This is the first post in the five part series on using Thrive’s application to improve your store.
Over the course of this series we’ll take an in-depth look at the problems that Thrive is solving for store owners and how the application will benefit your store. Each post will cover a different component of the application so at the end of the series you have a complete understanding of all the hard work you can unload onto Thrive.
The format for each post will cover why it is beneficial, how it works, and what you’ll need to do to get the best results.
Let’s dig in!
Why Thrive Benefits Your Store
It has only been a couple of decades since big box stores and national chain retailers started to speckle the landscape. They proliferated like a plague. They proliferated because they knew how to collect the information in their stores and how to use it.
It is much easier to grow a strong healthy store when you know what is working and what is not. The unfortunate reality is that most independent stores don’t base their actions on hard data like the box stores do. For example:
- How much traffic did you get yesterday? Last week?
- What is your conversion rate?
- How much is your average transaction value?
- Who are your best customers?
It is easy to take a guess at these questions, but guessing can lead to some serious cash flow surprises.
If a customer brought something to your counter that had lost its price tag, would you take a guess at how much to charge them? Of course not. It cost you a certain amount to buy, and if you don’t make a profit you go out of business.
The sales, marketing, and traffic information in your store is no different. It costs you a certain amount to bring traffic in through your door and you need to have a specific conversion rate to remain in business. This is where Thrive comes in. It does all the math to calculate and track your conversion rate (and a ton of other important numbers) so you don’t have to worry about basing a decision on a terrible underestimate.
Now, tracking information in your store is important, but the real benefit comes when you know what to do with it. Thrive provides you with recommendations for this. Advice that is just for you, for your situation. You’ll learn everything you need to know right in Thrive. (Then you’ll smack yourself for not having learned it earlier.)
It is easy to get caught up in the day-to-day, and when you don’t have clear insight into where your profit is coming from, the answer always seems to be that you need more traffic. Or, that you need to spend more money on advertising. This is rarely the case.
Many store owners are shocked to realize that they are spending more on advertising than they need to – only to attract the wrong customers.
Thrive is the most helpful app for your store because it teaches you how track the quantitative information in your store (and does all the hard work calculating insights for you). Then you get customized recommendations for improving upon all the hard work you’ve already put into your store. You will learn how to act on the quantitative insights you will receive. It is like looking at your store through an experts eyes, without all the hard work.
In this five post series we take a detailed look at the components of the application and show you why each tool will help you bring your store to life.
How it Works
Thrive works on the quantitative and qualitative aspects of your store. I will save the in-depth explanations for the respective components in the subsequent posts. For now, let’s focus on the difference between quantitative and qualitative.
Quantitative relates to anything that you can measure. There are a lot of things you can measure in your store. From our experience, many store owners are not measuring anything, but measuring too much can be bad too. It is important to track what is going on in your store, but not so much that you’re using more time and effort than you need to. Thrive focuses on measuring only the activities that add to your bottom line. You will be amazed at how much you learn from keeping track of the following three metrics:
- Your Daily Sales Total
- Number of Daily Transactions
- Daily Traffic
These three items take very little time for you to keep track of manually. With the application doing all the work and applying the right calculations, these numbers will give you a completely different way to see your store.
Keep entering these numbers into Thrive daily, and sit back while Thrive goes to work and points out where the cash is flowing in (or out) of your business.
We provide you with a tracking sheet to keep this process as simple as possible; we know you’re busy! (And if you prefer a complete hands-off experience, we can help you with an automated traffic counting solution, or POS integration for your business.)
The qualitative is what makes Thrive really unique. Thrive will guide you through a series of surveys designed to get a solid understanding of the efforts you have put into your store to date. The results of the surveys, combined with your sales and traffic data, turn into customized recommendations. These recommendations show you how to improve the quality of your traffic. The idea is to spend less money on attracting more better customers — customers that spend more and complain less.
The recommendations are easy to understand and contain all the information and action items needed to get started right away.
Spending money on marketing and advertising that doesn’t work is extremely frustrating, especially if you don’t know why. Thrive can tell you why. But we’ll get to that in a future post.
What You’ll Need
The last thing a store owner needs is more to worry about. Thrive is all about taking a load off. With this in mind, we tweaked and pruned until Thrive was as simple as possible, without losing any of its power. (The complex bits are all where you’ll never see them, we promise.)
To get started all you need is an internet connection. Once you’re up and running, you will be able to automate Thrive with door counters and eventually tie in your POS system. Again, more on this in a future post.
For now, sign-up and get started. Or if you’re not convinced yet, continue reading this series to learn about the nuts and bolts.