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Inventory Genius Part Three (ep 110)

boutique business boutique business tools boutique ownership education inventory product-based business profit first the inventory genius podcast Jan 24, 2023
 

Here's another bite-sized, actionable step to take and implement in your inventory-based business today. In this episode, we're talking about keeping more money. More money on the bottom line, more cash in the bank account, a paycheck for you: these goals are achieved by increasing top-line sales.

At the end of the day, we all just want more money in our businesses, in our bank account, to take home. We want to feel like we have a legit business, and this is often connected to keeping more cash. 

A high top-line number doesn't necessarily mean that we have more money to live by.

Fine tuning our financials means we can increase our sales in a smart way. We can learn a variety of tools to increase top-line sales.

 

There are four ways to create more top-line revenue:

  1. Increase our conversions.
  2. Increase our average ticket (order value).
  3. Increase our traffic.
  4. A mix of some or all of these pieces.

Increase Conversions

If you're not currently tracking conversions, I want you to start doing this now. It's hard work, but you need to know what your traffic actually looks like. This is the number one thing that will help you increase your conversions. 

Here's how to calculate your conversion rate: take the people that come in and see how many make a purchase. Then, divide your purchases by overall traffic number. 

Once you track your conversion rate, you'll be able to set a benchmark goal for what you want this number to be.

This also works for eCommerce.

How can we increase this conversion rate? Think training systems for staff, email follow up for eCommerce...

Increase Average Ticket (Order Value)

For brick and mortar stores, the fitting room is the best place to make this happen. Let people know what you want to do for them and then work to make more sales. For example, merchandise the fitting room with extra pieces. 

There are tools and apps you can use for eCommerce to help with bundles and add-ons. Use free shipping as an incentive for customers to increase their average ticket.

Increase Traffic

This is one of the harder areas to target right away. Getting more people to your site or store can be tough. Think about advertising, partnering, creating brand ambassadors and networking to really get your name out there.

 

Here's what to do today:

Look at these three steps and decide where you're going to start. Put a plan into place and start acting on!  

Also, the next round of my top-tier 6-month mastermind program is on the horizon. I'm only opening it to 30 people, and spots will fill fast. If you want to be one of the first to be considered, please join the waitlist. There's no obligation, but you'll get advanced notice of when the spots open. Join here.

 

Get on the Waitlist for Ciara's Forthcoming Book

Here's a glance at the episode:

[2:50] Let's talk about how to keep more money.

[4:40] Ciara breaks down each of the ways through which you can increase top-line revenue.

[11:52] Your bite-sized, actionable step for today!

Click here to listen!

*Don't forget to leave a review of the episode on your favorite streaming service.

 

Questions? Want to learn more about working with me? Please feel free to get in touch by emailing me at [email protected].

 

 

 

 

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