Aug 7, 2023
With host retail coach Wendy Batten
https://wendybatten.com/169/
Hard truth to start off the podcast today: More sales
will not necessarily make you more profit! I am a firm believer and
you all hopefully know by now that I do not believe in chasing
sales. Today on the podcast we are going to talk through 5 ways you
can improve your profit margins and why you should. Let’s work
together on building a business that works for us, not the other
way around. Here we go!
1. Price your goods properly. We have a whole Buying &
Pricing Masterclass in the Retailer’s Inner Circle, but the short
explanation is not to just use MSRP, copy your neighbors,
etc.
“Being ‘nicely’ priced is going to put us out of
business.” -Wendy Batten
2. Buy your merchandise properly. This is when you
make your money! Think strategically about your margins when you
are purchasing from vendors, at trade shows, etc.Find sell offs and
walk away from low margin items.
3. Strategically place your products with the highest
margins in the most visible, high traffic areas of your shop.
4. Demo your products. Let your customers touch,
feel, see how they work. Trust me – this works! You can demo
with ANY products in your shop.
5. Bundle your higher margin products with other
products. Offer different price points for your bundles, offer
themed bundles, etc.
Taking small steps to feel more confident in your
financials is key to feeling good and in control of your beautiful
business. By analyzing your profit margins, you are on your
way.
If you found this episode helpful, please share it
with at least one of your business besties!
If you are looking for more, remember that my Retailer’s
Inner Circle is always open. The perfect time for you to join
us is NOW – ahead of Q4 and right before we start talking holiday
sales! You’ll get access to tons of masterclasses (including my
Buying and Pricing Masterclass referenced in this episode!)
You’ll also have full access to Retail Made Simple, my signature
course and an exclusive Facebook group full of like-minded
retailers from all over the world. Jump in today!
Related podcasts we think you’ll like:
Episode 109
– Money Mindset, Abundance, and Bad Ideas with Guest Expert Emily
King
Episode
104 – Tight on Cash Flow? Let’s Turn Your Old Inventory Into
Cash for You
Episode
89 – Money Talk & Mindset with Profits First Coach April
Stroink
About your host, Wendy Batten
In case we haven’t met yet, I’m Wendy, a small
business coach and founder of the
Retailer’s Inner Circle, where I help other independent shop
owners learn how to gain the right business skillsets to see more
profits, paychecks, and joy as they navigate running their retail
business.
Through online classes, business coaching programs,
speaking, and a top-ranked podcast,
I’ve helped hundreds of retailers around the globe reclaim their
dream and see the success they want from their beautiful shops. My
signature private coaching community, The
Retailer’s Inner Circle, has helped retailers around the world
build their retail business skill sets and confidence.
I am proud to have been featured in several major
publications, including my own business column in What Women Create
magazine. I have been privileged to be a guest on top-ranked
podcasts and sought-after as a guest speaker and teacher for
several brands, associations, and communities that are passionate
about the success of independent retailers.
When I’m not coaching, you will find me either DIYing
and renovating my very imperfect old crooked cottage by the sea in
the UNESCO World Heritage town of Lunenburg, NS, or blogging about
our travel and RVing adventures and the weird fun things we get up
to in our coastal village. I’d love to invite you to check out one
of my free resources for real retailers at https://wendybatten.com/free-resources/
For more support from Wendy
Retailer’s
Inner Circle – Join Wendy inside the best retailer’s
community
Wendy’s FREE Resources
for shop owners
Hang out and connect
with Wendy on IG
All of Wendy’s programs and services for shop owners
can be found HERE.
Subscribe & Review in iTunes
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love you to consider it. Subscribing means you won’t miss an
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want to be more of a rockstar, I’d love it if you could leave a
review over on iTunes as well. Those reviews help other
retailers find my podcast and they’re also fun for me to go in and
read.
Just click here to review, select “Ratings and Reviews” and
“Write a Review” and let me know what your favorite part of the
podcast is. So grateful for you! Thank you!
