Return on Investment & Benefits
·
Hourly Traffic Counts.
o
Shows traffic patterns and trends. Once the traffic patterns
are known, analysis and planning can be done to use that information to identify
performance issues, staffing issues, retail location & store design
effectiveness, and advertising effectiveness.
o
Based on this analysis, retail management can identify and
make the changes necessary to grow revenues and improve overall chain and
individual store performance and profitability.
·
Staffing Analysis.
o
Illustrates traffic patterns in comparison to staffing.
Better staffing helps reduce customer wait time and improve associate
availability to assist customers which ultimately leads to increased revenues
and improved customer satisfaction.
·
Weekly Traffic Trends.
o
Shows 8 weeks of traffic counts. Traffic trends help to
isolate peaks & valleys. This information, when aligned with advertising
campaigns and sales statistics for the same weeks, helps to illustrate which ad
campaigns are working and which are not.
·
Closing/Capture/Conversion Ratios.
o
Compares the number of sales to the number of opportunities
based on the traffic counts.
o
The flip side of this is that once you know your conversion
ratio, you also have identified your unsold opportunities. Initiatives and Goals
can then be put in place to tap the unsold opportunities in an effort to
increase conversion ratio and revenues.
·
Revenue per Opportunity.
o
Knowing the revenue generated by each opportunity is critical
in setting revenue goals, by store, based on their individual traffic patterns.
The only way to increase Revenue per opportunity is to improve closing ratio or
increase average sale dollars.
o
Quite often the average sales for two stores reflects equal
performance, however, without knowing the traffic and associated closing ratio
and RPO, it is difficult to identify stores that are under performing or are
showing excellent performance.
o
While both stores appear to be equal in performance, when
traffic counts are taken into consideration, the results show that Store B out
performs Store A.
o
For example:
§
Store A and B both have sales volumes of $1000 in a given
day.
§
Store A and B both have 20 sales with at an average of $50
per sale.
·
Store A – Traffic
Count was 100 therefore:
Close/Capture
Ratio 20%
RPO
= $10
·
Store B – Traffic
Count was 50 therefore
Close/Capture
Ratio 40%
RPO
= $20 per customer
o Once store performance issues are identified, operations can then delve into the issues that contribute to that and work on a plan to improve their performance.
1. Two Questions 2 Picture of Counter in Hand | 3.Hourly Analysis | 4.Staffing Analysis | 5 Industry Experts 6 Revenue Per Up 7 Weekly Traffic Comparisons 8 Opportunity Comparisons 9 Who's Up 10 UpBoard Login 11 UpBoard Four Questions 12 UpBoard Why Didn't They 13 UpBoard Customer Button 14 Customer Info Screen 15 Problems With Manual Tickler 16 Daily To Do List 17 Automated Thank You Letters 18 Performance Summary 19 Key Reports 20 Global Traffic Trax Reports 21 Global UpBoard Reports 21a Import Export With Your Business Software 22 Major Benefits 23 Don't Ask Your Salespeople 24 SW Airlines 25 Customization Form 26 Salesperson Agreement 27 List of All Reports 28 Return On Investment Benefits 28a Getting Started and Cust Info Card