How Do I Grow My Business? Numbers You Should Know.
As a branding agency, we're often asked, "How do I grow my bridal business?" That's the million dollar question! There's no get rich quick scheme in the professional bridal industry. It's about hard work, loving what you do, and knowing your numbers.
What are "your numbers" you ask? The numbers to know are:
1. Current clients per month
2. Average service ticket
3. Pre-booking rate
4. Retention rate
NUMBER OF CLIENTS PER MONTH
You need to know (mark, measure) where you are to determine where you want to go (benchmark, goal). To achieve your goals you need to be in the know of how many clients your business needs to achieve your goal. Marketing works best when it has a specific target in mind.
AVERAGE SERVICE TICKET
This number tells you how much $ each client is spending on services. Your business may not need as many new clients as you think. Instead, focus on existing clients to spend more through trying additional services and products. Ideally, you want both.
Even if you are just starting out, don't overlook this important stat. If I only see one person today, I'd better be pre-booking them. That's how you take control of your business.
This is your overall score. This tells all the people that have come in a specific period how many of those actually came back. Very important. Please understand this is a lagging indicator and will take months before you can look at it.