If you are into selling products/services, you know how important are metrics for the success of your business.
You being a seller, metrics provide key insights into your business that helps you identify areas between success and failure. If you are still confused, or you don’t know what’s happening in your business, metrics are going to be particularly helpful.
There are a number of metrics that you can consider for your business, but as per your capacity and tools to track metric become easier and more prevalent, the question remains: what are the most important metric for sellers to be future ready?
In this article, we will discuss about the most crucial metrics that will help in predicting the future demand of buyers.
1. Email list
Email marketing is one of the oldest and the most important metric for you as a seller to divert potential customers who can be your loyal ones in the future. Many online shoppers don’t tend to purchase at their very first visit, they are either on your site for a window shopping or researching for a further purchase. Offering a compelling option to “stay in touch” via email subscription will help you develop a relationship, and by measuring those email list you can target them when they are ready to purchase.
Implementing and email marketing tool like “MailChimp” will allow you easily capture potential email address and create a database that can be used for immediate follow-up. Easy-to-understand and use, most marketing tools out there in the market will help you churn qualified leads (customer’s email addresses) to identify future demand of buyers.
2. Product reviews and performance
For any sellers out there, product reviews and performance are a predictor of success.
Product reviews: This metric becomes important because it creates a psychological effect on future buyers. For instance, a number of positive reviews for a particular product – it will be a future demand of buyers. People’s purchase decision rely on others reviews and recommendation, therefore, don’t ignore the power of this metric. “Re-Vu” offers an excellent platform that will encourage your customers to rate, review, and share products after they make a purchase. Adding, this tool to your site will automatically predict the future demand of buyers.
Product performance: Obviously, you’ll be having a shopping site that deals with more than one product, hence measuring this metric becomes very important to identify the future and seasonal demand of buyers. “Google Analytics “offers a powerful tool that will help you track your product performance that includes the quantity sold, unique purchase, product revenue, average price and average quantity. Analyzing this metric, you can be future ready and offer product as per the customers demand.
I would consider this metric to be the most important one than the above two metrics. Analyzing and measuring this metric you can know where your customers behavior, acquisition and conversion rates which are important to predict future demand.
Implementing Google Analytics you can:
-Know where your customers are coming from: This metric will show you the acquisition rate that will help your focus more on those sources that generate the most traffic. Measuring this metric, you can be future ready and implement marketing strategies targeting the correct source to generate maximum traffic.
-See what customers prefer: Analyzing this metric will make it easy to target your customers with the content/information what they like and encourage them to make a purchase from your site. Focusing on this metric, you can predict the future demand of buyers and upfront offer them the content/information/product that influences their purchase decisions.
-Identify conversion rates: Your site has different funnels to divert traffic, either through your mobile, email subscription, social media accounts, etc. Hence, it becomes crucial to identify conversion rates that are a predictor of success. By doing this, you can track and analyze what content drives them there, that will help you predict the future demand of buyers. This way you can take actions to increase conversion rates, drastically.
The above three metrics are the crucial ones that you should closely consider to predict future demand of buyers. Every sellers site is unique, hence your site might gain value from other metrics too. So, it is always advised to track, analyze, and measure their success and continue with the one that predicts future growth.