With host retail coach Wendy Batten
https://wendybatten.com/podcast-intro/
In This Episode:
I'm diving into the three big metrics I encourage my retailers to track and improve in order to increase sales especially during the holiday season. And what's more important than that this time of year?!
We dug into the importance of tracking these metrics a few weeks back with my retailers at the Level Up Mastermind meetup. It gets me fired up to talk about these things because I know just how effective an intentional marketing plan can be if you are tracking the right numbers.
So let's start there! The first thing you want to be clear on is knowing your numbers: Before you put any marketing strategies in place, you need to focus on knowing exactly how much money I need to make. This includes knowing how much you need for rent, payroll, insurance, etc. Once you have this number, you can reverse engineer to determine how you are going to make that money. This means setting foot traffic goals, tracking conversion rates, and increasing average order value (AOV).
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Foot Traffic: How many customers you need to enter the shop in order to hit your financial targets. I recommend writing it out: "I need X customers by [date]."
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Conversion Rate: Track how many visitors make a purchase, and then focus on ways to improve it—whether through better in-store experiences or staff training.
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Average Order Value (AOV): You should always be looking for ways to increase AOV, using value-add promotions instead of just relying on discounts.
By knowing your numbers and working backward, you can create a clear, actionable plan to increase foot traffic and improve your conversion rate and AOV.
Thanks for tuning in! I would love it if you would share this episode with other retailers who might find it helpful. Let's grow together!
Related podcasts we think you'll like:
Episode 143: How to Plan and Host Successful Events and Promotions in Your Shop
Episode 145: How to Market Promotional Events in Your Retail Shop
Episodes 163-166: Simple Sales Strategy Series
About your host, Wendy Batten
In case we haven't met yet, I'm Wendy, a small business coach and founder of the Retailer's Inner Circle, where I help other independent shop owners learn how to gain the right business skillsets to see more profits, paychecks, and joy as they navigate running their retail business.
Through online classes, business coaching programs, speaking, and a top-ranked podcast, I've helped hundreds of retailers around the globe reclaim their dreams and see the success they want from their beautiful shops. My signature private coaching community, The Retailer's Inner Circle, has helped retailers around the world build their retail business skill sets and confidence.
I am proud to have been featured in several major publications, including my own business column in What Women Create magazine. I have been privileged to be a guest on top-ranked podcasts and sought-after as a guest speaker and teacher for several brands, associations, and communities that are passionate about the success of independent retailers.
When I'm not coaching, you will find me either DIYing and renovating my very imperfect old crooked cottage by the sea in the UNESCO World Heritage town of Lunenburg, NS, or blogging about our travel and RVing adventures and the weird fun things we get up to in our coastal village. I'd love to invite you to check out one of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Retailer's Inner Circle - Join Wendy inside the best retailer's community
Free resources for shop owners
Hang out and connect with Wendy on IG
All of Wendy's programs and services for shop owners can be found HERE.
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