Four stores, two questions: where to put the money based on conversion
Advertising, better service or opening another store.
Three expensive decisions. And at a lot of companies they get made with the sales report and a whole lot of enthusiasm.
All I need is two numbers per store: how many people walk in and, out of every 100, how many buy. And two questions, measured against the average across your stores:
Are enough people walking in? Are the people who walk in buying?
→ North: few people walk in, but the ones who do buy. It needs to be found.
→ Central: lots of people walk in and few convert. The problem is inside, and more advertising would just bring in more people to leave without buying.
→ South: lots of people walk in and they buy. That's where you invest.
→ East: few walk in and few convert. Full review (and a very strong coffee).
The funny thing is that in the meeting, the money usually goes to the store that complains the most. And it's rarely South.
With two numbers you already know where to put the money.
(And compare similar stores: a big-box against another big-box. That's where I'm going in part 5.)
Which of the four do you have in your chain?
Publicado originalmente en LinkedIn.
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