Your transactions could be more valuable than you realize.
These days, it is essential for local businesses to accept credit and debit card payments. The revenue resulting from credit card transactions is obviously important, but the data received with those transactions is also incredibly valuable in ways that go well beyond your processing statement.
Your transaction data should be turned into real-time business analytics to help you make better business decisions, faster. Your transaction data can power customer relationship management (CRM) and marketing software to make it easy to attract new customers, increase loyalty with existing ones, and create better customer relationships without spending your valuable time as a business owner.
In the digital age, data is a gold mine. As Ben Kingsley’s Cosmo said in Sneakers, “It’s all about the information!” Small, local businesses can leverage a treasure trove of data, but most lose this opportunity because they don’t know how.
With transaction data powering your small business software, you can know: who your customers are, how and when they spend with you, how your business compares to others in your area, and dozens of other vital pieces of business information. So, how do you get started?
Build better customer relationships with CRM and marketing software
Successful business owners know that repeat customers are incredibly valuable. It costs five times more to attract new customers than to keep your existing ones, and repeat customers spend 67% more.
You earn repeat visits by building better, more meaningful customer relationships, which starts with understanding everything you can about them. Here again, your transaction data can help you power CRM software and marketing automation to improve customer relationships and build loyalty.
When combined with intelligent software, transaction data gives you the best view of the way your customers are interacting with your business and how to target them for effective marketing. Are your customers primarily “regulars”? Do they come in all the time but spend relatively little money? Or do they come in once a year but spend hundreds or thousands of dollars at a time? The only way to get that insight is through software that can harness and interpret a business’s transaction data.
For most local businesses, using this kind of software is a fairly new concept. For years, most small businesses have used traditional advertising like radio, TV, newspapers, or mailers to attract new customers and loyalty programs to drive repeat business. These things still have their place, but CRM and email marketing should come first. At Womply we’ve found that businesses using these software systems make 20% more revenue and see 22% more repeat visitors compared to those who don’t.
Anovia can help you get more value from your transaction data
Through Anovia’s partnership with Womply, our customers have access to a proprietary software platform, Anovia Insights, which is powered by transaction data. With Womply, you can:
Attract more customers. Customers use the internet to find local businesses, so boosting your online reputation means more new customers in the door. Reputation management software helps you manage all your reviews in one place, automate replies, and get more reviews from your best customers.
Know every customer. Do you really know your customers? Most local businesses don’t, beyond a handful of regulars. Customer relationship management software helps you keep track of customer interactions and add critical profile information, like name, email address, and transaction history, without lifting a finger.
Increase customer loyalty. Repeat visits help you increase revenue and profits, and email marketing has the highest return on investment for local businesses. Marketing automation software helps you send the right email to the right customer at the right time — just set it and forget it.
Know what’s working, fast. There’s no reason to run your business on gut instinct anymore. With business intelligence software, you can get insights you’ve never had before about your business, customers, competitors, local market, and more to make better decisions, faster.