A great point of sale system is your best business intelligence tool, but if you're not using the information it's gathering for you, you're missing out!
You may think of your point of sale system, software or hardware as a means to an end: Make sales, take payments – done! But smart business owners know that there is a wealth of information gathered by a POS system, and it's what you do with that information that can really make a difference for your business.
With each and every transaction you make with your point of sale, your POS is picking up multiple chunks of information that you could use to improve your business and even raise your bottom line. POS data contains so much valuable information: data that can assist you with your marketing, your business insights, inventory and more–and it's just sitting there, waiting for you to make use of it.
Here's how to use your point of sale intel to work smarter.
The most cost-effective group you can advertise to is your existing customer base. If you have a loyalty program or similar app for collecting customer information (which hopefully you do), consider this your warm market.
It's funny how so many retailers and restaurant owners can focus so much on bringing in new business, they forget that willing consumers are right under their nose. Make use of your customer list. Your point of sale software collects that information for a reason and there is SO much you can do with it.
Before we get into exactly how you can leverage your customer list, here are a few ways to build it in order to make your efforts that much more powerful...
How to Grow Your Customer List
Prior to working to leverage the customer information your POS saves, make sure you're building that list to the best of your abilities. If you haven't been doing a great job collecting your customers' information, here are a few ways to quickly build that list so you can make the most of it:
Almost every point of sale system gives you the opportunity to have unique sign-ins for your staff members. Doing so give you insight into how productive they are during their shift and how many sales they make. You'll also be able to gauge what products they are successful at promoting and selling. What's more, you'll be able to track if they are taking advantage of your time or your money.
Here's how to use your employees' sales data to better your business:
You may be thinking, "duh", as the whole point of a POS system is to track sales, but there are so many reporting techniques you can utilize to gain valuable, game-changing insights from your sales data. You can...
Knowing what products are making you money is just as important as knowing what products are falling flat. Smart point of sale software will assist you with monitoring and managing your inventory so you can...
The first step to using your point of sale data as your best business intelligence tool is to use a trusted point of sale company with the right hardware, software and services to maximize success for your business.
For more business advice and guidance, visit our resources hub. To find out more about what an Epos Now system can do for your business, get in touch today.
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