Last night, I received a question from one of my students and VIP clients. It’s a tricky (loaded) question and I think the answer will help not just Grace, my client, but everyone.
Side Note: I use Slack with my team and VIP clients to communicate quickly – I only work with 6 coaching clients at a time so it works GREAT! I’m not an affiliate, I just love the app because it reduces my # of emails.
Here’s how the discussion went down…
graceA [7:50 PM] @grace I have a goal go sell 800-1000 units at new price ($125) per month – is that unrealistic?
janehamill [7:50 PM] @grace at the moment it’s probably unrealistic but it may not be in the future. Are you talking all of these sales to come out of your retail store? If so, write that down into the number of units per month, per week, per day. And, of course, not all months are created equal so consider that as well. Then figure out if I need to sell 10 dresses per day how many people need to enter the store to have a conversion of 10 units per day.
graceA [7:55 PM] @janehamill No, I want most to be online sales.
janehamill [7:57 PM] @grace Ohhhhh – that changes everything! For the better…OK. To sell that much online, you can work it backwards… 800 units sold = $100,000 in sales per month. Absolutely doable but not quickly. You need to determine some key numbers and in all honesty, you’ll be guessing at a lot of this in the beginning (planning is guessing – but it’s a good place to start. What % of web traffic will place an order, what’s the total # of unique visitors you need per month. What’s the dollar amount of each order? If you want to sell $100K/month, you need to know the average purchase amount from each customer, and how many of your web visitors will become actual customers.
janehamill [7:59 PM] @grace Wait a sec…how about I do a Podcast and explain this in detail?
So here we are, taping a podcast with the answer…
Want this as a PDF?
There’s math involved in this episode. While I LOVE crunching numbers – # of visitors needed to site, conversion percentages, average pricepoint, # of units per sale – I know it’s not everyone’s favorite thing. So I put together a handy PDF for all of you visual learners.
Here’s what’s cover in this episode…
- The 5 things every online store needs to get consistent sales
- The actual math around driving enough traffic and getting enough conversions
- Organic growth vs. fast growth including what your budget has to do with it
- The 4 main factors to growing your site organically for long-lasting success
- “Typical” conversion rates for an online apparel store and what Grace can expect from HER Shopify site
Now it’s YOUR turn.
Was this episode helpful?? Let me know what you think in the comments – I LOVE hearing from you!