Great Retail Managers are Data Driven!
I am excited to have a guest blogger today. Meet Lucia Gonzalez from Flame Analytics in Madrid, Spain. Lucia and I met several months ago and she has written an article about how being data driven can help retail managers be strong performers. This kicks off my new series “Building Business Acumen”. Enjoy the Read!
Meet Lucia Gonzalez with Flame Analytics
I have heard so many times that the secret of being a good retail manager is knowing how to wear many hats, without compromising any part of their role. What does this mean? Well, they have to be capable of running an efficient store, hitting sales targets, scheduling employees, keeping them motivated, enforcing company policies and much more. So, for a successful retail management career, a good combination of hard and soft skills are needed.
One thing that retail managers have to bear in mind is that their job largely depends on the effectiveness of their team. The team needs to be clear about their roles, responsibilities and, of course, their rights. It’s up to retail managers to provide the support to help the team reach their full potential. They must be firm but fair, by giving both constructive criticism and praise, as appropriate.
So to have excellent leadership skills is essential for being a good retail manager. However, this is only one requirement… The range of skills is so broad! They must focus on goals, embrace new technology, keep calm under pressure, practice decisiveness, create a problem-solving atmosphere, mentor their team and promote open communication. But maybe one of the most importants skills is to be data driven.
Benefits of implementing a data-driven retail strategy
Retail continues to change and, nowadays data plays an increasingly important role in the success of retailers. Reliable data will inform you about whether you’re achieving your goals and will help you make the best decisions for your business.
Is your business really profitable? To answer this question you need data and insights that help you analyze your business situation to obtain the best results.
Engagement and Loyalty
ENGAGEMENT. If you know, for example, the dwell time your clients stay at the point of sale, you will be able to improve the engagement towards your brand and increase the level of commitment.
LOYALTY. With data you could generate a more faithful client. For example, if you know the return rate (how many customers are new and how many repeat) you can develop certain actions to each type of customers.
Quality, Efficiency and Store Experience
QUALITY AND EFFICIENCY. As I said at the beginning, it is very important that you manage your staff optimally, and you will, for example, if you are aware of peak times and rush hours. With objective data you will for sure gain quality and efficiency and validate your business.
STORE EXPERIENCE. Also, data will help you provide a better store experience. You will find out what your customers like and will be able to offer them what most appeals to them and what they need at any given time.
Layout Design and Marketing
LAYOUT DESIGN. If you know how your customers move and behave, it is easier to optimize layout design and learn how to position your products effectively, contrasting before and after every try.
MARKETING. Your marketing campaigns will be much more effective with data because it allows you to connect as never before with your customers.
Time to Jump In
I hope you learned something from this article! I will be posting a new series on Developing Business Acumen in the coming weeks!
For now, I would love you to take a few minutes and evaluate your own business acumen.
- Do you use analytics to determine what actions you should take to drive results?
- Do you believe you have control over your results or do you think results just happen?
If you answered ”no” to either of these questions, you might really enjoy my next series. Are you enjoying the Running Great Stores content? Join the mailing list and share our site with your retail friends!
Rooting for you,