Career-defining question for entrepreneurial managers who despite working over 365 days engineering a solution STILL don’t have a sustainable customer tracking product
If you guessed “Deep Learning Vision embedded in Smart Mirrors”, you’d be wrong.
If you guessed “98% Accuracy in Sensors with Facial Recognition”, you’d be wrong
If you guessed “Cheap WiFi personal trackers with 30% opt-in”, you’d be wrong.
You’d still be oh-so-terribly wrong.
They are only part of the equation
And unless you have BUILD a knowledge base for your team so they can move fast…the impact and income you are working day and night to scale will at best come at the expense of your sleep levels… and at worst, your investors will pull the cash plug on you.
And unless you have ENGINEERED a communication process for your team so they can speak with clarity… the customer base you are working so hard to sustain will come at best at the expense of churn… and at worst, your reputation will smell as bad as sour milk.
And unless you have DESIGNED a viable strategy for your team and become the go-to person…the career and life you wanted so-badly will at best come at the expense of your self confidence… and at worse, your team and your family will pay the heavy price of your failure.
(…and it is not your fault)
Let me know if this sounds familiar:
Your team decided on a technology over a year ago, and the market keeps changing and you are finding it difficult to keep up.
Because when the project starts, you should know what to ask your
team, and how to properly define the product’s market positioning.
Because when your team engages with a client, you should know what they are presenting and what information they need to discuss.
Because when the pilot store is up and running, you should know how to build trust with transparency in audits and data validation.
#1 Myth - You MUST Be BEST
Tracking technology is changing as fast as these words are written….
In 2015, Beacons were a must-have. As a product manager in Apple explained to me, “BLE was the best technology to do what we wanted to do at THAT TIME”. Many of the assumptions had changed, and today we can do the same stuff with WiFi personal trackers.
Here’s another example.
Back in early 2017, I was a big skeptic on Facial Recognition. I was worried on privacy and the dominance of Facebook in tagging images with individual names. Today we have solutions for Anonymous Facial Demographics.
Here’s the key point – People Tracking Technologies are evolving in Exponential Evolution. It means the improvements are speeding up in a golf handle spiraling up.
The Creative Destruction process is getting shorter and shorter, and this evolution will only get faster with Deep Learning AI.
Obsessing on technology is Tunnel Vision.
Obsessing on your customers is the path to success.
#2 Myth - You MUST be FIRST
You probably heard this before, “If only we had what X (competitor) has we will win this deal…”
Hack, you may have said so yourself.
Well… remember Qui-Gon Jin's most memorable quote from "Star Wars Episode One: The Phantom Menace" – THERE IS ALWAYS A BIGGER FISH.
Here’s a hard fact – in a fast evolving market, the players change quickly. And your competitor today may be your best ally tomorrow.
Instead of thinking about specific companies, you should address how your solution is positioned in the market.
For example, today’s premium solutions include both 3D Video Sensors and WiFi Tracking. The purpose is to eliminate employee counting.
This is a function of competing and complementing technologies.
And there are other factors to take into consideration, such as geography and vertical expertise.
Here’s the point about competition -
Your market positioning should be reviewed continuously.
The real race is adaptation.
#3 You MUST Sell to WIN
Let’s face it – cash is king.
Without cash flow, your business will not survive.
And yet, this is short term thinking.
Because here’s the truth about business – relationships matter.
Here’s a common statement – “We offer 98% counting accuracy”
Here’s another – “Heat Map is mission-critical.”
And the Big Kahuna – “Our customers demand cheap price”.
I can spend hours debunking each of those statements.
While accuracy, features, and price is very important, the tracking solution works in context with the local market, local companies, and yes, one-on-one relationships.
This is why Europe’s General Data Protection Regulation (GDPR) and China’s goverment push for Facial Recognition technology are important, but so are the nuances of the local market in Peru.
The fact is you cannot win without a consistent, transparent, and flexible way to think about your shoppers tracking solution.
People change jobs.
But... as Jeff Bezos (Founder & CEO of Amazon) said
“YOUR BRAND IS WHAT PEOPLE SAY ABOUT YOU WHEN YOU ARE NOT IN THE ROOM.”
Play for the long run.
Play for trust.
"I have worked with Ronny for many years. She is deeply knowledgeable about the Retail Analytics industry. Her insights have been invaluable. She is easy to work with – highly responsive and highly pro-active. I strongly recommend Ronny."
- Christopher Ainsley, CEO, ShopperTrak
If you think that building a tracking solution is an engineering challenge, you’re doing it wrong.
Because when you design a PROCESS for positioning, accuracy, and projects, you’ll finally…
It will not matter that in-store customer tracking, shoppers' location marketing, location analytics, and other retail analytics using people tracking technologies are being realigned quickly…
You would learn how to build the project’s foundations and scale with these three frameworks:
The Market Position Template will focus and pinpoint the business benefits of your people tracking solution
The Good Enough Accuracy will clarify the data validation, accuracy, and auditing best practices, and the operational value of your metrics.
The Living Project Playbook will serve as the tool of communication between you, your team, and your customers. It will set expectations and next steps.
Tracking technologies translate people behaviors into structured data.
Ronny Max is the founder & principal of Behavior
Analytics Academy and Silicon Waves Agency.
Ronny worked with 250 and more retailers,
brands, agencies, solution providers, technology startups, market research, venture capital, and research institutions on people tracking technologies, customer's journey projects, and in-store
Silicon Waves provides advisory, training, and consulting to C-Level Executives,
Investment Firms, Product Management, Customer Success & Direct-to-Consumer Teams.
In 2015, Ronny served as the
retail expert in Stanford University Vision Project.
In 2017, Behavior
Analytics Academy is born. The Academy provides on-demand online courses and live workshops on optimizing conversion rates and profits in physical retail.
For professionals who need a consistent & flexible process to manage in-store customers and people tracking technologies
10x Tracking Projects is the only course dedicated to managers of people tracking technologies.
It is fully engineered to speed up your execution and amplify your results no matter what kind of technology or solution you’re rolling out.
It’s is build not only for product managers…
But also for entrepreneurs, marketing managers, innovation managers, and ANYONE who stands to benefit from nailing down their solution faster and with more genuine impact.
10x Tracking Projects will make Your Team More Actionable, Your Investors More Supportive, and Your Customers will Buy More.
Because the Market Positioning template works regardless of the people tracking technology
Because the Good Enough Accuracy provides data validation regardless of the solution
Because the Living Project Playbook is structured regardless of the provider
You will learn:
The concepts, frameworks, and templates are used in the field, in active projects, in supermarkets and specialty stores, and from Singapore to San Francisco.
"I’m so glad I signed up for your academy!"
- Alison Ashurst, CEO, ASH Projects