How To Look Back On Your Own Year
As the year draws to a close, all businesses should be looking at our revenue figures for the last 12 months. Whilst the bank balance is always going to be the source of truth when it comes to closed business, the majority of us don’t have access to the company bank account. The next best thing is a (well maintained) internal sales database. This will give you a much more in depth and accurate view than a web analytics or marketing platform.
As well as looking at the overall number of sales it can also be useful to break this down by
- New customers
- Repeat customers
- Existing customers re-booking the same service
- Existing customers buying a new service from you
This is also a great time of year to assess your KPIs – not only whether you have achieved them or not – but how they have impacted each other and whether they are still the right KPIs for you.
If one of your KPIs was to get more visitors to your website or into your sales funnel, has this impacted your conversion rate? If your conversion rate has decreased then volume may have come at the expense of quality or relevance. If it has stayed the same or even improved then that’s a great indicator that not only are your getting more people but you’re getting more of the right people.
Other metrics that could be useful to look at;
- Ratio of new vs. returning visitors and new vs. returning customers
- Interest in your products or services from new geographic areas, whether nationally or internationally. Are you getting more newsletter sign ups, brochure or demo requests or contact form submissions from previously low activity locations?
- Has the popularity of your different types of products and services changed?
- Has the level of products returned / services cancelled changed?
- The number of interactions it takes people to decide to convert. For some buying decisions people naturally need multiple interactions to get the correct information and possibly discuss it with others / compare with other suppliers before converting but sometimes providing the right content at the right time can reduce the research steps people need to buy.
- Finally are your current KPIs still the right ones? Do any need revising, removing or new ones added in?
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