Two of my favorite expressions.
“That which gets measured gets improved.”
“To know your numbers is to grow your numbers.”
Just the process of tracking and the awareness of the numbers has an impact on the upward movement of the numbers.
It is almost magical.
So, to get your numbers a’jumpin’, tracking your stats.
There are a few basic ones to start with.
The big three are:
1. Total revenue. Count the money. Add it all up. This is to be done daily, weekly monthly, quarterly and annually. Running a year-to-date total and comparing it to last years YTD is a great way to see where you are and where you are headed.
2. Average ticket. Total revenue for these periods divided by total head count. This is your read on your ability to upsell. The get each and every haircut client beyond buying just the base haircut service.
3. Total retail sales. This is just the dollars coming in from the sale of products. Add them all up. This is an important number as each and every one of these dollars is a more valuable dollar. Your profit per dollar can be so much higher on merchandise and therefore this is a key metric in your success.
An additional stat is to look at average retail per ticket. Total retial divided by head count for the period. This again, like average overall ticket is a measure of penetration. You want this number in serious growth mode.
If it helps you to see progress plot these numbers on a graph. You can use a digital format or simple graph paper and a pencil. I am old school. I like the pencil. Seeing sales progress expressed visually helps people see things in a very clear way. Up is not only up but it LOOKS like up. And when the line dips you are sent a very strong message.
Tracking should become a habit. Every day at the end of the day. It will take seconds. If you wait a week or for the end of the month you might lack some of the data. You will also have a time-consuming job on your hands. Then you will be less likely to do it. As a daily task it takes less than three minutes.
Technique of the week
This week is a 2-fer.
Hold This – Hand the product to the client. Possession leads to purchase. Engage their sense of touch. By holding it they begin to develop a relationship with the product.
Take Your Own – While they hole one, you grab one. Makes the distinction that the one they are holding is theirs. If you wish to point out something on the label do it on yours. Never take the product away from the client once it is in their hand.