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Episode Summary:
A replay from Episode #58 for our Encore Series this month! We are featuring some of our most popular and most downloaded podcasts for this round and you won’t want to miss them! They are extremely relevant as you are planning for the holidays. It’s important to level up and become that CEO right now. Enjoy!
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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 |
Join the Rockstar Retailer’s Facebook community! I love hearing about your a-ha moments and any feedback you may have!
A few quotes for you…
“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
Holiday Sales Bootcamp & More!
The bootcamp will be running for the whole month of August inside my Retailer’s Inner Circle! Start getting ready for the holidays and Quarter 4 now.
Inside my inner circle, we have amazing, encouraging retailers who learn to level up their promotions, marketing, and more, so they can enjoy their customers who walk through the door!
We also have Foot Traffic Made Simple – my mini course that helps you understand and serve your customers the experience that they want.
My Free Facebook Group: Rockstar Creatives – where retailers can talk amongst themselves and ask questions
Find Wendy – Subscribe, Connect & Share Your Favorite Episodes
For more great content and helpful tips to grow your creative retail shop, visit Wendy’s website. Follow Wendy on Facebook and Instagram, subscribe on YouTube, and don’t forget to share your favorite episodes with other creative retailers.
Thanks for tuning into this week’s episode of the Creative Shop Talk Podcast. If you enjoyed this episode, please head over to Apple Podcasts or Google Podcast to subscribe to the show and leave your honest review.
This podcast is sponsored by my Retailer’s Inner Circle:
If you want to elevate your skills as a shop owner, and have been searching for a community custom-made for you, join us inside the Retailer’s Inner Circle.
My monthly membership group is for motivated and savvy shop owners who want to level up their retail skills, so that they see more profits in the till and joy in their life.
Imagine spending less time in your business and more profits at the end of the day because you’re laser-focused on doing the right things?
Our members include independent, heart-centered brick and mortar shop owners with all levels of experience. From start up to multiple years of experience; including solo-preneurs, makers, booth space owners, and more.
Finally! The answers you’ve been looking for and the community you’ve been craving. Stop wondering if you’re doing it right. We’ve got you.
We focus on helping you become the confident CEO of your independent brick and mortar. It’s education + encouragement + a supportive community you will love!
Don’t miss the next opening for new members – get an invitation here.
The Shop Owner’s Game Plan
Just enter your email below to get this FREE retail video training worksheet!
If you’re a heart centered shop owner wondering what to do next in your retail biz, this is your game plan!
It has my 7 key business foundations and action steps for you to put into action to grow your retail business and position your store as the go-to in your market.
