Shape your marketing and manage inventory with one simple solution.

Of all the numerous challenges facing today’s busy business owners, two particularly pesky ones frequently come to the fore. The first involves keeping track of the merchandise you sell, and the second has to do with finding the most effective ways to spread the word about your brand and your physical and/or online retail store. You might be surprised to know that today’s smart terminals and point of sale systems can be highly effective tools that will boost your success in both areas.

An introductory word about today’s POS systems.

If you already have the right system in place, then you know that contemporary point of sale systems (POS) are masters at quickly and securely processing your customers’ credit and debit cards. This combination of hardware and software generally consists of some or all of the following components.

• Software that communicates with your payment processing provider to facilitate fast and safe purchases.
• A tablet or terminal which the software is loaded into and that functions as the central hub.
• A customer facing display that shows price totals, ads, and other information you may choose to present to shoppers during the checkout process at your physical store.
• Barcode scanners that record information about each piece of merchandise you sell.
• Peripherals like cash drawers.
• A receipt printer for customers who want paper proofs of purchase.

Although the system may appear unassuming, these different elements combine to give you a streamlined set of tools that can be an invaluable addition to virtually every aspect of your business operations.

Step up your marketing efforts.

How can you use a smart terminal to create a buzz about your products and/or services? The secret may lie in your payment software’s database capabilities, which provide a repository for customer contact and demographic information.

Your ongoing mission will be to find ways to encourage customers to sign up so that they can begin to receive communications from you. Think newsletters, email promotions, drawings, and satisfaction surveys — and don’t be shy about rewarding your patrons for connecting with you. After all, the information they willingly provide will become a gold mine that you can use to drive successful marketing initiatives.

For instance, think about what you could do with just three small details about your customers: favorite social media site, birth date, and hobbies and interests. Armed with these vital details, you could target promotional emails and send a birthday discount award that would motivate buyers to set foot in your shop or visit your website. You would also be able to aggregate information to learn where you should focus your online marketing efforts. For example, if the majority of your customers prefer Instagram, this might be a great place to concentrate your attention.

Streamline your product delivery.

The items you sell are the lifeblood of your business. Therefore, you must constantly have your finger on the pulse of what is in stock. Fortunately, today’s smart POS systems can be highly effective inventory management systems in their own right.

Just tap into their power with the help of your barcode scanner, which you can use to catalog each item and track its progress from delivery to your warehouse until it arrives in the hands of a satisfied customer. All the while, your system keeps a record of your total inventory and can even be set to notify you if something runs low. Act quickly to restock and you can ensure that you never need to give customers the bad news that the item they wanted is not available.

Your POS solution should have an additional capability that can increase your sales in the long run. Using its built-in reporting feature, you can generate actionable documents that highlight which products are flying out the door and which are languishing on your shelves. Use those details to launch marketing campaigns to raise awareness about the poor sellers, or mark them down to create space for more popular wares. You might even decide to implement changes in your product positioning to make certain pieces of inventory more visible and appealing.

The point is that your POS system is chock full of tools and insights that you can use to streamline your operations, inform current and future customers about what you have to offer, and keep your products in stock. You don’t even need to hire a fancy public relations firm or invest in a pricey sales initiative. Just take advantage of the potential already built into today’s smart POS systems to start getting a handle on your marketing and inventory.