I said that your low hanging fruit is CPA, because based on your answers, it appears that your best opportunity is to get new customers.
CPA stands for "cost per action".
The word "action" is used because it can be used in many contexts.
It could be used to measure "cost per lead", "cost per customer", "cost per visitor", etc.
So you can use CPA to measure whatever you want.
I tend to use it to measure the cost to acquire a customer because it forces me to think about quality. You can track cost per lead, but that doesn't mean you get a high quality lead. You can generate $1 leads, but if they live in a different country and they hate to come in your store to buy, the $1 was wasted.
When you track CPA, you are tracking the expense side of customer acquisition. It doesn't take revenue into account.
It answers the question: “how much are you paying to acquire a customer?".
The lower your cost, the more customers you can get.
The mistake many entrepreneurs make is they don’t track this number & their cost can get out of hand.
For example, let’s say it’s costing you $100 to acquire a customer.
If you got that cost down to $50, with all else being equal, you just doubled your business.
So my suggestion is to look at how much you spend to acquire customers and optimize it.
The best way to do that is to model someone who is great at it.
That person is Justin Brooke, owner of AdSkills... a company that specializes in teaching entrepreneurs how to get new customers using online advertising tools like Google & Facebook.
He is the paid traffic expert that trained many of the paid traffic experts out there today.
He ran ads for Agora Publishing, which sells over a billion dollars per year in information products.
He tried everything. He saw all the data. He experimented daily. And he had a practically unlimited budget.
He knows what works, and more importantly, what doesn’t work.
It’s easy to spend money on these channels & even easier to waste that money.
But if you learn the right way, the first time, you can reduce your advertising expense... dramatically.
I believe in him so much that I invested over 2k in his program: