You're launching a new retail project. Which KPIs should you prioritize to ensure its success?

To ensure the success of a new retail project, prioritize key performance indicators (KPIs) such as Gross Sales, Return on Investment (ROI), Sales per Square Foot, Inventory Turnover, Customer Satisfaction Rate, Conversion Rate, and Foot Traffic. These metrics help measure revenue generation, profitability, efficiency in space and inventory management, customer satisfaction and loyalty, sales effectiveness, and store visitation, respectively. By focusing on these KPIs, you can assess and improve the project's overall performance effectively.

Part: 1 1. Walk-ins: This can be increased through effective marketing strategies, appealing store visuals, excellent customer service leading to word-of-mouth promotion, offers and promotions, and maintaining a well-stocked inventory. Sub-KPIs to monitor include: - CSAT & NPS Scores for customer service monitoring - Marketing ROI and CAC for evaluating marketing strategies - % increment during offer periods to assess offer success - Proper inventory management and Inventory Turnover Ratio, Primary vs. Secondary sales comparison and sales analysis for optimal inventory planning - VM rating by the VM team and mystery audits for VM & Service to ensure the best visual merchandising and customer service

Part: 2 2. ASP and 3. UPT : These can be increased through upselling and cross-selling, which require strong selling skills, objection handling skills, in-depth product knowledge, proper inventory plans, and effective visual merchandising. 4. Conversion Rate: This can be improved through excellent customer service and selling skills, required regular and robust staff training. The effectiveness of these trainings should be ensured through continuous monitoring and mystery audits. By focusing on just a 10% improvement in each of these four KPIs, you can achieve a 46% increase in overall sales. Therefore, avoid complicating matters with additional KPIs and concentrate on these four key areas.

While ROAS and lookalike audiences are powerful here, also consider CLV. Can your product be a loss leader or subscription that brings in longer term buys? It doesn't necessarily have to stand on its own.