A year-end sale can be so hectic and happen so blazingly fast that it’s hard to tell whether it was a success or not. If you made $200,000 in sales, is that a good thing? Should you have done $300,000? The sheer sale numbers can be so far above what you’re used to that it’s really hard to gauge whether you came out a winner.
So how do you know if your year-end sale was a success?
==> Compare It to Last Year’s Results
One way to measure your results is to stack it up against your past year(s) sales. Looking at your current year alone is hard to gauge. But when you compare it to how you did in the past, you can tell whether you’re doing better every year or not.
Every single year, you should try to grow your holiday sales by at least 10%. If you’re a small or medium-sized business, there’s absolutely at least that much room to grow.
==> Compare It to Your Goals
Another way to measure your success is to compare your sales to your goals. How much did you want to sell this year? Did you meet, fall behind or exceed your goals?
This method can be a mixed bag. If you know what the industry standards are, or if you know what a “normal” holiday season is for your store, this can be a great way to measure your success. But if you’re just picking arbitrary numbers out of the air, then hitting or missing your goals doesn’t mean much.
Using goals as a metric is useful for people who are seasoned in the business, but not as useful for people new to an industry.
==> Compare It to Your Neighbor’s
If you’re on good terms with other stores in your area, why not just ask them how much they did in their holiday sales? Business owners generally want to help other business owners succeed and can be quite generous with numbers.
Use your neighbor’s sales to see how well you did in relation to other people.
==> Get Your Customers’ Feedback
It’s important to remember that a holiday sale doesn’t end at the end of the holidays. The new customers you get from that sale could come back and buy from you time and time again. A successful sale could give your business a huge boost all year round.
That’s why it’s important to also get customer feedback after a sale. What did they like? What didn’t they like? Would they buy again? Your customer’s opinion is a crucial factor to consider in gauging your sale’s success.
These are a few different ways to know whether or not your sale was successful. Try to pick your measurement techniques before the sale, rather than after.