At the end of every year, most people reflect on the achievements and failures of the ending year. They tend to look at their achievements as well as other aspects of life. The same should apply to business owners. When the year comes to a close, you should evaluate the performance of your eCommerce store.
We have 10 questions listed below to help you reflect on your business performance for the past year.
Who were your happiest customers and what made them happy?
It is important to learn the strengths of your business so that you can continue building on them. Therefore, try to identify your most satisfied customers and figure out what delighted them most. This will be instrumental in helping you grow your profits in the coming year.
In what areas did you invest money, but didn’t pay off?
Did you invest your money in Google Adwords or Facebook Ads? Was there a good return on your investment? If you find that you injected money in a particular area, but didn’t pay off, then you shouldn’t invest more money in that area the following year.
Was there an area that showed great potential but you weren’t able to exploit it?
Many are the times you try out a new idea, only for it not to do as well as you expected. This could be a marketing campaign or promotion. If one idea showed great potential, you should embark on it in the coming year.
Did you do a lot for too little?
According to Pareto’s principle perspective, 20% of your marketing efforts contribute to 80% of your revenue.
Focus on the little you did that propelled your business forward. That is what you should put more emphasis on instead of trying to do too much.
Did you use the right tools for the job?
If you want to grow your eCommerce business, you must employ the right tools. Otherwise, your store will not flourish. If you feel that the apps you deployed weren’t the best, go back to the drawing board and pick new, and more efficient applications. These are likely to resonate more with your target customers.
Did you make decisions based on credible data?
Data-driven decisions work better for your eCommerce store. To avoid making ill-informed decisions for your business in the coming year, ensure that you find ways to collect and use credible data to make your business decisions.
Are you sure that you are focusing on the right market?
According to business experts, one of the reasons why most startups fail is that they focus on the wrong market. Your products are well-suited for a particular market, and that’s what you should target.
Was the price too high or too low?
What price have you been charging for your products? Is it too high or maybe too low? A high price may slow down the movement of your products. On the other hand, under-pricing may negatively affect your profitability. You should adjust your prices accordingly for the coming year.
Did you ignore your customers' suggestions or complaints?
Taking your customer's complaints or suggestions seriously could shape your business into a lucrative eCommerce venture. Ignoring them can undermine your success.
Take some time to reflect on your clients' suggestions and complaints. Once you do that, you’ll come up with solutions that could improve your services and please your customers. This will grow your business exponentially in the coming year.
Are you sure there is a demand for what you are selling?
Who bought your products during the past year? If it was predominantly friends and family, then that’s a clear sign that there isn’t a market for your products. Moreover, the market may be saturated with the product you’re offering. What’s more, is that there could be little or no need for your product.
The end of the year is a perfect time to rethink your product and evaluate whether your products are fit for the market. You may find out that you’ll need to start afresh in the coming year. Perhaps, even open a brand new store.
If you would like to grow your business further in the coming year, you have to ask yourself some hard questions. The questions listed above will come in handy at the end of this year. Answering them could improve your eCommerce business in the coming year.