Are You Familiar with These 10 Metrics That Will Help You Increase Your Sales?
It is the wish of every business owner to make more sales, but can you sit and wait for your sales to increase? Obviously not. You need to use some metrics to help you manage your business.
Here are 10 metrics that will help you increase your sales like wildfire.
- Average Order Value (AOV)
AOV shows you the average revenue each order should generate. It also gives you insights on how you can lure your customers to spend more. To improve your AOV, you can promote bulk orders or set a minimum free shipping threshold.
- Customer Acquisition Cost (CAC)
CAC shows you how much you spend in your marketing campaigns to land a new customer.
It’s calculated by dividing all marketing costs by the number of new customers you acquire. So, the lower the cost of marketing, the higher the Return on Investment.
- Newsletters from Conversions
Your email list is the only CRM that understands sales. Building your email list enables you to connect with your customers, engage with them, and retain them. That’s why creating excellent newsletter submissions is critical to your business.
- Customer Loyalty and Retention
Customer loyalty can be achieved by attracting the right customers, persuading them to buy (preferably in large quantities), and bring you more customers.
You can measure customer loyalty by customer surveys or getting direct feedback from them.
- Staff Productivity
Knowing your staff input is critical to your business. For example, workplace politics can jeopardize your business.
On the other hand, a responsible team is your business asset.
- Hours Worked Per Project
One of the most expensive raw input is labor. You need to know the number of hours it takes to complete a process.
If things aren’t moving on as expected, you can try replacing human labor with automated labor.
- Repeat Customer Rate (RCR)
RCR indicates the number of customers that buys more from your site.
Think of the costs you’d incur on marketing campaigns to land a new customer. Don’t you think it’s cheap to retain customers?
- Mobile-Friendly Site
As a business owner, you should know whether your customers are accessing your site using laptops, tablets or smartphones.
Because the number of mobile users have increased, it would be better to have a mobile-friendly site.
- Page Load Times
Do you know that the time a page takes to load can either increase or lower your sales? Well, complicated pages will take longer to load which makes visitors leave your site without viewing your pages.
- Landing Pages
Landing pages are pages’ visitors land on after clicking your ad. The more impressive your landing page looks, the more sales you’re likely to make. A hack that has worked for many companies is including customers’ testimonials on top of your landing page.
Hope these 10 metrics will help you ramp up your business and increase your sales. It’s not magic, you have to follow the 10 metrics to a tee.
Do you have any other metrics that has worked for you? Feel free to add them on the comments. I’ll be happy to read them.