“Hmmm, I have a few free moments in my busy day. Maybe I’ll read through last month’s payment records and crunch some numbers!” …said no one ever.
Most business owners have enough on their plates already. Who has time to analyze every transaction? You’ve got bigger and better things to do, right?
Payment history could be the secret weapon to your company’s success. What looks like an unending mass of data—only fit for professional statisticians—could actually be your best tool to marketing your products and services in the near future.
Sorting and analyzing your purchasing history could answer the following questions:
- Which season, month, or day of the week yields the most sales?
Once you identify this, plan your sales, staffing, and marketing around prime windows.
- At what time of day do most transactions happen?
This could be particularly helpful if you sell online—you could run flash sales on your website around peak hours.
- How do your buyers pay?
Recognizing your shoppers’ preferred methods can shape your decisions in payment processing vendors, equipment, etc.
- Which items are your best (or worst) sellers?
Sure, tracking your inventory could tell you this—but maybe not as specifically as payment records, which indicate dates, times, and other important details. (You may need to bolster your department-tracking process for this to work well.)
- How is your loyalty program working?
After someone joins your company’s club (e.g. buy 9 sandwiches, get the 10th free), does he actually visit more often? Payment history can help you monitor these results.
Soon, it becomes so much more than numbers. Answering these questions can help you take the right steps in your business plan. Are you marketing to the right people? Are your sales meeting your customers’ preferences and needs?
The easiest way to view your payment history is on Saltsha. You can sort it into specific charts to isolate—and simplify—the data that’s most important to you. Sign in today to check out this great feature!