3 steps to grow your retail revenue with EVs & data driven marketing
What kind of a leader can get things done in the right, profitable and growth driven manner? Ask almost any one, and the answer is a data driven one. Two large retailers that are applying this method for growing their business are the £1.4 billion retailer Ocado and $177.8 billion online giant Amazon. These companies are collecting information to optimize their businesses with data driven marketing and consumer data. According to Forbes, Amazon’s recent Whole Foods acquisition was beneficial because:
"With massive amounts of data from Whole Foods shoppers, Amazon will ultimately be able to tailor the grocery shopping experience to the individual."
And that’s what sales growth is about: individual's wants and needs. But how is this related to EVs? Well, what if I told you that we have something in our pocket and that something will help you gather data and tailor your business to the individual. In other words, become information driven with marketing, like the two retailer giants. So, let’s dig in and see the EV charging solution we have to boost your business.
Let me present you the 3 step process of data driven retail growth with electric vehicle charging and reward points solution. You can see it in the infographic down bellow:
Step 1: Gather your data
The beautiful thing about EVs and EV charging is that the market is growing rapidly. In last year alone, the fastest growing markets doubled their size with a growth rate of +110 %. This means there was at lest that much more charging data to be gathered too. Now, this is the data you can tap into, with EV charging and a reward point card that collects the information from your EV charger and from within your shop.
With EV charging and reward points card you can gather information about:
- Charging habits of your customers
- Figure out products people buy from your shop/business
- Understand what products people would like to buy from you
- Understand your customer demographics
- Figure out your customer journey
- Grasp how much your business is attracting regular visitors
- See what kind of customers you are attracting
- Understand how long people spend at your business location
…And the list goes on!
So, basically what we can do here is deploy EV charging to gather information from outside of your store (be it a retail shop or a mall) and pull the charging data from the charger with an integrated customer reward points solution that can collect the information form within your actual shop as well. This is something that the Finnish supermarket chain Kesko has done with PlugIt by integrating EV charging to their reward points card (Plussakortti), and you can mimic them with a similar card or app solution as well.
Want to learn what are the three typical strategies for ev charging for retail? Get our free guide:
Step 2: Analyze your data
But understand one thing: data driven marketing and sales isn’t just about gathering data. It’s also about refining this information into knowledge which we can apply as solutions. That’s how you get the revenue growth. But, “how does this refined knowledge help me”, you ask? Well, we have quite a few things here.
With refined EV charging data and reward points information you can:
- Optimize your marketing and attract new customers (target the right people and spend less with data driven marketing)
- Clarify your buyer persona (develop your business to fit your customer needs)
- Optimize customer dwell time (get customers spending more money and time on your location)
- Understand your customers outside of shop activities (dig deep into your customer journey)
- Understand the rhythm of your customer’s day and build your operations around this (the way Ocado does)
- Find cross sell products to grow your sales
- Win your competition with an edge of information
…And the list goes on!
Now, as you understand, the refined data can bring your business lots of customers and benefits. In the near future, this information driven marketing and sales data can be combined with the analytics from the Google and Amazon alike services too! In this regard, it can be a smart idea to experiment with EV charging and find the best solution for your business.
This way you will get the crucial information that develops and improves the business most important to you: your business.
Want to learn what are the three typical strategies for ev charging for retail? Get our free guide:
Step 3: Apply your solution - Let's draft your plan!
So, my data driven friend! What can you do next? To harness the potential of EV charging, we can draft an applicable plan! And here is one formula for you to do it:
- First: Identify the information that will help you clarify and understand your buyer persona better (the essence of data driven marketing).
- Second: Split this data into in shop and outside of shop information and gather the data by using EV charging with reward points card integration.
- Third: Analyze the collected data and refine it into knowledge by sorting out your customer behavior and sales related information.
- Fourth: See if data points correlate, identify cross sell opportunities and ideate attractions to keep customers shopping for longer
- Lastly: Based on this, create a couple applicable solutions. Try each one out (beta test before wider application) and apply the best performing one for long term use
And voila! You have grown your revenue with EV charging and data driven sales and marketing approach.
Conclusion: Take this with you
Data driven marketing and business approach is a huge opportunity for retailers. If you are already using EV charging to grow your retail business, or you are considering this, we have an awesome resource to boost your business. It is our free guide which is designed to help retailers get more income with EV charging. And you know what? You can get it here for free. That’s it for now, I hope to see your business a little bigger by our next blog post.
Want to learn what are the three typical strategies for ev charging for retail? Get our free guide: