How Business Security Data Can Help You Drive Revenue
Data gained from business security analytics can further profits and sales, and prevent losses in many ways.
- Glean valuable insight into customer behavior to improve operational efficiency and marketing strategies.
- Use video footage as a tool to improve customer service and spur repeat sales.
- Protect against crimes, such as shoplifting and employee theft, to reduce lost revenue.
Below, we overview how a strong physical security solution impacts your bottom-line.
Use Video Analytics to Better Understand Customer Behavior
Video surveillance boosts your ability to see beyond the point of purchase. While most businesses utilize point-of-sale data to monitor items bought, quantity and time, video gives you the power to dig deeper. With automated video analytics, you are able to count customers, understand their movement and shopping behaviors, and identify operational issues.
This data can be used to justify store layout rearrangements and product placements, and evaluate marketing effectiveness. In-depth knowledge of inventory and traffic patterns within stores also allows you to optimize processes, procedures and transportation for maximum efficiency.
Use Insights to Improve Customer Service
Customer service is the backbone of a successful business. Your patrons may come for your products but they return because of their experiences. In the U.S., 82% of consumers said they stopped doing business with a company due to a poor experience.
With insights gained from security solutions, you can see the timeliness of management functions like store opening and closings, and how employees interact with customers. This knowledge helps you better train employees and frame expectations for customer service, which has a trickle-down effect on overall patron satisfaction and loyalty.
Integrate captured video footage into employee training sessions to show the right (or wrong) way to handle a situation, and pinpoint staff misbehavior at the individual or group level proactively.
Monitor Fraudulent Activity
Monitoring fraudulent activity is another valuable use of business security technology. At the register, identify refund, return and coupon fraud, stolen credit cards, cashier theft and other unusual activity. Combine with video analytics to calculate conversion rates and identify events such as refunds without a customer present.
Push real time notifications to your smartphone, tablet or PC so you can take immediate action to safeguard your business from losses.
These are just a few of the many benefits of a business security solution. For more on how technology can further the infrastructure, security and intelligence of your business, download our whitepaper.
How do you leverage technology to drive revenue? Share your thoughts in the comments below.
Image Source: Ludovic Bertron via Flickr