It may seem like a pain to have to monitor your sales data. This might be true if you’re already making money, too, 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? You can improve even when you are already doing great when you track your sales data. Tracking sales data ensures that great sales can be made even better.
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. You can tweak and modify your campaigns to get even more sales by tracking and understanding the sales data you generate.
To get that information, you may want to track the following:
- Sales During a Specific Time Period – There are times when you should track your sales during a specific period. For example, is it working if you’re having a special sale or promotion? 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 you can figure out what is selling and what is not. 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.
- Sales by Lead Source – If you have affiliates, or you posted a guest post, or a social media link to a product, and so forth, 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 but fewer clicks when you post to Facebook but more buys, you’ll want to adjust your marketing.
- Revenue Per Sale – This is an essential sales number to know because it informs how much you can afford to spend on promoting that item. You may use the data to add an upsell to a funnel with 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 essential 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 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 your business type, you may have more or fewer opportunities to collect sales data to study. Sales data can inform so many aspects of your marketing efforts to take your business to the next level.