Are you ready to discover what to do and how to do it so that you can inspire customer loyalty and improve your customer retention rate?
The conversations about how to grow sales and increase profit are taking a turn for the better as small and creative business owners search to understand the financial and non-financial implications of attracting new buyers.
The conversations about how to grow sales and increase profit are taking a turn for the better as small and creative business owners search to understand the financial and non-financial implications of attracting new buyers.
In fact, according to Invesp, it costs 5x more to attract a new customer than to keep a current one. And, if you improve customer retention by just 5%, you improve profits by 25% (and as much as 95%).
Still not sure about where you land on the topic of new vs. current customers?
Ask yourself this:
● Do you love a good social media poll?
● Are you endless curious about what your customers like?
● Can you spot patterns in behaviors or processes?
● Do you strive to do what you’ve committed to doing?
When you ask your business questions in a way that helps you to attract customers or pull your current customer-based even closer, you’re inspired by data.
Data is powerful information that can range from simple to complex.
I’m sure you know the retail industry is trending toward using data to make profitable choices. In a world full of unknowns, the best way to improve confidence and clarity when making inventory investments is to ask better questions in order to make better informed decisions.
How do you ask those questions? Where do you look for answers?
Often, the answer is within.
But what happens if you have a small business? A new business? A creative business that’s un-inspired by record keeping? A changing business?
If you want to improve your customer connections in order to improve your sales, you need data. But, as a small retail business owner or maker, you need to know:
● What to look for
● Where to look for it
● What information is helpful
● What information to ignore
In this week’s episode of Retail Charm School: 10 Things That Lead to Small Business Profit, we’ll explore why data should inspire your decisions but why it shouldn’t drive them.
Still not sure about where you land on the topic of new vs. current customers?
Ask yourself this:
● Do you love a good social media poll?
● Are you endless curious about what your customers like?
● Can you spot patterns in behaviors or processes?
● Do you strive to do what you’ve committed to doing?
When you ask your business questions in a way that helps you to attract customers or pull your current customer-based even closer, you’re inspired by data.
Data is powerful information that can range from simple to complex.
I’m sure you know the retail industry is trending toward using data to make profitable choices. In a world full of unknowns, the best way to improve confidence and clarity when making inventory investments is to ask better questions in order to make better informed decisions.
How do you ask those questions? Where do you look for answers?
Often, the answer is within.
But what happens if you have a small business? A new business? A creative business that’s un-inspired by record keeping? A changing business?
If you want to improve your customer connections in order to improve your sales, you need data. But, as a small retail business owner or maker, you need to know:
● What to look for
● Where to look for it
● What information is helpful
● What information to ignore
In this week’s episode of Retail Charm School: 10 Things That Lead to Small Business Profit, we’ll explore why data should inspire your decisions but why it shouldn’t drive them.
Watch the Complete Episode
Next Steps
If you want to learn the math that leads to retail profit, sign up to be the first to know when Merchant Math Pricing for Profit opens for registration this Spring!
