More often than not, entrepreneurs are so involved in the daily grind that they forget to analyze how their business is performing.
Today, with tough competition and high costs per impression (CPMs), you should constantly monitor your business metrics to understand where you’re on the map, and in which direction you’re running.
We recommend checking four little-known Shopify reports in particular.
Here are the three we found most useful:
Sales by discounts
If you leverage discounts, this report will help you understand how profitable your discount campaigns were. But it also shows you:
- How customers react to different discounts.
- How personalized discounts for influencers are performing.
- Unprofitable discount codes.
Sales by product
Through product analysis, you’ll see how each one of your products is performing. Insights include:
- What products perform well organically vs. paid promotions.
- What products attract more first-time buyers so you can craft specific campaigns for them.
When you know who your loyal customers are, you can reward them with a “thank you” message, special discounts, and other forms of appreciation.
The back end is where the real profit is made
If reports show that most customers buy once but never come back, you have a problem.
It’s much easier to get a customer than attract a new one, and easier to sell to the same customer over and over again.