Every business can be broken down and worked back to numbers, measurements, that can indicate the success or otherwise of a business. Increasing the right number by a small percentage can have a bigger impact than you might expect.
Take sales revenue in a newsagency and work this back: revenue is made up of a number of customer transactions(baskets), these are a function of destination or browsing shopping (minutes per visit and aisles walked), browsing shopping is a function of shop layout, tactical product placement, shop-floor engagement or other in-store promotion, this shop floor activity is a function of bodies through the door, and this is a function of word of mouth, memory from previous experience, advertising or happenstance (passing by).
You can measure each of these things – although I doubt any newsagent has the time to do this thoroughly. but if you did, you could predict the financial benefit of an increase of, say, 5% more people through the door. Just knowing the financial value could focus your attention on this one activity – getting people through the door.
While I doubt newsagents have enough time to measure everything they could measure, just knowing foot traffic passing the shop, the nu,her who enter the shop and the number (and value) of sales in a day could have you looking at your business differently.
The moment you know your conversion rate, the percentage of shoppers who enter through your door who spend money, is the moment your point of attention changes.
Please don’t think this is too hard or that it relates to a newsagency bigger than yours. In writing this I am thinking of newsagencies of any size. They all come back to numbers. Start somewhere. Get to know your business numbers and chase results.
A good example of the use of numbers is the gifts to cards sati. Some years ago I started measuring this and determined a benchmark newsagents should aim for is gift revenue equal to 35% of card revenue. Some newsagents pursued this just because they had a number, a target. Some achieved it and then passed it – because of the target.
Data can be a valuable motivator.