The secret of sales growth is to know what key indicator that matters the most, and how to improve them. However, not many entrepreneurs and business owners know exactly what important sales metrics are to boost up their revenue.
In fact, there are four metrics that business owner should track on an ongoing basis:
1. Total sales by time period
It allows you to keep up with the latest overall result of their business on a calendar basis. By tracking sales by time period, you know exactly how well your shop or company is performing at present, within particular weeks, months, quarters or years. And then you can make adjustment to your plan if it does not meet your expectations.
2. Sales by product or service
It is the second important indicators to keep in mind. This tells you exactly what’s selling and what’s not. Armed with this statistics, you might find it easier to make decision on investment and development. On one hand, any drops in the sales of certain products might prove that they need to be improved or replaced. On the other hand, the rise in a product’s sales can help you forecast customers’ demand to make sure that it is necessary to maintain the appropriate inventory levels.
3. Sales by lead source
Some businessman or women went into troubles since they could not figure out why their investment in sales failed to convert into sales growth. The simple answer is to find the “lead sources” that produce the most sales, and to stop wasting money on ones that don’t. Moreover, your lead generation can be optimized if this metric is often tracked. These are the reasons why this metric is so important.
4. New vs. returning customer sales
A healthy business has an ongoing supply of both: new customers and old customers returning to buy more of your company’s offerings. This metric reveals what percentage of your sales is coming from new customers versus returning ones. Thanks to it, you will know if your marketing tactics, such as emailing your customers, is working or not and what type of customers you need to pay attention to.
These above metrics only help you to achieve sales target and improve current conditions if you track them usually. However, your time is always limited and you might not stick to PCs or laptops all the time.
Consequently, to keep track of these above sales indicators, you can resort to some mobile sales tracking applications like SimiTracking (download it for free at www.magestore.com/magento-simi-mobile-sales-tracking-extension.html).
Not only provides the mobile way to get access to important sales statistics but it also offers the detailed reports on your business performance whenever and wherever you want. In another word, you might get sales reports about your stores at anytime while away on the vacation.