How To Tell If Your Sponsored Events Results In More Sales
Retailers are running for the sales ignoring some most important metrics that can improve the business of retailers by fetching more in-store sales.
Every retailer has his own technique of doing the business but for better retail business new tools and techniques are announced, these techniques and tools help retailers to increase purchases and make their task easy.
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Customer traffic is the main component for the success of any physical store, and it is challenging to increase the number of people that pay a visit to your store. Businessmen and other think tanks are making strategies to increase the footfall traffic to improve the sales and other in-store campaigns. Some sponsored events that may result in an increase in sales in your store are mentioned.
- Special events
- New Product Promotions
- Store celebrations such as milestones, anniversaries, and holidays.
- One-day special promotions
The point is not arranging these events or sponsoring them, the real purpose of these events to create new customers and increase the customer traffic in your store. If you want to know how successful these events went you have to gather the people counting data, it will show you the accurate data that you can analyze if there was any change in customer traffic as compared to normal days.
How To Measure Foot Traffic
Different ways are used by many retailers to track customer traffic, some retailers assign an employee to count the people entering the store. He can either stand at the entrance to count customers or he can monitor CCTV and count people over the screen. Some smart retailers are using new innovations to count people, in fact, they are using the people counters to generate reports of customer traffic. The data from the counters help retailers to analyze the customer interaction with the store.
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These are some factors, you can measure the success of your sponsored events.
Basically, you want to make some profit from your promotions and events. You have to note if the lower cost of your promotional items was balanced by an increase in the number of people buying your products, or even higher sales are experienced. You can compare this by simple cost per purchase.
During promotions you will experience an increase in sales volume, to know the exact sales volumes you need to know your normal day sales volume. What is the average of your sales that you experience on normal days? Compare the sales figure with the sales you got during the time period of in-store promotions. You will know yourself if you improved your sales or not.
After you are done with your in-store promotion you have to notice that, are customers still visiting your store or they were just one time shoppers at your store. Proper check on the people that visit your store before the promotion event, during the promotions, and after the promotion. This will identify how much your customers are satisfied during the promotional event.
Before you start any promotional event you have to set up your goals. If your goals are achieved your event was already a success but if you use some accurate metrics it will serve you well.
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