Be in control of your revenue generation and promotional timings by regularly checking the daily website run rate and predicted sales for the current month.
In the website Admin Centre it will display your daily run rate for the month and use this to project and predict the revenues for the full month (average daily run rate / number of days in the month).
Accuracy Of The Projection
Using a simple rolling average means the first part of a month can be affected by where weekdays fall so the prediction becomes more accurate after 3-5 days and as the month progresses. Also note that if you run big promotions at the end of a month, for example Black Friday in November, then the prediction is likely to understate the revenue until that promotion period is complete.
Taking Action Using The Projection & Daily Run Rate Data
Whether you are predicted to be under or over the daily run rate and projected monthly revenue, you can take these simple actions to bring the revenues to where they need to be and potentially increase margins where the revenue is over expectations:
- Review current promotions
Adjust offers to increase revenues if you are running short e.g. increase percentage discount, run flash sales
Reduce or pause promotions if you are running hot - this can increase margins - Review advertising
Increase or decrease ad spend accordingly, or the amount of discount available in Google Shopping Automated Discounts.
Run more organic advertising via social media posts, website banners and send out email campaigns, SMS or Whatsapp messages for your communities - Increase Average Order Value (AOV)
Ensure your top sellers have associated and alternative products set up
Create product bundles and accompanying services to tempt customers to buy more products - Review stock position
If revenues are excelling, check your stock position and make more stock available via purchasing and/or production.
If revenues are below expectations and can't be lifted, ensure purchasing and/or production are aware and adjust purchase orders or production planning accordingly.
Use the Runners, Repeaters & Strangers (RRS) report to see changes in product sales. - Check Order Processing & Backorders
Where revenues are high, ensure order processing can keep pace with demand and that backorders are not building up.
Prioritise which orders get shipped based on profitability and service expectations.