what it is and how to calculate – WAU
Tracking business metrics is essential for any entrepreneur who wants to succeed. Especially because the business world is increasingly dynamic, and all markets require companies to make an intense control of their operation in order to validate whether their strategies are being executed in the best possible way. Or […]
Tracking business metrics is essential for any entrepreneur who wants to succeed.
Especially because the business world is increasingly dynamic, and all markets require companies to make an intense control of their operation in order to validate whether their strategies are being executed in the best possible way. That is, it is a question of survival.
Also know that tracking metrics is essential for to know if the company’s actions are giving the expected result, according to its objectives and goals that have been set. In this way it is possible to deal with a scenario in which it is possible to make corrections halfway.
Therefore, we prepared this post to talk more about one of the most important business metrics: the average ticket!
The average ticket does not exist for nothing! It is with it that you can assess how much your customers are buying from you, in addition to checking which products generate the highest return.
Are you interested in finding out more? So, follow the reading with us.
What is the average ticket?
The average ticket is nothing more than the average value or the average of purchases that each customer makes in his business, be it in a physical establishment, a service that will be provided or in the online environment.
This metric is widely used by the retail and technology segments, but it should be applied in all others, since it is possible to evaluate their actions and plan how to increase their sales, obtaining even greater profits.
You can already understand a little how important this metric is, right? In short, it opens the eyes of the entrepreneur and the company to how much each customer is leaving money in this relationship.
In the next topic, we will bring up 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 can’t miss the opportunity to find out how your company is doing on this issue.
To calculate it, just take the company’s gross sales in a certain period of time and divide it by the sales volume of that time. Or, it can be calculated from the total sum of sales divided by the number of customers who made purchases during that period.
So, we have the following formulas to calculate it:
Average Ticket = gross sales / sales volume
Average Ticket = total sales in R $ / number of customers
To exemplify, let’s assume the following situation: in 30 days a certain store made R $ 10,000 in sales. This total was purchased by 50 customers.
So, we have that the average ticket for these 30 days will be R $ 10,000.00 / 50 = R $ 200.00
That is, in this case the average ticket indicates that each customer who entered the store, spent an average of R $ 200.00.
How to increase the average ticket?
One of the benefits of knowing the average ticket of your business is that in this way it is possible to focus on actions that can increase it more and more.
The logic for pursuing this is simple: each time the business manages to sell more to its customers, the more his average ticket will increase.
Thus, it is possible to increase the value of sales with the same customers who are already shopping with you and are loyal in some way. This generates more profit!
Therefore, here are a few quick tips to increase it.
1. Offer a good range of products
Regardless of the type of product you are selling, the greater the quantity of products that are interesting to your consumer, the greater the chance of buying and taking that “little thing”.
Also know that increasing your product mix will help you find all the items you need in one place. This can make you so happy that you won’t mind buying more than you planned.
2. Make products available strategically
Making products available strategically is also a great way to increase the average ticket of your business.
Starting a strategy in this direction is not difficult. First, make a survey of products that have a higher number of sales.
Once this is done, present them so that other products – which he would not normally buy – are together.
In this way, it is possible to stimulate the purchase of these other products and increase the average ticket of your business. But it is clear that it is not enough to put one “on the side” of the other, it is necessary to awaken the client’s attention and in this case it is worth using creativity to build this stimulus.
3. Don’t let the customer forget some items
Often, the customer will make purchases in order to buy a set of products. So, it is super valid to help you not forget all the items you need.
This is a great strategy that in addition to increasing your average ticket, makes the consumer associate your company as one that makes your life easier and does not let you forget anything.
That way, it will be possible to profit more and still retain the customer in a natural way.
A good example of this is when someone goes to buy things to cook in a supermarket.
If the establishment uses this strategy, it will do everything so that it does not only buy meat, but also coal, coarse salt, ice, beer, disposable dishes, among other items.
Realize that the simplicity of this example represents a lot as it is possible to increase the average ticket of the business in a real way and without much effort.
As we said earlier, the average ticket is one of the easiest metrics to calculate. So, be sure to rely on this information to make your business prosper even more.
Especially because, we live in times when business intelligence strategies are being built through information from the business itself. Starting to do this with the average ticket is a good choice.
Now that you know how to calculate the average ticket, understand what business budget is.