When I come across a blog post, podcast episode, or event invitation with the words "growth hack," I assume the intended audience is in the tech space. I'm certain that I'm not the only merchant who feels this way.
However, as I took the time to answer interview questions from Stitch Labs, an inventory management software provider, one thing rang out loud and clear:
I've been growth hacking retail and manufacturing brands for over 20 years. It's likely you've been growth hacking your own business too.
However, as I took the time to answer interview questions from Stitch Labs, an inventory management software provider, one thing rang out loud and clear:
I've been growth hacking retail and manufacturing brands for over 20 years. It's likely you've been growth hacking your own business too.
Growth hacking is rapid experimentation across different segments of a business that can include marketing, product development or assorting, and selling. Simply put, it's pushing and pulling business levers that are in your control either independently or in coordination.
Using quantifiable or numeric data is one important piece of this experimentation and, when it's used well, can lead to rapid growth.
Recently I shared with Stitch Labs five inventory management key performance indicators that every merchant needs to adopt:
As you review your data, consider the big picture and ask yourself:
Using quantifiable or numeric data is one important piece of this experimentation and, when it's used well, can lead to rapid growth.
Recently I shared with Stitch Labs five inventory management key performance indicators that every merchant needs to adopt:
- Stock-to-sales ratio
- Sell through rate
- Forward weeks of supply
- Shrinkage
- Average inventory
As you review your data, consider the big picture and ask yourself:
- How does each insight relate?
- Do the insights suggest a consistent conclusion?
- Are there atypical factors that influence the insights?
