Why It's Important to Track Your Sales Data

Why It's Important to Track Your Sales Data - Hustle & Purpose NYC

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 to even to consider changing things if what you are doing now seems to be working. But, what if you could make it work better? When you track your sales data, you can add to your success when you are already doing great in your business. Tracking your sales data ensures that great sales can be made even better.


The fact remains that 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. By tracking and understanding the sales data that you generate, you’ll be able to tweak and modify your campaigns to get even more sales, thus bringing in even more revenue.


To get the information you need, 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: if you’re having a special sale or promotion, is it working? 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 that you can figure out what is selling & what isn't selling. If you have product C that never sells but product B sells great, you’ll want to spend more time promoting product B than C.There's no point in wasting your time and money promoting a product or service that isn't  bringing in any money.

 

  • 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 to suite that data.

 

  • Revenue Per Sale – This is an important sales number to know because it informs you of how much you can afford to spend on promoting that item. You may use the data to decide to add an up-sell to a funnel that has 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 an important figure 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 to find a new one. This is definitely one piece of data you want to stay on top of.

 

  • New Customer Sales – You’ll want to track how many new customers you get from a campaign compared to returning sales. This information can help you increase your lifetime earnings from new customers if you know how to turn them to become returning customers.  


Depending on the type of business you have, you may have more or fewer opportunities to collect sales data to study. However, sales data helps to keep you informed on so many different aspects of your marketing efforts, which in turn will help take your business to the next level.I'd love to hear your thoughts, what data do you track for your business?? Comment below!

 

 

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