Shownotes
In today’s episode, we are talking about why revenue equals vanity and profit actually equals sanity. We’re going to talk about some of the things that you can look at and tweak in your business to make sure that you are making that all-important revenue.
If you enjoy this episode, please subscribe, rate, and share the show – it would mean the world to us. There’s more to come and we’re looking forward to sharing how to sell more on your online store in our podcast.
Episode Highlights
- Revenue is vanity and profit is sanity [00:52]
- Revenue is the money that you’re making [01:38]
- Profit is revenue minus expenses [01:44]
- Work out what your profit margin is [06:02]
- Three percent is a good conversion rate for eCommerce [06:48]
- Do not buy Facebook fans or Instagram followers—quality over quantity [08:25]
- Aim for a 30% repeat purchase rate [10:25]
- Some things you can do to drive profit [12:50]
- Build your price rise campaigns into your marketing calendar [14:03]
- Every dollar of income you get should be split up into different buckets [17:15]
Links Mentioned
- Know what metrics to track in Episode 24
- Learn how to utilize Google Analytics in Episode 42
- Learn how to set your product pricing in Episode 2
- Make some changes and increase your conversion rate in Episode 6
- Check out Profit First by Mike Michalowicz
- Jump on the waitlist for a special offer on our Ignitor course
- Join our free group Unstoppable eCommerce Entrepreneurs on Facebook
