In this article we’ll focus on how you can boost your business with Revenue Performance Insights. Learn about…
- Tracking year-on-year growth
- Evaluating last month’s performance
- Optimising for future growth
- Practical tips to help you understand these insights better
Every family has a certain ‘yum factor’ come dinner time. The bigger the ‘yum’ and approval by family members, the more excited they are (and the more often) that meal is prepared. A bit unscientific, but it works. What is scientific is YUMBI’s Revenue Performance data report. These insights allow you to make informed decisions that drive growth, improve efficiency, and increase customer satisfaction. Here’s how you can use this data to your advantage.
Track year-on-year growth
One of the key insights from the Revenue Performance report is the comparison of your store’s revenue and orders year-on-year. This comparison helps you understand how well your business is performing over time.
Example 1: Imagine your store’s revenue has increased by 10% compared to the same period last year, but your number of orders hasn’t grown. This suggests that while fewer customers are ordering, they’re spending more per transaction. You can use this information to focus on customer acquisition campaigns to bring in more new customers.
Evaluate last month’s performance
The report also allows you to analyse last month’s revenue and orders. This short-term data is invaluable for making quick adjustments and improvements.
Example 2: If last month’s orders decreased by 12% year-on-year, you might discover that a competitor opened nearby. You can now quickly implement targeted local advertising or offer special in-store promotions to entice lost customers back.
Optimise for future growth
If you notice a seasonal trend, like increased orders around holidays, you can prepare by ensuring your staffing and inventory levels are adequate.
Take the time to review and analyse your store’s performance with Revenue Performance Insights so that you can implement strategies that turn data into growth opportunities.