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Episode Summary:
I know…nobody wants to talk retail math and numbers. I get it. There are so many numbers we feel like we should be looking at within our business like profit and loss, balance sheets, etc, etc, etc. and we don’t quite know where to start.
In this episode I’m sharing three major (but simple) metrics that you’ll want to be able to rattle off at the drop of a hat! These are numbers that I didn’t even know existed when I first started running my shop. My shop was busy, we were making money… but I honestly had no clue where it was going. Or how to use these numbers to increase sales. Scary.
Do you know your KPI – Key Performance Indicators? They will help you PLAN FOR PROFITS and growth! It will help you find those little tweaks that will make all the difference in your sales. Here are three you’ll want to measure:
1. Foot Traffic
2. Conversion Rate
3. Average Transaction Value (aka as Average Order Value or AOV)
But where do I find these numbers and what do they mean? Why should I care about them? Today we are walking you through all of the processes of HOW to find the math behind your KPI’s and why. So grab your coffee and calculator and let’s get started!
Simple Math Formula:
| Customers | Customers that Purchase | Conversion Rate | Average Sales per Customer | Total per Day |
| 10 | 7 | 70% | $40.00 | $280.00 |
Now PLAN FOR GROWTH! If we strategize and push the gas on marketing, we can start to see positive change!
5 new customers, with an increase in conversion, and a little increase in AOV – look what tweaking “the math” can do!
| Customers | Customers that Purchase | Conversion Rate | Average Sales per Customer | Total per Day |
| 15 | 12 | 80% | $50.00 | $576.00 |
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A quote for you to take away…
“We’re on the plane, we know where we’re going, now we need to know how to use the dials for lift off – learn to adjust and tweak the dials to increase your profit and soar!” – Wendy Batten
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Did you find this helpful? Do you want more help so you can soar?
Don’t miss – my small group coaching course: Retail Made Simple
The doors are open and we start May 31st, this signature course is a four week, small group intensive that will give you access to:
- weekly group coaching calls with me
- a private and supportive Facebook community of retail owners and lifetime access so you can review the training when you want.
There are four modules of self guided, easy, bite-sized trainings and accompanying resources to get your retail business going and growing.
So come to summer camp with me – sign up today and join me!
This podcast is sponsored by my Retailer’s Inner Circle:
If you’re like many creative retailers I know, you’ve gone online for business information or support, but the info you find doesn’t apply to a physical brick-and-mortar store or a creative retail shop. You’re searching for help and answers because you’re heart-centered first, you’re worn out wearing ALL the hats, or maybe your marketing is a little messy.
You love your brick-and-mortar store but you feel it has taken over every aspect of your life!
Ready for a community custom-made for you?
If you are interested in joining our community you can sign up for our waitlist! Doors to the Inner Circle will open again soon! Join the waitlist here.
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