When it comes to execution at retail, are you a data warrior? Or a data wimp? Data warriors know the war at retail will be won by those who can master big data. Big data may be today’s hot buzzword, but unless they are used properly, big data’s terabytes of information will remain misunderstood, under-exploited, and impenetrable.
Confronted by big data collection, data wimps surrender. Data warriors dig in, and do what they can to collect, measure and analyze their data. As a result data warriors know what data is most important.
Data wimps expect to get results from measurement. Data warriors know that measurement provides insight. But it is their ability to act on those insights which will help them win in the store aisles.
Thanks to informed, timely action based on good data, retail data warriors can make a huge impact on their ROI when it comes to a retail execution program.
Introducing the 4-Step Data Warrior Program
So how do you transform yourself from data wimp to full-fledged data warrior? If you were not born with a slide rule clenched between your teeth, this four-step program will start you on the path to victory when it comes to the big data battle.
Step 1. Collect the best data
In the war at retail, the best data wins. That doesn’t mean the most data. It means your data must be accurate, collected from a sample large enough to be revealing, collected from the right locations, and the conditions are reported on correctly. Your data has to be timely and collected at the right time. In other words, capturing data on store conditions at 11 pm when few people are shopping won’t reveal much useful information about the day to day impact of your retail programs. Finally, to capture good data, your collection efforts must be regular. This will give you a good benchmark to use for comparison.
Step 2. Understand the data you collect
All the data in the world won’t be of much use unless you can understand and interpret it. A number of cloud-based data collection and analysis software packages are now available that combine speed, accuracy, and promise to unlock the value hidden in big data.
Step 3. Act on the data
Increasing sales at retail starts with data. If promotions aren’t performing to expectation, timely, accurate data collection can send early warning signals. Recognizing a problem exists is the first step to fixing that problem. Data Warriors know those who fix their problems fastest, win. The ability to spot problems instantly, and find solutions fast can mean the difference between success and failure at checkout.
Step 4. Know the best data to act on
When it comes to crisp roll out at retail, insignificant details can sometimes prevent efficient execution. Determining the problem, assessing its impact, then finding ways to solve it quickly are critical.
Know when to call in reinforcements
ROI is the ultimate measure of success for retail programs. To maximize their return on investment, data warriors rely on Gigwalk to help them collect accurate and timely data, then analyze it, and act on it. Then they call in reinforcements. Gigwalk’s smartphone army can be deployed at a moment’s notice to check on shelf availability, support product promotions, assess inventory conditions, and track the success of new product launches. If anything needs to get fixed, Gigwalkers can fix it on the spot. When it comes to winning at retail, data warriors know the secret weapon is good data. And Gigwalk.
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