It may seem like a pain to have to monitor your sales data. This might be true if you’re already making money, because it’s hard even to consider changing things if what you are doing now seems to be working… but, what if you could make it work better? When you track your sales data, you can improve even when you are already doing well. Tracking sales data ensures that great sales can be made even better.
The fact is, if you don’t track your sales data, you can’t determine what’s working and what isn’t. You may accidentally choose to stop doing something that is working in favor of something you assume works just because it’s your preference. By tracking and understanding the sales data that you generate, you’ll be able to tweak and modify your campaigns to get even more sales.
Sales figures you need to track:
- Sales During a Specific Time Period – There are times when you should track your sales during a specific period. For example, if you’re having a special sale or promotion, is it working? How do those sales during that campaign compare with regular sales during a similar time period?
- Sales by Product or Service – Your sales should be tracked individually so that you can figure out what is selling and what is not selling. If you have product C that never sells but product B that sells great, you’ll want to spend more time promoting product B than C… and/or create more products to support product B!
- Sales by Lead Source – If you have affiliates, guest posts, social media links, etc. – which lead source is doing a better job sending sales to your links? If you get tons of clicks every time something is promoted on LinkedIn but no buys, and fewer clicks when you post to Facebook but more buys… you’ll want to adjust your marketing to optimize for the sales.
- Revenue Per Sale – This is an important sales number to know because it informs how much you can afford to spend on promoting that item. You may use the data to decide to add an upsell to a funnel that has lower-than-average revenue per sale.
- Returning Customer Sales – Do you know what percentage of your customers buy from you again and again? This is an important figure because if you have a healthy business, you’ll have plenty of returning customer sales. It’s easier (and cheaper!) to keep a happy customer than to find a new one.
- New Customer Sales – You’ll want to track how many new customers you get for a campaign compared to returning sales. This information can help you increase your lifetime earnings from new customers, if you know how to get them to become returning customers.
Depending on the type of business you have, you may have more or fewer opportunities to collect sales data to study. Sales data can inform so many aspects of your marketing efforts in order to take your business to the next level.
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