Reporting helps you keep track of your progress. It is important to know how you are performing so you can make informed decisions and adjust your strategy based on proof. The Fashion Darling tells you how to handle these reports in this guest blog post.
When you’re running a fashion brand you need to know how your sales are tracking, which products and selling well, who your best customers are, the success of your website, social media content performance, email marketing campaign and advertising campaign performance.
When you have data from these areas you can plan strategically and build on what has already been working for you.
If you’re a TradeGecko customer this part will be a breeze. TradeGecko offers detailed sales reports in various combinations, all of which are beneficial to your business.
TradeGecko sales reports let you see:
When you identify top performing staff, stores and locations you can build on these and reward performance.
Rewarding top staff and customers could include money-can’t-buy experiences which show that you care about them as people (and not just as sales generators).
When you identify best selling styles you can revisit them the following season in a different fabric or finish and capitalize on the popularity of a particular design. Identifying best performing sales channels allows you to invest more funds into the areas that are working. If you see that wholesale works really well for you then you might like to expand this area.
Regardless on which platform you use for your website, you need to track website activity through Google Analytics so that you can thoroughly understand how your website is performing, where you are receiving traffic from, which pages you are losing customers on, where your visitors are located and how well your website is converting.
Handy reports to run from Google Analytics:
-Visitor locations: to know where visitors are located
-Popular content: to see which blog topics, pages and products are interesting to your audience so you can build more content along the same lines
-Landing pages: which pages your visitors are entering the site on
-Exit pages: which pages your visitors are leaving your site on – ideally this is your checkout success page but if it isn’t you need to now why people are dropping off on these pages
-Traffic acquisition sources: this will tell you how visitors are finding your site
-Top referring sites: ideally blogs which are talking about you!
-Coupon redemption: to see the success of sales coupons
-Sales performance: you can see this through the eCommerce area on your Google Analytics account
-Product performance: also in eCommerce
-Conversion rate: also found in eCommerce area of Google Analytics. Tip – ideally this is 1-2%!
Social media performance reports are important so you can see which posts perform the best, when your audience is online and which hashtags perform well.
Your email campaign platform (I recommend Mail Chimp) will provide campaign reports for each email campaign. It’s important to evaluate open rates, click through rates, day of the week and time of day for sending, as well as your content.
With email campaign reports you can also identify your most engaged subscribers so you can reward them. Invite them to a VIP event, give them a discount code, invite them to a pre-sale preview or send them a thank you gift to reward their loyalty.
Digital campaigns are pretty easy to report on, and if you have an agency managing your campaigns they will provide reports for you.
If you manage campaign yourself you will need to report via:
When running digital campaigns I recommend you analyse these weekly and adjust as you go, but that you also produce an end of campaign report for all stakeholders.
The key report to run is your Profit and Loss so you stay on top of your profits. Check this on a monthly basis and make sure you correct losses immediately! If you are not making profit you need to adjust your strategy accordingly- increase marketing, add more sales outlets, lower costs.
1. Run a website report for the previous month and analyse activity
2. Run a Facebook ads report for your last campaign
3. Run an email campaign report to see the success of your last campaign.
About the author
Vanja Stace is the founder and principle of The Fashion Darling School of Business.
The Fashion Darling was founded in 2015 and has helped many international designers. In July 2015 she won the Fashion Edupreneur 2015 Award, which recognises excellence in the delivery of educational programs in the fashion industry.
The Fashion Darling will be back next friday with tips for your fashion line. In the meantime, if you have any questions for Vanja, reach out to her on www.thefashiondarling.com.