Using EPOS Technology to Capture Business Data

Thursday, April 14, 2016 - 19:00
 Using EPOS Technology to Capture Business Data

Using EPOS Technology to Capture Business Data

Intuition is an excellent gift but, when planning for business success, our best guesses aren’t enough. In these cases data-backed decisions are a must. Detailed business reporting might have been beyond the means of small businesses in the recent past, but with the explosion of affordable point of sale technology this is no longer the case.

With data tracking and reporting included as standard in most EPOS systems, you really should keep an eye on your business’s basic performance metrics. It’s not necessary having done a PhD in Data Science to understand the importance of the figures you’ve already tracked with your system.

Use Technology To Make the Most of Your Competitive Advantage

Digital tools are just that: tools. When you have an EPOS system and can process sales quickly and easily, it doesn’t mean that you’re better at selling. You simply have the means to understand what you are selling and when, and make informed decisions.

Sales techniques aren’t rocket science. It’s about recognising that your customers are human and helping your sales team learn how to treat each of them as an important and unique individual.

Knowing your customers and how your products and services add value is critical. Using EPOS technology allows you to spend less time processing transactions and more time learning about your customers so that you can tailor your sales message to their individual needs.

Ultimately, sales technology for small businesses isn’t about automation. It’s about permitting you and your staff the time to double-down on your competitive advantage: individual attention and a personalised experience.

Customer Loyalty

A loyalty programme is one of the most customer-centric metrics that you can track. These schemes are a great way to reward your best customers and track how they interact with your business and answer the simplest questions (which sometimes are not easy to answer):

  • What products/services do your most loyal customers buy? Why?
  • What don’t your repeat customers buy from you? Why not?
  • What percentage of your revenue comes from your most loyal customers?
  • Are there ways to offer better service to your most loyal customers?

In several cases, your repeat customers are your most important customers. Use programme data to learn about how they deal with your business so that you can 1) provide them with a better experience 2) gain insights into how you can encourage greater loyalty.

Solid data from your loyalty programme can be very instructive and indicate the strongest elements of your business. You can then address (or abandon) the weaker aspects and focus on extending your strengths. Again this is another obvious statement, but bear in mind that building a good and solid group of loyal customers and keeping them happy is an excellent way to build up a base on which you can support your business.

Using Business Data: Less is More

Do you remember when, as a child, you wanted the biggest slice of cake and your mum said that “your eyes are bigger than your belly”? The same principle can be applied here. You might find that there are actually too many ways to track your business’s performance and our advice is not to try to collect all of them. Given your unique situation, you need to decide which are most relevant to your business and track them closely.

Don’t drown in data. It’s far too easy to become overwhelmed with stats that you can’t act on. Be judicious in selecting which metrics are worth your attention, and make sure to actually use them. Let customer actions captured through your EPOS drive your decision making. As your business begins to monitor key performance metrics, you’ll find that you can make decisions with far more confidence, precision, and, the most important, success.

Nick Blackbourn