Do you think you can reveal the true potential of your products? If you are not sure about your answer, we can say that you are not able to reveal the best of your overall business marketing performance. Because products with high sales potential are the products that are most interacted with by users and can bring you the best results.
Of course, it is significant to create different strategies for below-average-performing products and improve them. But does this mean that you consider products that are already performing well as winners and put them on the back burner? Of course, no! Detecting these products and making them more visible to users would be a much smarter move for you.
If you detect products with high sales potential, you will actually have a very good route for yourself. In this way, you will see the products that attract the attention of the users, and you can use these products as an example when creating different strategies in the future. You'll also make the process of converting potential customers into actual customers much faster with products with high sales potential.
What Does High Sales Potential Mean?
High-potential products are those that best match users' search intents and are of interest to them. Because in the process of converting users from leads to actual customers, if your products do not meet these requirements, your products usually have low sales potential. That's why there are certain metrics that allow you to tell if a product has high potential. Let's see what these metrics are!
1) Product Detail Views
One of the biggest indicators that users interact with your product is the high product detail views. Because this shows that your products attract users at first glance and make them want to get more information about your product. Remember, the first impression is always important😊 So, if you have attracted the attention of the users with the first impression, this shows that your product has successfully passed the first stage in the purchasing process. Thus, you can understand that the product is successful in the first step to achieving the expected performance. In the next step, after you introduce your product visually to the users, on this page where you explain the details about the product, you can give them the information that will provide them with the best performance and then take them to the next step.
The more users want to get to the details of your product, the more it can give a little insight into whether the strategies you used to promote your product are correct. So this metric is very important to understand the interaction between users and your product. Therefore, one of the most important metrics to understand whether a product has high sales potential is product detail views.
2) Product Added to Cart
Another way to see if a product is performing well and has high sales potential is to look at the cart add rate. Of course, unless your competitors are trying to trick you into getting the wrong data😊 Because no user wants to go to the trouble of adding a product that is not really interesting to their cart.
Of course, the process of converting leads into actual customers may not always go as expected. Users may give up buying your product at the last moment or technical problems may occur. However, the add-to-cart rate is an indication that the user is really interested in your product and that it is a product that fully fits the search intent. A high ratio means that you are promoting a product with enough features to be purchased by many users. That's why products with a high rate of being added to the cart are considered products with high sales potential.
3) Cart-to-Detail Rate
Also known as basket-to-detail rate, is calculated by dividing the times a product is added to the basket by the views of the product details.
With this metric, you can find an answer to the question of whether your product meets the expectations of users. A high rate can also show how many users your product appeals to. Because if this rate is too low, it shows that your product does not attract the attention of users enough, so users do not add the product to the cart. As we mentioned above, users only added products that really interest them. In other words, if you cannot catch the user's attention and purchase enthusiasm at the first impression, probably that user will not become a valuable user for you.
Therefore, in order for a product to perform well in the process of converting potential customers to actual customers, it must be successful at these stages. With this metric, which is one of the best ways to measure it, you can easily detect products with high sales potential.
4) Product Unique Purchases
It is calculated by dividing the unique products bought by the number of times that product has been visited.
Of course, it will be useful data for you to see how much a product is sold. However, knowing how many different users purchased a product can be even more useful. Because some families are very crowded and parents can buy more than one product for their children because they do not want to deal with it 😊 Therefore, knowing how many different users interact with your product and complete the purchasing process is the data that can create many different strategies for you.
A high rate of product unique purchases indicates that your product appeals to a wider audience rather than a limited number of users, and therefore has a high sales potential. By detecting these products, you can make them stand out more and bring you more feedback.
How to Ensure Detecting Every Opportunity-Creating Product
In fact, when you search on Google about how to detect these products, you will come across many tools and different methods. One of them is Google Analytics. However, if you have not used Google Analytics before, this analysis process may be a bit disappointing for you ☹ Google Analytics can be quite challenging at first with its complex structure and almost unique usage language. This causes you to waste your time with a data analysis tool while trying to save time. We are sure that the last thing you want is to waste time in the eCommerce world where you want fast results.
When you give up on this complex structure and start looking for different tools, another problem you may encounter is the collection of the data you want from a single channel. Instead of collecting data from different channels, many product research tools collect data from a single channel and list the best products of that channel. As a result, the data needs to be re-evaluated by you and a new ranking should be made.
Think you can't find the perfect product performance analysis tool you're looking for? Don't worry, heybooster is here!
heybooster has only one purpose, and that is to provide you with the analysis you want in the fastest and easiest way😊 That's why heybooster tries to ensure that you can easily access the list of your high-potential products with just a few clicks and create strong strategies.
heybooster creates a score depending on the rate of your products being viewed and added to the cart, and based on this score, it shows that your products are likely to be purchased. Thus, thanks to this scoring system, you will have much more powerful data on the performance of your products instead of dealing with long analyses or estimated numbers.
Moreover, heybooster collects data not only from a single channel but from all channels, providing you with detailed information about your overall business marketing performance. In this way, you do not need to make a list again and choose the best products.
Then let's see how you can easily get this information from heybooster!
1) The first thing you need to do to find high-potential products with heybooster is to register!
2) In the second step, click Integratiıns on the left and connect the data sources and heybooster.
3) In the third step, click Insight Categories and run the Product Performance package.
4) Click Products with high sales potential from the page that opens.
And that's it, now the data you want is in front of you. If you wish, you can be notified when there is any change in the data by clicking the Set a Notification option, so you can keep control.
Conclusion
To summarize, you can increase your overall business marketing performance by detecting products with high sales potential based on certain metrics. Thus, you can save both time and budget. You can also focus on products that interest users instead of wasting time on products with low conversion rates.
The tool you need to detect these products is heybooster. With heybooster, you can detect products with high sales potential in the fastest and easiest way and create new strategies.
Join the world of heybooster now!
