3 Ways Harnessing Business Intelligence Boosts Seasonal Businesses
by Christian Ofori-Boateng on Aug 20, 2017 8:00:00 AM
Seasonal businesses face a lot of challenges that year-round businesses do not, and specialized business intelligence tools can make those obstacles easier to overcome. Business intelligence improves seasonal business owners’ ability to analyze customers in order to provide better service. The same tools can reveal opportunities for internal development and savings. You’re only limited by the questions you ask. Here are three ways harnessing Business Intelligence will boost your seasonal business.
Business Intelligence Can Predict Customer Behavior
Seasonal businesses have a far shorter time than traditional businesses to make their annual goals. This makes it even more important to figure out how to attract customers and guide them into your sales funnel in short order. Business intelligence gives businesses the opportunity to analyze customer behavior. With the right tools, you can even make better predictions about upcoming trends and market changes.
Business intelligence can also help with things like year-to-year customer retention. Careful analysis reveals a host of surprising facts about your customers, and you may discover what links your most regular returning customers. Is their loyalty thanks to your location, a specific business model, your products, or something else? Without business intelligence tools, there would be far too many variables to ever analyze such questions efficiently.
Business Intelligence Helps Businesses Run More Efficiently
Every business wants to limit overhead and shave down monthly costs. Since a seasonal business has less time to recoup these losses, they are particularly motivated to operate at maximum efficiency. Business intelligence is an essential customer analysis tool, but it also provides vital insights when turned on your business’s inner workings.
You can easily review employee performance to ensure you rehire the very best talent. By running a few reports, you may discover your workflow’s greatest weaknesses. How quickly can employees perform a specific task? Does an increase in speed lower customer satisfaction? If so, why? How many supplies are used in conjunction with a sale? What is the optimum number of employees to have on staff at a particular time on a particular day? The more questions you ask, and the deeper you’re willing to dig, the more actionable information you will acquire.
Business Intelligence Helps You Prepare for Next Year
The moment a seasonal business closes its doors, the owners and upper management begin planning for the next year. It’s the perfect time to review performance and look for opportunities to improve during the next business season. Again, asking the right questions makes all the difference. Did you try a new location this year? How did sales and profit compare to previous years? How did your employees perform? Did you try new products? Did they sell well? How many customers came back to request additional services? If you have a mobile business, such as a food truck, were you invited to any new or repeating events? Answering these questions will help you establish your business plan for the following year, and nothing gives you better information from your data than business intelligence tools.
How can your seasonal business benefit from business intelligence? How do you want to grow? With these tools, you can increase customer satisfaction, employee performance, and overall profit. All you have to do is run the reports.