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Latest news and insights on consumer behavior in the offline world

People Counting - Optimize the 4 P's of Marketing

Posted by KristiMKE on 12/23/13 9:56 AM

Retail store in commercial spaceUnderstanding consumer behavior is critical for business, regardless of your size, offerings, or target market. Whether you’ve mapped out a plan, or are winging it on the fly, the 4 P’s of marketing have crossed your mind at one point or another. As the online marketplace grows each day, it becomes more competitive for the brick-and-mortar operations to keep their customers returning to their stores.

Managing a business is incredibly demanding on the store directors, and all efforts are usually focused on the immediate operations and issues on a day-to-day basis. I’ve yet to meet a manager who has time to manually count the visitors that traffic through their store, or study their interactions with your products and messaging. Just because the time doesn’t exist, doesn’t mean that these insights need to be lost! People counting technologies are now available to optimize your 4 P’s of marketing by capturing and analyze all impressions in your space without missing a beat.

Product

Your product is the backbone and future of your business. To truly understand how your product is fulfilling consumer needs, analytics must be captured outside of inventory and accounting. People counting can tracks all engagements surrounding your product, and the process shoppers take before making a purchase decision. Review this information through their dashboards which highlight how many customers confidently approached your product knowing exactly what they were getting, how many took their time in advancing, and those who considered but decided against purchasing. By comparing this data over periods of time, you can all the more sooner anticipate product life-cycle declines, and adjust your offerings to continue meeting customer needs.

Price

The price of a product is very subjective, and often difficult to determine. The root of this equation is how much people are actually willing to pay for it, but what happens when consumers are not all the same? It’s essential to gather this organic data to analyze the purchasing trends between different demographics, and identify markets where you’re missing out on potential buyers. This will also help company leaders decide whether product lines might be expanded for new opportunities. Experiment with pricing at one location to see how the market responds and specifically how consumers engage with this change. After validating your assumptions, you can confidently and intelligently implement strategic adjustments to your business while eliminating the risk associated with change.

Place

Now that you’ve got consumers into your store, your focus should be on providing the most efficient and enjoyable experience possible to keep them coming back. This can be achieved by constructing a floor plan that is easy to navigate and convenient to shop. Your accounting department should already be able to tell you which products are purchased together, but what route did they take to collect all of these items? Would they have purchased additional items that similar purchasers picked up if they were more visible during their trip? By implementing a people counting system, you can make sure you’re optimizing your store layout, and that products are best displayed to compliment consumer trends. Make prime use of your hottest space, and enhance shopper experience concurrently.

Promotion

Improve your communication by implementing a marketing strategy that captures consumers attention, and engages them with your product. By understanding when and how people are drawn to your product, you can see what brings them in to learn more. Monitor customer interactions to see which messages are most effective, and how to adjust your branding to increase impact. Some newer people counting technologies can also be connected with digital marketing to trigger and activate messages when consumers approach your display. Catch passer-bys attention by turning on a video or audio advertisement when they walk through. You can also create product-specific promotions based on which item a consumer is considering, and share features, competitor pricing and reviews for each product they approach. Help your customers make the right decision for them by informing them of options, and have them leave the store happy with their purchases.

Topics: Industry News

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