The plan to relaunch the wholesale business focuses on optimizing performance through the evaluation of critical metrics. Each metric provides insights into various operational aspects, enhancing effectiveness in meeting business objectives. For example, the Sales Conversion Rate indicates how effectively the booth converts visitors into buyers, while Customer Acquisition Cost highlights the efficiency of marketing strategies in drawing new customers.
Analyzing these metrics can lead to actionable improvements. For instance, increasing the Customer Retention Rate through loyalty programs helps maintain a steady revenue stream. Similarly, improving Booth Foot Traffic by leveraging influencers can increase brand visibility. Each metric, whether related to financial inflows or customer engagement, plays a pivotal role in ensuring the successful relaunch of the wholesale business.
Top 5 metrics for Relaunch Wholesale Business
1. Sales Conversion Rate
The percentage of buyers who purchase after visiting the booth. Calculated by dividing the number of purchases by the total visitors.
What good looks like for this metric: 20%
How to improve this metric:- Optimise booth layout for better accessibility
- Offer real-time demonstrations or samples
- Train staff for effective customer engagement
- Use targeted marketing prior to the event
- Create attractive offers or discounts
2. Customer Acquisition Cost (CAC)
The cost to acquire one new customer. Calculated by dividing the total costs of marketing and sales by the number of new customers acquired.
What good looks like for this metric: 50 USD
How to improve this metric:- Leverage social media marketing
- Use cost-effective digital marketing strategies
- Utilise referral programs
- Enhance customer journey mapping
- Optimise lead generation campaigns
3. Average Order Value (AOV)
The average amount spent each time a customer makes a purchase. Calculated by dividing total revenue by the number of orders.
What good looks like for this metric: 100 USD
How to improve this metric:- Upsell and cross-sell products
- Create bundles and package deals
- Encourage bulk purchasing
- Offer free shipping on orders over a certain value
- Enhance product descriptions and visuals
4. Customer Retention Rate
The percentage of customers who return after their first purchase. Calculated by dividing the number of repeat customers by the total number of customers.
What good looks like for this metric: 60%
How to improve this metric:- Implement a loyalty rewards program
- Gather and act on customer feedback
- Follow up with post-purchase engagement
- Offer personalised customer service
- Enhance communication with newsletters
5. Booth Foot Traffic
The count of visitors who physically visit the booth. Helps in gauging brand visibility and interest.
What good looks like for this metric: 1000 visitors
How to improve this metric:- Place eye-catching signage
- Host interactive sessions or contests
- Leverage influencers or brand ambassadors
- Create a visually appealing booth design
- Promote through event brochures or maps
How to track Relaunch Wholesale Business metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
