If you own, operate or manage a retail store of any size, you’ve probably heard the old adage that says that in retail, the customer is king.
This saying rings true for any type of store but is especially accurate for brick-and-mortar establishments, where the satisfaction of each customer helps to shape everything from the size of an initial sale to the probability of repeat business to the likelihood of recommending your store to others.
Given its impact on a company’s bottom line, you’d think that retailers would be doing all they can to guarantee that every customer that walks into their store has a great experience and is satisfied at every step of the purchasing process–but unfortunately, that’s just not happening.
According to one study, up to a quarter of all businesses in the United States do not take the time to build relationships with their customers before, during, or after a sale.
That’s an astonishing number, and means that a large portion of retail stores in the United States are not taking the necessary measures to understand their customers at a deeper level, and are missing opportunities to provide them with a personalized experience that would increase the chances of guaranteeing a sale and build the foundation for a long-term business relationship.
The importance of getting to know your customers
If you’re like us, seeing these figures will have made you stop for a second and ask yourself a few questions.
To begin with, you’re probably asking yourself if you truly know your customers. Then, you’ll most likely be asking yourself how to do this and what to do with the information you learn about them.
We’ll get to all of those questions further down in this article, but first, it’s important to determine what it means to really know a customer.
Now, it’s clear that there are many schools of thought on this subject matter, but our research and experience has shown that regardless of differing opinions, all customer experience experts agree on one thing: that knowing a customer goes beyond just knowing their name.
In fact, it goes way beyond that.
Having spoken to hundreds of successful business owners and operators, we’ve come to our own conclusion of what it means to really know a customer:
Knowing a customer means understanding who they are, what they want and how they are feeling as they interact with you, your product or your store in real-time.
Business owners that can answer these questions are poised for success. They are armed with powerful tools that enable them to customize customer experiences and provide superior service.
In a day and age of fierce competition in business, being able to outsmart competitors is going to put your company ahead of the game and customer knowledge is the best way to do that.
How to get to know your customers easily
Imagine how much easier it would be to sell your products if you knew exactly who your customer was and how they felt as soon as they walked into your store?
Until now, the only way to do this was to build a close interpersonal relationship with each of your customers. This has been done by store owners for hundreds of years, and while extremely valuable has one key drawback: it is a long-term project that requires lots of time and effort to be cemented and is very difficult to scale.
There’s absolutely nothing wrong with that approach and there’s no doubt that it still plays an important role in the success of small retail stores. But if you own, operate or manage a large brick-and-mortar retail business, it is clear that you need a scalable solution that will allow you to understand who your clients are and how they are reacting to your products and employees as soon as they step foot into your retail space.
For years, this was impossible, but today we have the tools and technology needed to make this happen.
Introducing CorePLUS’s Behavioral Analytics
CorePLUS’ Behavioral Analytics software is a video analysis platform powered by artificial intelligence (AI) that allows large retailers to automatically create profiles of every single customer that enters their store and measure how they feel throughout the purchasing process.
This state-of-the-art platform uses video cameras strategically located throughout a retail space to recognize each individual customer that comes into their business and create a unique profile for them. The platform then uses advanced AI tools to analyze and detect their behavior in real time.
This allows retailers to understand a customer’s current mood and behavior in real-time as they walk through their retail environment, giving them the critical information required to personalize offers and engagement. It also helps to optimize product placement to speed up customer purchase cycles, and provides insights into how customers feel as they interact with different products and employees.
This tool is linked to an easy-to-use dashboard that provides information and metrics in real time, arming you with the information needed to ensure customer satisfaction.
Today, CorePLUS’s Behavioral Analytics software is being used in retail stores, restaurants, and hotels around the world. These establishments are using this tool to make vital adjustments to their standard operating procedures to make sure that every customer that walks through their doors is given a personalized experience.
Amongst our top clients is the International Airport in Santiago de Chile, which has deployed our software to better track migration processes and traveler satisfaction.
Learn more about CorePLUS’ Behavioral Analytics
If you want to really get to know your customers inside and out and be empowered to deliver personalized offers and interactions in real-time in order to boost sales and customer loyalty, follow this link to get to know more about CorePLUS’s Behavioral Analytics. You can also contact us here.
We would be more than happy to present this product to you and provide you with the tools and consultation needed to increase your sales and grow your business to the next level.