Data You Should be Measuring, in your Jewelry Business
With so many different ways to collect data nowadays due to technology advances, it’s essential to measure your jewelry business’ data for optimization. Stay up to date, and don’t fall behind. It may seem overwhelming, but we are here to help. Below are some ways you should consider keeping track of data, as a way to make your business work more effectively.
Google Analytics.
Google Analytics offers free and easy to use tools for smarter marketing. These tools allow for an easier interpretation of your website’s visitor demographic breakdown. Data collected allows you to measure: where customers are accessing your website, from and what type of device they are using to browse, the most clicked on pages and products on your website, and the duration of time that customers spend on your website. This data allows you to look at information to help you understand your customer’s shopping patterns and habits.
Social Media Metrics.
Another free, and easy to interpret, data measuring tool your business should pay attention to is social media metrics. Social media metrics allow you to measure the interaction and experiences your customers are having with your account on different social platforms. Likes and shares are an easy indication that you most likely are producing content that your potential customers enjoy. Comments allow for interactions and feedback from customers, so it’s crucial to pay attention to what they are saying. Instagram and Twitter, for example, allow you to see the reach your account is receiving, such as profile clicks. This data allows your business to see the interest potential customers have in your company.
Inventory.
One of the most important data measurements to pay attention to is your inventory count. It is the easiest way to increase sales, but also one of the easiest ways to make a costly mistake. When was the last time a customer purchased a stone of a particular size? What colors and gemstones are selling the most? What chain style sells out quicker than the rest? Utilize purchasing data to understand what your customers prefer ,and act accordingly. Don’t waste time and money on products that aren’t popular with your clients. Invest in the products your customers are telling you they like.
Customer Service.
A poor customer service experience is enough to drive a customer away from shopping your business again. Listen to what your customers have to say. Offer satisfaction surveys on your website and after a purchase is made, and a follow-up once the customer receives their product. This will allow you to collect information on what’s working for your company and what isn’t, all while the customers are coming to you and essentially doing the work by pointing out flaws. Customer retention can be tracked through purchases with the customers phone number or email, and a log of their history will become available. These patterns will help you understand your customers purchasing behaviors, making it easier to effectively sell to them.
With Employees.
Employees are just as important as customers! Pay attention to employee retention rates. Most likely if you have a high employee turnover rate, it means your business needs to hire better fit personnel, or that something is wrong with the management and employee relationship. Happy workers work more effectively, and are willing to work harder for your business compared to dissatisfied employees. Unhappy employees can cause an unwanted domino effect by creating negative shopping experiences for customers
Inventory Flow.
Pay attention to how your inventory moves on your website. Does the jewelry at the top of the page move significantly more than other items? Do you move products around to optimize product views? Utilize purchases to understand click views and purchasing behaviors based upon your company’s website layout. Simple rearrangements can make a world of difference and increase sales easily.
As always, if your business needs help with growth, including implementing a data collection strategy, please do not hesitate to reach out. Pietra Communications would love to work with you, to help your business become more efficient.