From the course: Business Analytics: Sales Data
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Sales metrics to study
From the course: Business Analytics: Sales Data
Sales metrics to study
- [Instructor] Total dollar amount of sales is by far the most important metric to track for sales analytics. This is the big key performance indicator. But total sales dollars alone will not offer you much in the way of rich insights. Tracking sales data effectively involves you tracking the most important dimensions of total dollars sold. Which dimensions are important depend on the decisions you're trying to better inform. These decisions can be broken down into what, when, where, how, and why? Let's take a look at the metrics that can help you answer each of these questions about your sales. First, let's focus on what? To answer this question, I would prioritize tracking which product is being sold and breaking them down into categories or assortments. This is especially important if you have very different lines of business. For example, one of my clients sold hardware, but varying different types of hardware,…
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