There are multiple benefits to offering free WiFi to your customers. WiFi changes visitor behavior, makes customers stay longer and spend more at a location, and gives you a platform to promote your business and connect with audiences digitally.
However, there’s an additional benefit that your customers don’t see, but will still benefit from: WiFi analytics.
WiFi analytics are a benefit of WiFi marketing that allows you to collect data on your business and customers so you can improve your operations. This might seem like a complicated process, but even the most technophobic companies can take advantage of WiFi analytics to learn about their customers.
Here are a few examples of the data you can collect and how you can improve the overall customer experience with it.
WiFi analytics is a great tool for identifying the demographics in your business. With just a few clicks, you can see the age, gender, and interests of the people in your business.
Knowing demographic information is essential for tailoring your marketing messages to the best possible audiences and adjusting your business model to meet your customer needs.
Some business owners discover that the demographics they hope to target are different from the customers they actually bring in. In this case, they can either adjust their marketing model to target their main customers or change their business model in hopes of bringing in different people. Without demographic information, it’s hard to track these differences and make changes to grow the brand.
Smart business owners use WiFi analytics tools to adjust their business operations. For example, they can see the peak times that customers log-in and identify that as a time to schedule extra staff (because more people are in the store). These extra hands can make the customer experience better, reduce wait times, and improve processes.
Additionally, business owners can cut back on staff during lulls. This saves the company money and allows brands to budget for the extra labor during busy hours.
Visit frequency can help you calculate the lifetime value of your customers and help you better understand your demographics. Knowing how often your most loyal customers visit, whether it’s every week or a few times per year, can help you market to them and keep them in the buying cycle.
Understanding customer lifetime value (CLV) can help you track your marketing ROI. CLV is calculated by multiplying the number of visits per year by the average spend per visit and the number of years they are likely to buy from you.
For example, a customer who visits monthly (12 times per year) and spends $50 per visit is worth $6,000 to your brand over a decade and $600 per year.
Suddenly customer loyalty becomes increasingly important to your staff and business plan when customer churn means taking $600 chunks out of your annual income. If you lose 50 customers per year, that’s $30,000. Your brand needs to make that up with new customers.
Without this information collected from free customer WiFi, you can’t accurately track your potential marketing expenses and whether you’re doing a good job of bringing new customers back.
Some businesses vie for long customer dwell times because it means they are staying at their business and enjoying the experience. Coffee shops and bars are great examples of this. It’s not uncommon for people to spend two to four hours inside a Starbucks or brewery, working or chatting with friends.
Additionally, retailers want to increase dwell times because they mean customers are more likely to buy something. The longer customers stick around, the more value they are likely to find in the products offered.
With WiFi analytics, business managers can track dwell time and make changes to keep customers in their stores. This might include setting up different furniture to let people sit down or adjusting the ambiance to create a more home-like experience.
Store Conversion Rate
One way you can estimate your in-store conversion rate is to take the number of potential WiFi connected devices that enter their stores and divide them by the total number of customers who make a purchase.
There are additional ways you can check to see how customers convert in your store to understand the likelihood that someone makes a purchase.
For example, some owners promote gifts, samples, or discounts via WiFi and scan customer phones to redeem them. This also helps store owners understand the percentage of customers who see a digital in-store message and take action on it.
If you have multiple locations across town, you can track in-store visits to see how loyal your customers are to each location. It’s possible that some people only visit the same store each time and never make it to your other locations.
This proves that your customers are both loyal to your brand and your location. Other customers might bounce around to different stores and exhibit different behavior than your one-store regulars.
Export Your Data to Compare With Other Tools
One of the main benefits of collecting data through WiFi analytics is the ability to export the data and compare it to other tools. For example, you can compare your demographic customer data with your Google Analytics information or Facebook Marketing results to see how they differ. You can also compare website traffic to in-store traffic to calculate the likelihood of someone converting when they visit your website.
WiFi analytics is meant to be a tool in your arsenal to make the best decisions possible for your brand.
If the data is valuable and you take steps to act on it, then you can keep using this analytics options to improve your business for years to come.
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This information can revolutionize how you operate your business and interact with customers.
You can set goals to increase dwell time and repeat visitors, and make changes that your customers appreciate. Not only will your business improve in quantity as you watch your analytics improve, it will also grow in the quality of experiences you offer your customers.