Best Practices
05.01.2024
TLDR
JADED CBD, a disruptor in the cannabis market, tracks weekly KPIs like site traffic, conversion, sales, and average order value, while monthly assessments include balance sheets and financial statements. Airboxr offers automated reports for founders, such as the Source Medium Performance Hop for weekly metrics and the Order Export Hop for detailed order information. Monthly financial statements can also be extracted from accounting software like Xero with Airboxr, facilitating growth tracking.
In just four years since its inception, JADED CBD, founded by New York-based Kaelyn Nicks, has revolutionized the cannabis drug market. Their rapid growth and significant impact in such a brief period garnered Nicks’ recognition as one of the Disruptors of 2021 by Disruptors Magazine. Beyond their commitment to stress relief products, JADED CBD prioritizes sustainable production and minimal environmental impact.
“Every week on Monday mornings I run a KPI assessment where I look at things like site traffic, conversion percentage, sales, units sold, and average order value. Those are the top metrics on a week-to-week basis,” says Nicks in an interview. “Based on the numbers and results, I’ll identify any significant drivers of that performance.”
“On a monthly basis, I’ll review my balance sheet, my P&L, and my cashflow statement - those are the trifecta from a financial standpoint.”
Nicks also mentions looking at other metrics like LTV and CAC, but her main focus is in understanding “how much is coming in, and how much is going out”.
If you’re a growing founder-led brand, you can automate the same reports that Nicks uses to track growth at JADED CBD. Here’s how:
Weekly KPI report
You can get an overview of your store’s traffic sources, conversions, and sales for the week using Airboxr’s Source Medium Performance Hop. This ranks your traffic sources according to their effectiveness at driving traffic, while also showing traffic, sales and conversion numbers. You can run it for the past 7 days on schedule, so your spreadsheet updates with fresh numbers in time for your Monday morning review.
To track your store traffic, conversions, and sales on a daily basis, use our Source Medium Performance over Time Hop. This gives you a day-by-day breakdown of all your key metrics.
Our Orders Hop gives you a daily summary of your total orders, total sales, and units sold. You can also easily use this to calculate AOV by dividing total sales by total orders.
Alternatively, view these metrics on Airboxr’s in-app KPI dashboard:
For a more detailed report, use our Order Export Hop and review the full order information of every order within the past 7 days.
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Monthly financial statements
Most companies would work with an accountant on their finances, or manage them through accounting software like Xero.
If you use Xero for your accounting, you can pull your past 6 months’ P&L report into your spreadsheet automatically using Airboxr through our Xero integration. Let us know via the in-app chat if you’re interested in seeing more Xero reports.
And there you have it. Using these automated reports, you too can review the same top priority metrics as Kaelyn Nicks from JADED CBD.
