Maximising existing customers

Catherine Erdly explains how to use key figures to improve your gross margin

Increasing sales is a clear goal for every retail business, but many people start with the assumption that the best way to drive your sales is to attract more customers.

While having a strong marketing plan and a steady stream of new customers coming through the door must be a crucial part of any retailer’s business plan, it is also important to look at how you maximise your existing customers.

Paying attention to certain key figures can help you pinpoint areas that you can improve on within your business and ultimately drive your gross margin. In this article I am going to outline several key metrics that are important to monitor, explain why they are important and suggest ways to improve them.