Quantitative Data – I can remember being somewhat scared by this term when we started to investigate it for our business plan, now a year ago. Data suggested lots and lots of numbers whereas Quantitative had connotations of quantities or amounts so I guessed it was information to do with quantities of products. I was half way there!
For our business plan, we had to research the number of customers we would be likely to have, how much money they would be likely to spend and where they were currently spending their money so we could work out how to get them to shop with us and calculate our turnover. We researched to find out the target market’s overall spending on specialised cheese in order to come up with raw facts and figures for the bank which they prefer apparently. We’ve decided we need to revisit this part of our business plan, or at least sit down and compare the figures we anticipated with the reality. We do this after each quarter and it’s close to that time of the year again. We’re also revisiting it for another reason as we’ve noticed that shoppers aren’t spending as much during the middle two weeks of the month. Our turnover seems to increase by about 10-15% in the final week of the month as our customers get paid and we’ve noticed that the sales of our speciality cheese increase that week as shoppers reward themselves a little. The first week of the month remains about the same or slightly higher than the previous month, month on month but then the middle two weeks take a dip and we can only put it down to the recession as our customer’s purse strings become tighter during that time.
The question is what do we do about it?
- Footfall remains the same so we need the same amount of staff on those middle two weeks, hence we can’t make savings there.
- We still want customers to increase their spending on the fourth week so we don’t want for them to spend prematurely.
- Are they spending elsewhere during those two weeks – we need to investigate if other shops are doing offers during that fortnight?
- We are going to experiment with BOGOF for the next 3 months. Buy one – get one free by working with our suppliers and by featuring a different cheese each week.
- We hope that will not only increase spending during those middle two weeks but it will also increase footfall and generate more interest in our products.
Have you ever noticed a similar downturn during any particular week in your business? Were you able to analyse your quantitative data in order to alter your plans and increase your turnover? We’d love to hear about it.