Set Your Income Goals and Develop a Revenue Strategy

 

Set Your Income Goals and Develop a Revenue Strategy

 

Lesson Info

Audience Size: Student Example

All right, so I'd like to dio ah hot seat to find some audience value so we can bring the flip chart up here and we won't weigh won't run through all of it but I love to kind of look at someone and see where your email list does that and run some numbers who wants to be brave if not I'm gonna pick on tiffany ok you're up okay? All right we're going to run and I know you are scott into down so I know you are also thinking about whole sells the world will run a recent your retail audience and some wholesale numbers too. Okay? Yeah all right my numbers just looks so different to me now and so it's thinking you were also in this really interesting thing where you have had a lot of very organic growth right it's a lot that comes through traffic? Yes, but you've also seen that changes and algorithms absolutely, really very local actuate that traffic. So I think for you this is really important because you haven't really been focused on so much on retaining your own audience. You kind of bill...

enough momentum to sort of survive you're completely cracked open in survival mode and just relying off of everything that's coming in instead of strategically and I have a list and I have an audience and so and I really have not been utilized yeah so let's start to talk about some of that audience volume. So how many people are on your email list? Eight hundred seventy ok, and how have you had any sense of emailing them and getting sales from that? Have you had? Yes, I contact my email is just, you know, I would like to be on a weekly basis where I'm or on a every couple months, and so when you are sending to your list, are you? Is it driving sales right now? Like driving an occasional sailor it's sort of not it's driving an occasional fail? So we're going to keep you because you haven't really trained your audience to buy from you, we're going to keep you in a lower value, so let isis, are you like, fifteen dollars a person right now because your price points not so so low that think we're attend, but this is at least a good place to start. So in terms of your current list, you're probably at about thirteen k, ok, so that is your life size now, of course, if you can get this list to spend more, which, if you warm them up, is not unfeasible, like if you were even at twenty two dollars a person, which is about what my list is that you're looking at. You know that right there if you can get your list to spend a little more that bumps you almost up to twenty k just on your existing list size yes, but your what's your production feelings you figure that out well, so that's the hard thing is because now if I'm going to switch over a production line, my numbers are going to look very different and I don't have a didn't have like a calculator don't do that so even based on your old numbers, how close were you and your revenue last year to hitting your production ceilings? You feel like you still had room to make more or you find a lot, but I feel like I I didn't want to make much more all right, so you're probably in your current situation you're probably about at about one hundred k revenues feelings now you might change this with your new line, which is more high end so you could potentially end up I would say almost doubling your revenue ceiling just by adding in this new higher price point product because it's not going to take you much longer to make but because it's pure gold you've got a much higher markup directly and so that's I mean those air probably about the numbers right in my head? Yes and what I think happens here that we want to keep in mind is that the new price point this list become so much more important when are selling trying to sell twelve hundred dollars things and in your case list is also to people that you can get to regularly come into your studio because you sell from your real space and so you know, part of that email is right people that have been in my studio signed up, right? Yes that's like one hundred fifty people, so those people actually are a little more valuable that is perfect that was actually my next question is how many of that list so those people you might be able to convert like I mean, what do you think fifty one hundred dollars a person? Oh yeah that's my local list, those people are in the studio they've started by or do you think they're worth more? Um or you think hard about a hundred fifty to one hundred dollars? Yeah, yeah, so a price but you know what? There but right now yeah, absolutely so we're looking at so really like you've got almost an extra like seventy five k in less value right there? Yeah, from that local less because you've got that kind of trust piece so that's good, but so what we know here for you is that with this launch of the new line, you've got a big way to go even with these two numbers combined between list value and revenue sailing yeah, one of your very strategic things is absolutely going to have to be building that email list this year yeah and then in terms of wholesale you know, this is the thing that we're we don't run it here but you're gonna have to run it because you're doing this new line and you're getting cold stores you are going to need to kind of think about I'm not gonna convert a lot, but any how many do I need to build? So in this new line, if you were selling wholesale, you know, even if you were picking up a couple of boutiques, how many stores do you think? Maybe ideally would you want to carry the new line doesn't have to be alarmed six wholesale accounts now and those guys keep me, but I feel like now people are going to be ordering less often, but those six stores keep me pretty busy they're going ordering every month every two months and so you have a pretty highs order about you with the stores that you have. Yeah, so what do you think about a year? Each store spends? Probably they they vary a little bit, but one spends about ten k um five to ten thousand by her store, so you know, if you're thinking that if you're launching this new gold line, then you would act absolutely, I think expect stores to spend this much very easily in a year, so what you can do is figure out, you know, maybe you want to get an additional thirty k of revenue from wholesaling the new line and that is going to say we're gonna work backwards for a minute I realize is true is also turkey, but if you want thirty k of revenue and every store is getting you, you know, five k I know I can do it in my head that's another six stores, and if you can convert about one percent of a cold prospect list, that means that you would actually have to approach, as leah say, a hundred stories is that yes on like it right now, that's a cold list so you can do some things to kind of warm people up, build a little bit of social media presence or just kind of keep consistently you could cut this number down, I would think reasonably you could probably maybe pitch like two hundred stores to get six so that I would think you're two goals then to get you closer to the ceiling in a way that's more strategic than the way your sales have been coming past and which also lets you raise your prices because now you're a little more in control is focusing on growing this email list and then building a quality store prospect list to pick up a few more wholesale accounts with the new product in particular. Yeah, and then that pitch, maybe pitching, actually, everything you're like. A. You're going to talk about that a minute. Does that make sense? That kind of help a little bit to see that visualized like that? Awesome.

Class Description


"Megan's classes are the BEST online courses that I have EVER taken. I'm not exaggerating! This class is no exception. Setting a revenue strategy sounds really intimidating (which is why it's taken me so long to do it), but Megan breaks it down so well and gives you a roadmap for executing the strategies you learn. My mind is blown."
-Casey Sibley

The funny thing about knowing how much money you want to make each month is that it becomes easier to earn it. Yes, really! What’s more, revenue goals give you something to work towards and help you keep your business on track. Learn how to develop a system for setting your goals in Set Your Income Goals and Develop a Revenue Strategy with Megan Auman.

In this class, you’ll learn how to set an overall annual revenue strategy based on month-to month-goals. Megan will show you how to develop revenue goals based on your:

  • Production process and available time
  • Pricing strategy and income streams
  • Current customer base and audience
  • Even if you haven’t started making money, Megan will help you develop realistic and achievable goals. You’ll learn how to develop a revenue strategy that is tailored to the way you do business and customized to reflect your product line.

If you want to earn a predictable income by selling your handmade goods, join Megan Auman for Set Your Income Goals and Develop a Revenue Strategy and learn the right way to develop your revenue goals.