According to data compiled by the NYU Stern School of Business, the average profit margin for a business operating in the United States is 7.90 percent. As such, small business owners in every industry have to be very judicious in their spending to maintain financial viability. While you may think you can save money by offering public wireless internet service, the opposite is actually true. In fact, by utilizing your internet, small firms can increase their chances to be profitability in a few different ways.
Small business owners can customize their guest Wi-Fi landing pages. That means when customers agree to a company’s terms of service, they can also learn about that day’s specials, new product or service offerings, and even be treated to a coupon. As 77 percent of consumers will spend between $10 and $50 more if they are redeeming a mobile coupon, Wi-Fi marketing can have a significant positive impact on your bottom line. Even if a customer chooses not to take advantage of a coupon, your Wi-Fi can still help improve profitability. Studies have shown that the simple act of making customers aware of a current promotion or giving them purchase recommendations prompts 39 percent of shoppers to spend more money.
Your Wi-Fi can also help your small business by providing crucial insights into customer behavior and buying preferences. Robust analytics may include reports on both customers who use a company’s guest Wi-Fi and those who do not. As the system tracks every Wi-Fi-enabled smartphone that comes within the range of the network, it can tell an owner how many people pass by their storefront and how many decide to actually go inside. Using this information, entrepreneurs can modify signage and adjust schedules to accommodate peak shopping times. Other useful insights about customers may be available if your provider allows users to create unique IDs or social media credentials for guest networks. With data gleaned from customer IDs, owners can beef up their online mailing lists. And with social media information, they can learn about their shoppers, including age, gender and purchasing preferences. Internet providers can even compile reports on individual customer movements within retail space.
With all this data, entrepreneurs can better tailor their offerings, store layout, marketing outreach, and pricing for specific clientele. This will not only increase visitor to shopper conversions, but it will also improve customer satisfaction and lead to greater referral business.
This article was written by Mario McKellop for Small Business Pulse