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Track these Statistics to Scale Your Sales

Running a product business is essentially a numbers game. But if you're not a numbers person and have no idea what you should be tracking, you can quickly waste time, money and energy on things that aren't going to make you sales.

Leaving you feeling stuck, wondering why you're still in the same position month after month. How would you feel if you knew what numbers to track, the data to interpret without the tech headache? And instead, you feel a sense of accomplishment and determination and a plan of attack for the month ahead.

You'd feel pretty good, right?

I've put together my top KPIs (Key Performance Indicators) that you need to track and test in your product business.

Traffic

Visitors to your website, wherever they come from, need to be focused on. For example, if you want one sale a day and a 1% conversion rate, you need 100 visitors to your website each day. Multiply that by the number of days in a month, and you need approximately 3000 visitors every month.

To do that, you need to be focusing on getting link clicks through your social media calls to action.

Conversion Rate %

This is based on the number of sales you got from the number of visitors. The average is 1-4%, but I would always say to focus on beating your own numbers, not anyone else's! 

You can increase your conversion rate by knowing where your visitors are 'dropping off'; is it when after they get to the basket but aren't compelled to click 'checkout;'? Or are they getting to the checkout, and your checkout experience is clunky and hard to complete? 

Average Order Value (AOV)

The average a person spends on your website per order. This data is taken from your Revenue and number of orders. If you increase your AOV, you need fewer orders to make more money! So it's one to track and look to improve.

Ways you can increase your AOV are to increase your prices. Have you looked at your costs lately? It's worth going back to costings and pricing every six months to make sure there's profit to make the product worth stocking. 

You can also increase your AOV by raising your free shipping threshold. For example, if you have an AOV of £46, raise your free shipping threshold to £50, have a no brainer of an upsell at cart and watch your AOV increase.  

Revenue & number of orders

Two basics that should be tracked every month (if not weekly) to see if you need to tweak your goals, put more effort in or celebrate your success!

It's worth breaking down sales from each place—for example, Email, Website, Adverts, and online and offline events. Then you can see which were successful and worth repeating.

Add to Cart/Checkout %

Often overlooked when tracking the basics, but if you have visitors dropping off heavily here, you have what's known as a leaky funnel. 

Ensure you track the % of visitors who add to cart, what % get to checkout, what % follow through and make a purchase.

With this data, you can see if you have a problem at the cart or checkout. Often, a lack of trust at these stages makes a potential purchaser leave your website, and it's up to you to get them to follow through with the purchase.

Think about adding large images of the products and a large easy to click checkout button on the cart page.

Think about testing out a one-page checkout and adding testimonials about your products and customer service for checkout.  

Where your purchases are coming from

Knowing which social media platform and emails are working on getting you more sales means you can control your sales because you know what to focus on. For example, you love Instagram, but if it's getting you 10 sales a month and Facebook is getting you 100, you take the time you spend on Instagram and spend it on Facebook to see a much higher return.

What to do with the data

Once you have a few months data it's time to track the trends.  This is a great strategy to plan into your quarterly planning sessions, as you use the data to provide you with the actions for your next 3 months. 

So ask yourself these questions:

  1. When did I have my best results?
  2. How did I get those sales?
  3. How can I improve on those results?

If you are ready to scale your sales in your business and are looking for support, accountability and are eager to learn more ways you can control your sales, then come and join the Product Business Club.

Click here for more details: www.dreambusinessassociation.com/join 

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