Why Monitor Your Sales Statistics

July 18, 2012 at 10:23 pm

Melina AbbottHow can you improve on your turnover if you don’t know where you are at? How can you grow your business unless you know your areas of strength and weakness? Many business owners are so busy with the day to day running of their businesses that they don’t take the time to track what they are doing. Then when implementing strategies they wonder why they aren’t getting the results. How carefully do you track your sales statistics? And what are they telling you about your business?

The Secrets of Sales Statistics

Sales statistics can be one of the most valuable tools in your business. They can highlight areas where you are strong so that you have something to build on, and they can show areas of weakness that need improvement.

For example: In my consulting business a while ago I looked at my sales statistics. They showed me that 25% of people signed up for my free bulletin. Yet of those only 6% of them went on to take the marketing audit. I immediately saw that these were areas that could do with some improvement. I knew that about 40% of clients who took the marketing audit went on to complete the questionnaire and usually I could convert 50% into paying clients.

This showed me that the last phase of my sales process was strong but that I needed to get more people to sign up for my free bulletin and marketing audit. The sales statistics highlighted the areas that needed my most urgent attention. I focused on these and immediately implemented strategies to get clients to sign up for the marketing audit and free bulletin at the same time.

My conversions increased by 10%. To boost this I also set up joint ventures offering the audit as a special offer. Once again I could clearly track the results of my strategies through sales statistics.

Benefits of using Sales Statistics

  • Sales statistics show you bottom line figures of what you are actually doing. Sometimes you can be very busy yet not be getting satisfactory results. Sales statistics help you to keep on target for your goals.
  • Sales statistics can highlight areas of weakness in your business that you need to improve upon. Often it can be something small that just needs some tweaking that can make a big difference to your business.
  • Sales statistics can also be very encouraging. They can highlight areas where you are doing well in your business. You can then build on these strengths and use them to grow your business.
  • Sales statistics help you to track your progress. If you have implemented new strategies the results can be clearly measured. In this way you can test different strategies on a small scale first before rolling out a more detailed plan.
  • Sales statistics can save you money. Instead of implementing expensive marketing campaigns to attract more customers, the statistics may show you that you don’t need more prospects. All you need to do is convert more of your enquiries.

Take the time to create your sales statistics. It will provide you with a useful benchmark when deciding on strategies to grow your business. Rather than having general strategies you can target specific areas in your business and focus your efforts on specific parts of the conversion process that need improvement. In this way you will be working smarter and the chances are that you will see impressive results.

Entry filed under: Business Growth, Sales.

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