All organisations need to be smarter. Are your marketing campaigns really driving new customers to your store? How loyal are your customers? Do these new customers become loyal? Are we seeing just short term loyalty to your business? You could use methods such as focus groups but as Seth Godin points out "People.. will tell you what you want to hear, and I've seen time and again where focus groups are used to justify whatever the boss wants". Molarity's technology reports behaviour in real time allowing your organisation to rapidly adjust your marketing strategy.
KPI's explained:
Wouldn't it be neat if you could use the same terminology across your organisations.We have used the same paradigm used in website analytics and applied it to the real world.Let us explain our KPIs in more detail:
Recency
The frequency with which customers return to your premises indicates their level of engagement with your brands and their readiness to buy.
New vs Returning
A high number of new visitors suggests that you are successful at attracting customers to your store while a high number of return customers suggests that the premises is engaging enough for customers to return.
Dwell Time
If customers spend a long time visiting your premises, they may be interacting extensively with your products. Research has shown that sales are directly proportional to duration of customer visit.
Bounce Rate
A quick visit to a store is a recognised indicator of visit quality. High "Bounce" rate indicates that a store is not satisfying your customer's demands.
Conversion
The percentage of customers that buy products in the premises.
Overlap
The percentage of overlap between locations is a good indicator of what other services your customers use.