Tuesday Tip Quick Tip to Increase Your Average Order Value

5:31AM Nov 23, 2022

Speakers:

Tracy Matthews

Keywords:

jewelry

business

figure

tracy matthews

scale

strategy

tuesday

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west elm

enjoying

dm

average order value

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thrive

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This is great for people who are trying to add some extra money and cash flow to their existing business where sales are coming in, but maybe not at the level that they would like it. Welcome to thrive by design, the podcast for ambitious independent jewelry brands, looking to profit from their products, get ready to make more and sell more doing what you love, without spending every single waking minute doing it. Hey, and if you're a creative fashion or product based business, I want to welcome you to the show. I'll be dropping big tips on launching, growing and scaling your business. So you can spend more of your precious time using your creativity to make money. You ready? All right, let's do this. Welcome to Tuesday's tips. It's Tracy Matthews here with a quick one for you today. And just a little shameless plug for a masterclass that I love to do at the end of the year called an inside look at a seven figure jewelry brand. On Thursday, when I release my full length episode, I'm going to be chatting about the mindset of a million dollar maker. And it's so awesome. And I'm excited to share that with you. And I want to really dig deep into this not only on the podcast, but also to share with you what it really looks like or how seven figure business owners approach their business. Even if you're only making like $3,000 a month. This is like a great class for you. It's also great for people who are making 10 grand who want to scale up to 200 300 400,000 a million dollars a year in revenue because what got you here won't get you there. And I want to help you get to that next level, whatever that looks like for you. One of the things I'll be sharing on this masterclass live is our seven figure scale ladder, which shows you exactly the actions you need to be doing at different stages in your business to get to the next rung up the ladder. So if you have zero sales, we're going to tell you how to get to 25,000. If you have a 25,000, we're going to tell you how to get to 100,000. If you have 100,000, we're gonna tell you how to get a 300,000 and on and on and on and on. So it's gonna be a great value add, you're gonna really love this masterclass. So head on over to flourish, thrive academy.com forward slash seven figures and save a seat for class today, it will be worth your time showing up live. Plus, as I do on all my live classes, you will get access to a q&a with me. And the only way that you can get access to that next step seven figure scale ladder is by showing up live as well. So that's all for that. Anyway, today just want to talk about a quick tip to increase your average order value that is not automated. This is like a little bit of the reverse strategy. And I've spoken about this a lot of times I kind of even briefly mentioned it on my Tuesday Tip last week. But it's something that I think people forget, especially when they are trying to grow their sales. Now obviously, if you're someone who you have so many orders that you can't keep up, this probably isn't going to be the best strategy for you. But this is great for people who are trying to add some extra money and cash flow to their existing business where sales are coming in, but maybe not at the level that they would like it or they have a little bit of extra bandwidth to ship more orders. And an assistant can do this. You can do it. Your mom can do it like someone else can do it if they want to. Your kids can do it. If you give them your phone or whatever. Basically, here's the strategy, you're going to make a list of all the people who purchased from you recently whether it's at a pop up in person show or whatever, you're going to shoot them a text message, text or DM is best email. Secondary phone call also works. But I would say text and DM is best because people read their text messages. You're gonna shoot them a real text to their phone. And you're gonna say, Hey, Julie, thank you so much for shopping at my pop up at West Elm last week or whatever. I'm just making this up, right? How are you enjoying that necklace you purchased? wait for a response. Once they respond, she's probably gonna say like, Oh, it's great, blah, blah, blah, then you're gonna send a follow up text. I'm so happy to hear that. I would love to see how you're wearing it. If you're up for it. Send me a picture. And if not, no worries, I was thinking of you because there is a pair of matching earrings. I only have one pair left. And I thought that you might enjoy this to wear with earrings. Here's a link. No worries if you're not interested. Either way, I'm just glad you're enjoying the piece of jewelry. wait for a response. About 50% of the people who get a message like that, on average from what I'm hearing, end up purchasing that extra piece of jewelry. So obviously if you're in a higher price point that conversion rate might go down. But you can use a similar strategy for any type of jewelry business whether you're selling handmade work, super fine jewelry, custom work. I don't know sterling silver work that's 400 bucks. like there's a lot of different ways that you can utilize and do this. So I want to encourage you to try this tip out for yourself. And join me next week for the inside look at a seven figure jewelry brand. I'd love to share with you the seven figure scale letter. It's going to be awesome. Alright, thanks so much for listening to this Tuesday's tip today. I will see you soon and Ciao for now.