Aug 13 2015
How do I increase my sales? This is the golden question for any salesperson to ask themselves. If you boost your sales, you earn more money, your company becomes stronger, and your buyer is grateful… everyone’s happy! But at the end of the day, how do you get from A to B without getting lost?
Well to start, you need to think about which areas are slowing you down. Are you spending too much of your time managing data (sales data, inventory levels, etc.), when you should be analyzing and capitalizing on the data instead? Are stockouts a persistent issue in certain stores? Have you ever found yourself filling an ’emergency’ replenishment order? Do constant markdowns keep you up at night?
Whatever you do, it’s not simply fulfilling a PO for your buyer, sitting back and patting yourself on the back for another job well done.
When it comes to POS data things can get messy. Not only does it come in different formats like EDI 852 reports, spreadsheets and portals, but you’re expected to harmonize these different ‘languages’ of data for your business. Vendors have taken to hiring analysts in recent years to look at this data and keep salespeople (both the National Account Managers and field teams) up-to-date on how their products are doing in their respective regions. However, chances are that that these analysts are managing data more so than conducting actual analysis – an outright opportunity cost.
Imagine if they didn’t have to manage the data at all? Rather, they can spend time looking at automated exception alerts and attention-worthy sales trends that signal overall product performance which can guide your sales strategy.
Then there’s the issue of out-of-stocks. Imagine this for a moment: you have a new potential consumer who views a TV commercial for your new widget. Marketing has done their job and that new potential customer is sold. Now imagine they make their way over to their local retailer only to find it’s not on the shelf. So instead, they grab one of your competitor’s products. This lost sale can have massive implications to your business, especially when we consider how expensive it is to acquire new customers. Did you know that it costs 6 – 7 times more to acquire a new customer than to retain an existing one?
Now imagine that you have the right tools. All of your stores have stock and you know your product is out on the sales floor. No more worrying. No more lost sales.
When we consider the examples above, it’s easy to see how a salesperson can boost their sell-through rates through the effective use of retail analytics. The number of issues that salespeople face day-in-and-day-out can be overwhelming – especially in today’s retail environment in the U.S. where e-commerce already represents 6% of total retail sales. The growth of online retail continues to squeeze both sales managers and outside sales reps who now have to compete with the reality of e-commerce – a formidable opponent in today’s increasingly digital world.
Fortunately, most salespeople know exactly what their challenges are in the field. The unfortunate part is that they don’t address them because it’s too time consuming to search for a solution. Not to mention, when they do find something that might be worth pursuing, the price can’t be justified.
That’s where Askuity comes into play. A powerful, intuitive and cost-effective POS data analytics solution that enables you to find hidden opportunities to boost your sales. Welcome to the future of retail.