How to Gain Deeper Visibility into Product Sales
Do you want to know what's selling and why? Wish you could see which products are being viewed but not purchased? Having deeper visibility into product sales can help improve your marketing strategy and increase your bottom line. In this guide, we'll walk you through the steps of how to leverage digital transformation to have that and more. By the end of it, you'll be able to see which products are performing well and identify any trends in customer behaviour. Let's get started!
Step 1: Implement a data-driven approach
The first step to gaining deeper visibility into product sales is to implement a data-driven approach. This means relying on data and analytics to guide your decisions, rather than relying on gut instinct or experience. To do this, you'll need to track key performance indicators (KPIs) related to product sales. This data can come from a variety of sources, including online sales platforms, customer relationship management (CRM) systems, and point-of-sale (POS) systems.
Step 2: Use data visualization tools
Once you have the data you need, it's time to start visualizing it. Data visualization tools such as Tableau or Power BI can help you see patterns and trends in your product sales data. These tools can also help you create interactive dashboards that allow you to drill down into specific products or regions.
Step 3: Analyze your data
Once you have your data visualizations, it's time to start analyzing them. Look for patterns and trends in the data and try to identify any areas where there is room for improvement. For example, you might notice that a certain product is selling well in one region but not in others. Or you might see that customers are abandoning their shopping carts at a high rate. By understanding these patterns, you can make changes to your marketing strategy or operations to improve product sales.
Step 4: Fine tune your marketing strategy
Once you have a good understanding of who your target customer is, it's time to start using data to improve your marketing strategy. Look at things like which products are being viewed but not purchased, and try to identify any trends in customer behaviour. By using data to inform your decisions, you'll be able to more effectively market your products and increase sales.
You can use a data management platform (DMP) like Salesforce to collect and organize this data. A DMP can help you track online and offline sales, as well as track customer behaviour across channels. Based on that you can create targeted content that speaks directly to them, as well as by regularly checking in with them through surveys and other means.
Digital transformation can help you gain deeper visibility into product sales, which can in turn help you improve your marketing strategy and increase your bottom line. By following the steps in this guide, you'll be well on your way to understanding your product sales like never before. So, what are you waiting for? Get started today!