As a marketer or business owner, making more sales is definitely a goal you’ve set for yourself in 2019, but just like every other goal, it takes definite strategic actions to crush it; this is even more true for business and sales goals.
In this piece, I’ll be revealing 8 metrics that will help you manage your business better and thus help crush your sales goals for the year. Seat tight!
Here are 8 metrics that will help triple your sales before the first quarter of the year.
1. Customer Acquisition Cost
The customer acquisition cost is the amount you spend on your marketing campaigns to earn a new customer.
This cost is realized by dividing all your marketing costs, by the number of a new customer acquired for a period of time. Keeping a record of your customer acquisition cost is essential as it helps you keep a check on whether you are making a profit or making a loss.
It should be reviewed as often as possible so as to know when to stop a campaign and go back to the drawing board, or better, scale up an ongoing campaign if the return on investment is wow.
So its obvious that the lower your customer acquisition cost the higher your return on investment.
2. Average Order Value
The average order value throws an insight into the average revenue each order should generate, this value gives you a push on why and how you can lure your customers to spend more money with you.
Your average order value can be improved by encouraging bulk orders, either by way of coupon or free give away or by setting a minimum free shipping threshold.
3. Lead Capture/List Building
Your email list is arguably the most valuable asset you own as a marketer, that’s why its often referred to as controlled traffic. Having an email list enables you to connect with your customers, engage them with educative content, presell them and thus eventually have them primed to take any action you want them to take. That’s why creating newsletter submissions and squeeze pages(lead capture) campaigns should be a continuous aspect of your marketing activities.
4. Customer Loyalty And Retention
Customer loyalty can be achieved by attracting the right customers, persuading them to buy and indoctrinating them into your business ideology. By doing this they grow from becoming just customers but ambassadors of your brand; preaching your business gospel and thus bring you more customers.
5. Hours Worked Per Project
One of the most expensive raw input is a human effort(labor), you need to know the number of hours required to complete a task and then set a target, By setting a target, you are able to monitor if things are going fine or if you are working behind time.
For the laborious task, it will be more cost effective on the long run to outsource tasks or run automated labor, than to weary your human workforce. This is very key, as most entrepreneurs fail to see this.
6. Repeat Customer Rate
This is simply the number of customers that purchase from you repeatedly. 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? I guessed so too!
This is one metric I cannot overemphasize as your repeat customer rate has a direct effect on your return on investment. So continual and regular for up on this metric will help you work on and improve the rate and on the long run increase your return on investment.
7. Landing Pages
Landing pages are the first pages’ visitors land on after clicking your ad. The more impressive your landing page looks, the more sales you’re likely to make. As they say first impression matters; your prospects build their first impressions about your brand from the feel they get surfing your landing page.
A hack that has worked for many companies is including customers’ testimonials on top of your landing page and also do not be too salesy as this can turn a prospect off as quickly
8. User-Friendly Site
As a marketer or business owner, you should know whether your customers are accessing your site using laptops, tablets or smartphones.
Because the number of mobile users has increased, it would be better to have a mobile-friendly site, so as to give your customers and would be customers enjoyable user experience. 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 or offers, which in turn tells on your sales.
So it will be wise to regularly and continually review and improve your site to give your customers the best experience on your websites.
Hopefully, a knowledge of these 8 metrics will help you ramp up your business and increase your sales. It’s not magic, you have to follow up and work on improvement based on your results till you crush that goal.
Thank you for reading through, do endeavor to give me feedback as you apply these metrics on your business, am looking forward to hearing from you. cheers!