Accompanying business metrics is essential for any entrepreneur who wants to succeed.
Even because the business world is increasingly dynamic. In addition, all markets require companies to do an intense control of their operation in order to verify if their strategies are being executed in the best possible way. I mean, it’s a matter of survival.
You should also know that accompanying the metrics is essential to know if the actions of the company are giving the expected result, according to its objectives and goals that were set . In this way it is possible to deal with a scenario where it is possible to make corrections halfway.
So we prepared this post to talk about one of the most important business metrics: the average ticket!
The average ticket does not exist in vain! With it it is possible to assess how much your customers are buying from you, in addition to verifying which products generate a higher return.
Are you interested in knowing more? Then, accompany the reading.
What is the average ticket?
The average ticket is nothing more than the average or average value of purchases that each client makes in your business, whether in a physical establishment, a service to be provided or in the online environment .
This metric is widely used by the retail and technology segments, but it must be applied in all the others, since it is the one that will allow you to evaluate your actions and plan how to increase your sales, obtaining even greater profits .
Now you understand better how important this metric is, right? In summary, she opens the eyes of the entrepreneur and the company of how much each client is leaving money in this relationship.
Next we will discover, in practice, how to calculate it.
How to calculate the average ticket?
The average ticket is one of the easiest business metrics to calculate, so you cannot miss the opportunity to know how your company is doing in this regard.
To calculate it, just take the gross turnover of the company in a certain period of time and divide it by the sales volume of that period. Or it can also be calculated from the total sum of sales, divided by the number of customers who made purchases in this period.
So we have the following formulas to calculate it.
Average Ticket = Gross Billing / Sales Volume
Average Ticket = Total sales in $ / Number of clients
To exemplify, we are going to assume the following situation: in 30 days a certain store made $ 10,000 in sales. Being that that total was bought by 50 customers.
So we have the average ticket for those 30 days will be $ 10,000 / 50 = $ 200.
In other words, in this case the average ticket indicates that each customer who entered the store spent an average of $ 200.
How to increase the average ticket?
One of the benefits of knowing the average ticket for your business is that in this way it is possible to focus on actions that can increase it more and more.
The logic to looking for this is simple: every time the business manages to sell more to its customers, their average ticket will increase.
In this way, it is possible to increase the value of sales by counting on the same customers who are already buying from you and are loyal in some way. That generates more profit!
So, here are some quick tips to increase it .
1. It offers a good variety of products.
Regardless of the type of product you are selling, the greater the quantity of interesting products for your consumer, the greater the opportunity to buy and take that “little extra thing”.
You should also know that increasing your variety of products will help the client find everything they need in a single location. This may leave you so happy that you won’t mind much buying more than planned.
2. Make the products strategically available
Making products strategically available is also an excellent way to increase the average ticket for your business.
Starting a strategy in this regard is not so difficult. First, do an analysis of the products that have the highest number of sales.
Once that is done, present them so that other products – that your customer wouldn’t buy in normal situations – are together.
In this way, it is possible to stimulate the purchase of these other products and raise the average ticket of your business. But it is clear that it is not enough to place it “next to” the other, it is necessary to awaken the customer’s attention and in this case it is worth using creativity to build this stimulus.
3. Don’t let the client forget some items
Many times, the customer will make purchases with the aim of carrying a set of products. So, it is totally valid to help you not forget everything you need.
This is an excellent strategy that, in addition to increasing your average ticket, makes the consumer associate your company as one that makes life easier and does not let you forget anything.
In this way, it will be possible to make more profit and still retain customer loyalty naturally.
A good example of this is when someone goes to buy things to make a barbecue in a supermarket.
If the establishment uses this strategy, it will do everything to not only buy meat, but also coal, coarse salt, ice, beer, disposable dishes, among other things.
Note that the simplicity of this example greatly represents how it is possible to increase the average business ticket in a real way and without much effort.
As we said earlier, the average ticket is one of the easiest metrics to calculate. So, do not stop having this information to make your company prosper even more.
Even because, we live in times when business intelligence strategies are being constructed through information from the business itself. Starting to do that with the average ticket is a good option.