I was recently asked to share about what my top focus is for our brick-and-mortar business and honestly, one of my answers is one that has stayed on our focus areas year over year: increase our average transaction. I know it doesn’t sound fancy, it definitely won’t be celebrated with bubbles or confetti, but as a brick-and-mortar business owner, I’ve learned time and time again that the health of our business is dependent on this one key performance indicator.
Truth be told, we overcomplicate increasing our business revenue. As brick-and-mortar business owners, I truly believe that you have TWO main objectives for revenue – bring in new customers and nurture and grow your existing customers. Every effort in your business should point to ONE of these goals.
It is completely normal for brick-and-mortar businesses to have busy and slow seasons. There will be times that you have less NEW business coming in. But what if you could increase your average transaction? What if instead of having 100 customers that month that spend on average $50 that you have 100 customer that spend $100? That would mean that you doubled your revenue without having to increase the number of customers coming through your door. Can you say heck yes!?
There are small (but oh so mighty) things that you can do in your business to increase your average transaction and that is exactly what we are breaking down for you in this episode. Whether you are a brand-new business or have been in business for years, it is always good to come back to the basics of analyzing your average transaction. So if you’re curious what’s working right now, what new things we’re trying that increased our service-based business by 7k last month and what strategies we use time and time again to upsell additional products, this episode is for you!
