Pop Up on High Street - where you can customize your personal shoes?
Retailers & Brands want information – lots of data on stores and products and customers – in seamless online/offline framework with Actionable Insights
Isn’t this the best time to design, build, and sell in-store solutions?
Sounds like a Win-Win
Vendors are from Mars and Retailers are from Venus
And So (The World According to Solution Providers)...
You build an elegant sensor that detects 97% of objects and costs less than a cup of coffee a month. Yeah!
And the retailers buy 3 units
You designed a responsive mobile application that shows visits to the store, in real time. Yeah!
And the retailers have not moved beyond the first pilot store
You sold a 10 stores solution. Yeah!
And that was a year ago and nothing seems to move forward
If this is happening to your company, you are not alone
This is Why (The World According to Retailers)...
You finally convinced senior management to install a traffic counter in 3
stores. You proudly present corporate managers with Sales Conversion.
But the store managers challenged the data. Tech Support complained about hardships of monitoring sensors. Marketing dept rebelled when footfall traffic became a metric to be reckoned with. Finance raised the alarm when the data showed the need to add staff. And your CEO cannot comprehend why the data included the store associates.
No one understood the shifts in Sales Conversion if we use Arrivals or Devices as the demand factor. And frankly, neither did you.
You are in trouble!
You finally convinced your CEO that Marketing “owns the customer”. You got your mobile app with all the latest bells and whistles. Yeah!
But the Visual Merchandising team is running around sour faced. Despite their innovative collection, the sales showed no signs of improvement. Turns out no one in the store cared about updating the Planogram. The staff followed the Task Management Solution. And the new trainee felt the brown-stone shirts look better than orange. He changed the display and didn’t tell anyone.
No one understood the differences between Location Marketing and Location Analytics. And frankly, neither did you.
You are in trouble!
You finally got that promotion to Head of Customer Success. The first thing you did was to deploy Traffic Counters at the door and WiFi Tracking at a couple of pilot stores. You love the data. Yeah!
But 3 months later everyone moved on to the next shiny project. The store managers argued over the “correct” sales conversion in their compensation plan. No one cared about training the ever-changing associates. WiFi was great. But when customers compared prices, the enthusiasm transformed to worry.
No one understood what to do with the data, and the endless reports. And frankly, neither did you.
You are in trouble!
If this is happening in your retail organization, you are not alone
Here’s the reason -
Solution providers want to sell technology. But retailers need help in understanding data, creating the accountability framework, and designing a process for feedback and profits
This is what I learned in the last 10 years (This is Important!)
No one cares about Technology
Companies care about Outcomes
People care about their Jobs
You Cannot Roll Out a Technology Solution without a Proven Business Value
That’s it. That’s the Secret!
Introducing Your Roadmap – Behavior 101
Behavior Analytics 101 provides the roadmap to the root causes of why and where physical retail works.
I’ve worked with retailers, brands, agencies, solution providers, and research organizations to deeply understand the customer’s journey, prevent friction points, and enhance the most effective aspects of the in-store customer’s experience.
The result is…
I'm going to introduce you to core topics in people tracking technology, location-based analysis, and the innovative topics of in-store optimization.
Module 1 – The In-Store Purchase Funnel
To understand the power of Behavior Analytics, define where you want to play within the larger picture of the Purchase Funnel.
Module 2 – People Tracking Technologies
Identify your #1 element in positioning in-store tracking solution. Also learn how to audit, and design, your technology for data quality.
Module 3 – Value of Physical Store
Tracking is translated into location and time data. In this module, we will use a simple formula to calculate the value of a store, in the context of comparing stores.
Module 4 – A Peek to In-Store Optimization
Just like its counterpart in the online world, optimization is about the process of increasing conversions inside the store. Take a first look into the 5 core areas of exploration into shopping behaviors.
Module 5 – Actionable Insights
See the PEACE Method for Profit in action – presenting 3 cases studies from the field. Also included is a short video from the Stanford University Vision Project.
A Bit of Housekeeping
While this is an introductory course, this is not a pure beginner's course. It requires you to know a little bit about our industry.
Each of the 5 modules will open gradually, one per day. You have time to watch the lessons and review them again, and most importantly, do the questionnaires. This course will be as good as your investment in learning these new and exciting ideas.
Let's get started.
"Ronny - I just wanted to say congratulations & well done on this initiative! It was a great session and insightful to get those other opinions and hear their challenges. Very interesting topics and a good mix. I’m so glad I signed up for your academy"
- Alison Ashurst, CEO ASH Projects