In 2018, the global wifi analytics market was valued at over $5 billion. It is projected to grow at a compound annual growth rate (CAGR) of 23.8 percent, reaching a market size of $31 billion by 2026.
This is massive growth for any type of market. Companies are always looking for new ways to understand their audience better.
Any marketing professional knows how hard it can be to connect to the consumer and have a successful campaign. New technology is giving business leaders the upper hand and evolving the way we relate to them.
If you are looking for an innovative new way of understanding your customers, keep reading this guide on how wifi analytics can transform your business.
What Are Wifi Analytics?
With an increase in mobile phone usage and accessibility of public wifi networks becoming more prevalent, marketing professionals came up with an innovative way of using this information to their advantage.
Wifi analytics involves the collection of data from wifi devices such as smartphones and laptops over the connected network. The data contains relevant information about the device's behavior. The information is then used to build a consumer profile to help the company better understand the customer's behavior while connected to the wifi network.
How It Can Help
Companies are always looking for ways to gain insight into consumer behavior. Wifi analytics is a rather new technology that is expected to grow exponentially over the next few years. See why everyone is talking about this new technology and how it can help your business.
1. Customer Identification
One of the easiest ways to use wifi analytics is to identify the consumer and discovering what customers are likely to visit repeatedly. You can then use this information to personalize a marketing plan.
For example, if you own a coffee shop and offer free wifi for your customers, you can discover exactly who is coming to the shop and at what time.
You can then use this information to send personalized coupons and promotions, offering incentives to come back.
2. What Their Interests Are
When customers log onto your wifi network, even if it's free, you can track what pages they visit, how long they are on the page, what items are searched for, and much more.
This information can be used in several ways. First, if consumers are searching for an item similar to what you sell, but not precisely, you will notice a trend for specific items and can then either add it to your inventory or adapt to your consumer's needs.
For example, you own a cell phone store, and your customers are searching for the best prices on the new iPhone. You can run a promotion on the new iPhone to generate sales, or if you didn't have the latest iPhone, you could then add it to your inventory.
3. Customers Behavior
You can also use wifi analytics tools to collect information about where your customer is spending the most time in the store, what areas they are passing by, and how many of them are first-timers.
With this information, it opens up a lot of opportunities for your business. You can use the data to promote a particular product in high traffic areas or use customer engagement tools to enhance the consumer's overall experience.
You can also use this information for security purposes. If you are noticing that products are being stolen out of a particular place of the store, you can then adjust the placement of this product to deter potential theft.
Need More Business Tips About Wifi Analytics?
You can see why the wifi analytics market is expected to grow by such a staggering amount. The data collected from this type of analytics is being used to better understand consumers all over the world.
For more tips to help your business grow and succeed, check out more of our blog! Visit the Tech section of the Bootstrap Business Blog to learn more about wifi analytics, telecommunications trends, and other top technology advice.
