Every master plan needs to aim toward a certain target. Creating goals throughout your retailing journey is vital when it comes to taking your store to higher levels. Try to determine where you want to see your store in the near future.
Here are five specific goals to keep in mind when planning your sales strategy:
Increase sales. Short-term sales generally increase when brands launch special sales promotions. Setting a modest goal like a 5% month-to-month increase helps set a target. As your sales increase, you can gauge whether or not your target is realistic.
Boost revenue. With a bump in sales, you can expect a boost in your revenue. While it may be difficult to predict a specific amount, you can link your project revenue boost with your sales increase. For instance, a 5% increase in sales should represent a 5% increase in revenue.
Attract new customers. Sales promotions may entice visitors to follow through on purchases. You can track your site’s conversion rate to measure this performance. This metric compares the number of unique visitors with the number of unique sales. The result should give you a glimpse of your promotions’ effectiveness. Anything about a 1% conversion rate is an encouraging sign.
Build customer loyalty. While attracting new customers is important, so is keeping existing ones. Your conversion rate can help you determine if your existing customers continue purchasing. By tracking your conversion rate for returning customers, you can see the proportion of your sales between new and existing customers.
Inventory turnover. Sales promotions are a good way to clear out stagnant inventory. So, tracking your inventory turnover is a great way to gauge your sales promotions’ effectiveness.