Now that Small Business Saturday is over and the holiday season has stolen the spotlight, it’s time to see how well your marketing efforts paid off this year. According to Forbes, in recent years SBS has drawn in a whopping 88 million consumers across the country who spent over $14 billion. Was this SBS as profitable as previous years for your small business? Here’s how to measure your company’s success.
What did your company gain?
The first and most basic step to determining your success on SBS is seeing how much your company profited. Combine all of the costs you put toward preparing for the day, such as the expenses for your stock, marketing efforts and in-store decor like your signage as well as any furniture or fixtures you used to dress up its appearance. Then compare your total expense with the income generated that day, including any sponsorships or donations you earned.
If your expenditure was less than your revenue, focus on what you gained. The day may have been successful at raising awareness of your brand or providing access to a new target audience. Then figure out how these achievements can continue moving your small business forward.
Did you meet your goals?
As SBS approached, you should have set clear goals for your company. Did your social media following hit the numbers you were hoping for? Was your business mentioned in the local newspaper? Determining whether you’ve met these concrete goals is key to measuring how successful your company was. Take note of the achievements you fell short on and assess ways in which certain tasks or strategies can be improved to increase the likelihood of success in the future.
If you had hoped to rake in a certain number of sales for a specific product and didn’t quite get there, it may be that you need to produce less of that item or service. Determining how customers interacted with your products and which ones drove in the most sales can help you make decisions for product selection, rotation and shelving.
What did you learn from customers?
How effective were your marketing efforts? If the majority of customers stopped by because they were in the area to do some shopping and saw your store, this might mean that you need to step it up with your advertisement strategies.
You should have also observed what type of customer is attracted to your store to give you an idea of how well your marketing efforts and your products themselves are working toward meeting the expectations of that specific group of consumers.