We talk a lot about big data and business intelligence, and how these things can help you make better and more informed business decisions. The process of how that data is controlled in your store and on your campus — plus who has access to each data set — can be equally important to ensuring things are running smoothly and everyone is on the same page. While the concept of data governance may sound overly complicated or lack the excitement of what your data itself represents, Forbes argues that having a good system of governance in place can make all the difference in developing and utilizing actionable insights from your data.
Whether they like it or not, students are most likely going to need their textbooks if they want to be as successful as possible in their pursuit of higher education. But with the costs of both tuition and course materials rising exponentially above the rate of inflation, are students able to afford to be successful? According to figures from the United States Department of Labor and CollegeBoard.org, from 1986 to 2014, overall inflation rose by 115%, but tuition and fees increased by 365% and college textbooks have gone up by 82% in just the last 10 years.
Psychology comes into play every second of every day. How people think and behave affects not just their own experience, but the collective experience of those around them. Within the field of psychology, there a numerous concepts: theories and ideas that attempt to explain why people do what they do in certain situations. Some of those theories are applicable to social media, where things like short attention spans and fear of missing out (a.k.a. FOMO) drive customers. Check out these examples of psychological concepts that could help your store bring in traffic from social media:
When the Flyer Spirit Store at the University of Dayton decided it was time to open up a new space, they didn’t have to look far.
Advertising your store can be time-consuming and expensive. Instead of using traditional methods, why not let your customers spread the word for you? Since you're already providing exceptional service and the items people want to buy, using word of mouth to your advantage is simply a matter of giving your customers the right outlet to share their experiences.
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Big data, business intelligence, analytics reporting. There are plenty of nuanced buzzwords in retail, but they all tell us the same thing: if you want to make the best, most informed decisions for your store, you need to analyze and understand your store's data and information. There are plenty of tools and methods out there available, but not all are created equal. According to a recent article shared at Retail Minded, there are some common BI mistakes retailers are making that can cost them in the long run.
"The customer is always right." That's been the mantra in retail for decades, and it remains mostly true today. In order to run a successful college bookstore -- especially in this age of competing online retailers -- you need to be more focused on your customers' unique needs than ever before. So in order to be more customer-centric than ever before there are few things you're going to want to try:
Instagram is in a tight battle with Facebook Messenger and Snapchat for the title of "most popular messaging app among millenials." You're surely aware of its popularity at some level; it would be difficult to spend time around college students, as you do, without taking notice. And while knowing Instagram is helpful to a small extent, it doesn't necessarily help you, the college bookstore, utilize the platform in the best way possible. Fortunately, the folks at Hubspot have compiled some of the stats you need to know if you're to get the most out of your Instagram account: