This week we are spotlighting Tracking your Discounting Dollars. There aren’t many subjects in our industry more contested than discounting. Some of you never discount, some of you may build it into your mark ups and some of you feel you can’t live without it. Whatever your stance on discounting is, it’s important to understand the effects that it has on your business.
Edge Pulse has quite a few areas that allow you to analyze the effects of discounting in your store!
From the Dashboard Sales Analysis, you can see your discounting as a Daily, Monthly and 28 day figure.
- You can view discounting by associate. By clicking on a particular sales associate bar and using the important drill downs you can see this individual’s discounting. Can’t find it? Scroll right!
- You can view discounting as a total store figure using the Sales KPI gauges. These gauges show you the total dollar being discounting for the chosen time frame and the percentage as well. Want more detail? Click on the gauge and each discount is clearly shown.
Don’t forget when you get your drill downs that you can export them all, so you can print them if needed!
Using Coaching – Sales Associate, reporting on individual discounting is fast and easy!
- Select your associate & the Discounting KPI – you can see this associate’s average discount but you can also see the percentage of their sales they’re discounting. Does this associate rely on discounting to close their sales?
- Click the number under the ranking column and you can see where this associate ranks in discounting compared to their fellow associates. Hover over one of the other names & you can see the difference a little less discounting can make.
- You can set a goal for each associate to achieve a lower level of discounting. Do you see that figure in the middle of the screen that tells you how much your Net Profit increases by dropping discounting a few percentage points? And that’s only for one associate!
Using Coaching – Store you’re able to report on the effects discounting has on the store overall
- Just like in Sales Associate Coaching, you’ll choose the Discounting KPI but now we’re seeing the average discount of the entire store. Set a discounting goal here for the entire store and look at the Net Profit increase!
Using Benchmarking – Market Trending
- You can see how your discounting over the last 21 days has increased or improved over the same 21 days for the previous 2 years. Market Trending can be fun by category or by vendor. Are other stores having to discount a category or vendor that you’re not? Are you?
While our business models are very different, especially when it comes to discounting, one thing for certain is that discounting at any level can have a big impact on our bottom line.
This time of the year when sale prices abound, it’s imperative we have the valuable information from Edge Pulse at our fingertips! On January 1st, we’ll all wonder how we ever got by without it!