Page 24 - The Ultilmate Guide to Retail in 2023

Benchmark your performance Diversify your advertising and

metrics: sales channels:

Tracking your KPIs, whether they are POAS, Diversification is an effective way of lowering your

margin percentage, or anything else, is all well
“It’s essential that brands and good but they won’t tell you much if they’re cost of acquisition by opening up your brand to

are super adaptable. With not measured against a baseline. Benchmarking new clients - providing you remember to segment

real-time data, we can do provides the comparison you need to gain context your audience as it expands. Look out for websites
you haven’t advertised on before, social media
things in much less time than around your chosen KPIs. But make sure you find channels that you haven’t previously tapped into,

before. Even predicting what the right benchmarks. While a 2% conversion rate and the best ways of using more targeted ads. As
for insurers would be amazingly high, for a shop

type of products a consumer selling accessible jewelry this number might be the eCommerce market grows, it’s likely that your

wants to buy based on their too low. usual sources of traffic will increase in cost. To keep
your сustomer acquisition expenses down, seek
data isn’t impossible.” out newer, more affordable channels.

Benchmarking can be qualitative, quantitative, And, while seeking new channels, don’t forget

internal, or competitive - the main thing is that it to retain those that are already working well,

is underpinned by your customer data. Plus, while continually optimizing their performance with

it’s good to look at benchmarks, it’s even better
John Lin / Impact Cube speaker, and China Tech smart management. A well-managed existing

Expert & Columnist to look at how your specific performance data is channel will still offer opportunities - but you need

evolving and improving, setting feasible goals that to be concise in your setup. It’s smart processes

take both into account.
that make brands successful in generating real

profit - not simply luck and demand.

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