You might not be as big in size as JB Hi Fi or Coles but if you’ve got up-to -date product sales and customer purchasing data you can, as an independent retailer, very effectively compete with the big guys.
Analysing your product sales by gross profit contribution is an enlightening task. The results will clearly identify the Pareto Principle ratio for your business and set you on a course to re-inventing some or all of your marketing plans and budget. Likewise drilling into your customer records to identify which customers account for the majority of your profit is equally empowering. Overnight you’ll know where and who to go looking for. NO more shotgun stuff and clarity around who you are and what your business is really about.
Data-driven marketing is a critical success factor in retailing. If you haven’t started leveraging your data don’t delay any longer.