If you and I would have a conversation face to face now, and I asked you some of these questions, would you have the answers?
How many sales did your Amazon business generated this month?
What’s your refund rate?
What does it cost you to acquire a customer?
What’s your sales growth year-over-year?
What’s the conversion rate for each of your products?
What are the next 3-5 products you’re going to sell?
You see, if you want to grow and scale your business you NEED to know your numbers.
When you’re doing things – even things like selling on Amazon – as a hobby, numbers don’t matter.
But if you’re risking your money, your time, your energy, your family’s future to build something, then your numbers are everything.
Every business decision, every plan, every next step should be based on your numbers.
If your refund rates on a certain product are high, then you should either improve that product or completely abandon it.
If you see a low conversion rate, then you should direct your focus towards improving your listing.
And if you see that a certain product attracts a lot of customers and brings a ton of sales, then maybe you could start selling a product in the same category, targeting the same customers. Maybe even adding it as an upsell.
When you know your numbers – and you know how to read them – the sky’s the limit.
As Peter Drucker, the father of modern management said: “You can’t manage what you don’t measure.”
I know that for most people numbers are boring. And going through a bunch of sheets, graphs, charts… isn’t exactly the most exciting thing in the business.
But that’s exactly why you should do it.
Because most people don’t.
You see, there’s one thing that separates the successful people from the unsuccessful ones.
Both successful and unsuccessful hate the same things. But successful people do them anyway!
Learn your numbers. Understand your numbers. Trust your numbers.
Because when it comes to business, numbers don’t lie. (Amazing Selling Machine Review)
Until next time,