Boosting Tenant Success and Business-wide Bottom Lines with Marketing and Merchandising Insight
Giving Tenants the Tools to Succeed
Destinations with multiple tenants, like shopping centers, airports, resorts, and casinos aim to drive revenues, increase visitor engagement, and improve customer loyalty by delivering the right experiences and attractions. To achieve those goals, they need a deeper understanding of who their visitors are, how they navigate the entire property as well as individual tenant businesses, and which attractions gain the most attention. Video analytics can, and should, be used to gather crucial business intelligence to effectively utilize space, enhance guest experiences, and ultimately increase the bottom line.
Services, target audiences and sales goals differ from tenant to tenant, but all have common goal of increasing their bottom lines. How could video surveillance possibly uncover marketing and merchandising insights and ultimately help tenant success? Let’s take a closer look.
Uncover Demographic Intelligence
Understanding key audiences and identifying new potential target audiences is foundational tenant success. Who is visiting the outdoor shopping center? Couples? Parents with young children? Teenagers? A video analytics platform can help the business analyze accurate customer demographics and unique visitor statistics, which can then be used to build a strategic marketing and merchandising campaign.
Uncovering demographic and navigational insight about trends is important for identifying where to place appropriate services as well as advertisements, so that locations meet the needs of not just tenants, but the overall business. Complemented by analytics software, video surveillance data can visualize on-site activity through heatmaps and footfall dashboard reporting, so the business can understand how visitors navigate the property, as well as how long they spend in different areas, near advertisements, and around informational displays. This actionable business intelligence helps the managers make strategic decisions about visitor preferences, optimize merchandising and targeting and, as a result, increase sales.
Say a visual heatmap data indicates that men spend more time gathering in the center of the outdoor shopping mall. With that insight, marketers should position advertisements in that area for stores targeted towards men, thus drawing them to other areas of the mall that they otherwise may not have gone.
Prevent Crowding and Control Queues
Video analytics can help businesses identify traffic bottlenecks and crowd formation hotspots and empower them to develop solutions to keep visitors moving throughout the site, thereby preventing crowding by more effectively situating popular attractions.
Layered with demographic and navigational insights, a casino can make strategic decisions about where to place new tenants. Let’s say the video analytic data reveals that crowds often form in a corridor with two restaurants and two stores. While the crowd could be great for business, it could also be a deterrent to some looking to shop or dine at these locations. Moving one of the retail locations to the other end of the corridor may help more evenly distribute the crowd. Additionally, knowing that this corridor is a heavily trafficked area, it could be an opportunity to advertise restaurants, shops and attractions in other areas of the casino.
By triggering real-time notifications of crowd and queue formations and uncovering inefficiencies through long-term reporting, the business can optimize site layout, retail and dining offerings, while also leveraging accurate visitor statistic data to demonstrate the value of different properties to tenants for informing pricing strategies and justifications and ensuring a positive visitor experience to the destination.
Track Footfall and Vehicular Traffic throughout a Site
With the ability to determine unique customer visits and bounces, destinations can provide value to tenant customers, by providing key footfall reporting to help them understand visit statistics for different stores, displays, and advertisements in a space. Not only can this help guide full site and tenant location layout, merchandizing, and operational decision-making, it empowers tenants with critical data to drive improved visitor engagement and ultimately retention for themselves and the venue as a whole.
While travelers are somewhat of a captive audience at an airport, that doesn’t mean all tenants are automatically successful. Often times, travel delays mean more time to move away from the gate to browse a shop or grab a bite to eat. Video analytic data can highlight footfall, crowding and dwell times, which can help the airport make decisions about where to place advertisements for certain tenants and draw travelers to other areas of the terminal.
Through video analytic data, destinations have the opportunity to better understand their customers and their actions. These insights can be used to market services throughout the business accordingly, which ultimately leads to tenant success.
Signup to receive a monthly blog digest.