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We know that understanding what data points are the most important to your bottom line can sometimes be the hardest part of analyzing data. That’s why we’re highlighting the top five data points you need to be checking on a regular basis. Click through to get a better understanding of the data that can make you more money.
Best sellers refer to the quantity sold of a product. It can be calculated using the ROI equation. Profit During Sales Period ROI = Inventory Cost Over Sales Period • Using data to track which items are your best sellers is a way to measure success of certain products • Knowing which items are your best sellers will help you to know what you need to order more of
Worst sellers also refer to the quantity sold of a product. You can also use the ROI equation to calculate which products had the least amount of units sold over a certain period of time. • Tracking your worst sellers will indicate the merchandise that you might want to consider discontinuing • If it isn’t making you money, it’s taking up space for inventory that will be profitable
Salesperson analysis provides key information about your employees, indicating who has the most and fewest sales, both overall and per hour • Knowing which employees are your best performing salespeople will help you make smart staffing decisions • It also helps you know which employees need a little more coaching to meet their sales quota
PEAK SALES TIMES
Tracking your peak sales times will help you staff your employees accordingly • Make sure you are not wasting money on your employees during slower periods by overstaffing • Capitalize on your peak hours by scheduling your best performing salespeople
Collecting customer data, like purchase history, demographics, and customer birthdays, will help you create segmented marketing campaigns • This helps you target specific customers and personalize your customer experience • Use your data to identify your most reliable customers and offer incentives and loyalty programs to motivate them to come back in
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