Analyzing your sales data can help you increase sales, improve sales efficiency, and increase profits. In this article, we will see “How To Analyze Sales Data To Improve Your Online Business“.
Consider these strategies when developing your data analysis plan.
Track Units Sold
Tracking the number of units sold can help you determine how much of each product you sell.
This analysis can be useful for determining which of your products are selling the best with most sales.
It may also help you identify sales strategies that need to be adjusted.
Examine Profit Margins
It is helpful to know not only how many of each product you are selling, but how much profit you are making on each product.
You may be selling fewer units of a product that is actually more profitable than a higher selling product because you make more money on each individual sale.
Analyzing this data can help you determine which products to focus your efforts.
For example, you could focus on increasing the profit margin of the less profitable product by implementing route planning software to slash the cost of selling the product.
Compare Price Points
If you are selling different versions of your product at different price points, you may want to examine how the sales volumes of these products compare to each other.
If you are selling substantially more of one product than the other, you may want to adjust your marketing strategy.
You may also want to experiment with adjusting your price points to determine if you can increase revenues by selling the same products at a different price.
Evaluate Your Sales Team
Simply comparing the total volume of sales by each of your reps will not give you a full picture of how each is performing.
You need to look at factors such as profit-margins, customer satisfaction, return rates and the number of new customers acquired.
This data will help you determine which of your reps are the most successful.
Analyze Your Website Data
You can glean a lot of useful data about the performance of your website by analyzing data from your website.
An analytics program, such as Google Analytics, can provide you with insight into who is visiting your site, where they are located in the world.
This data can help you determine whether your marketing efforts to get customers to the site are effective or not.
Analyze Your Social Media
Analyzing the data from your social media platforms can also give you insight into who is interacting with your brand and how effective your social media presence has been at converting those interactions into sales.
It will also help you determine which social media platforms have attracted the most customers.
Solicit and Review of Customer Feedback
Customers can provide valuable input into what you are doing right and what you can improve.
Try soliciting feedback through online surveys after a customer has visited your site or made a purchase.
Digital interaction with customers on websites and social media makes it easier than ever to gather valuable sales data.
Regularly analyzing this data can help you figure out how to increase sales, improve profit margins.
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3 comments
Do you need an extension for the sales report?
Thanks