There are three main sales levers you can use today to increase your revenue: Visitors, Purchase Conversion, and Sales Per Purchase. In this article we are focusing on Purchase Conversion.
Wines & Vines articulates the value of purchase conversions in their article on the ROI of Training:
“Conversion to Buyer: Let’s pretend that with training, we raise our conversion of guests to buyers from 35% to 40%, with the same average order of $100. That would increase the annual number of buyers by 900 to 7,200, resulting in $90,000 in additional sales. Is that realistic? With an increase of 900 buyers, this amounts to only 17 buyers per week, or 2.5 more buyers per day. If we have an average of two to three staff members per day, each one only needs to get one additional purchase per day to exceed our goal.”
Read more and see the underlying assumptions at: https://www.winesandvines.com/tastingroom/article/164106/Tasting-Room-Newsletter-February-2016
Copyright © Wines & Vines
“How do I know what to focus on in my Tasting Room to increase our profitability?”
Great question! That’s exactly where Community Benchmark comes in. When you look at your numbers in comparison to your neighbors, you can get a true sense of what’s not only possible but what is actually happening right now in your community so you know which of the three levers you need to work on for the most bang for your buck.
Community Benchmark bridges the gap to bring you trend information and benchmarking on visitation in your region. Below is the actual Napa Purchase Conversion trend in 2018 to date as reported by our 53 participating wineries — you can see that it is holding steady for the first half of the year and then softening slightly in Q3.
Did you catch part one on VISITATION? Stay tuned for the remaining lever to increase your profitability: SALES PER PURCHASE. As always, we welcome any feedback and thank you for being a part of our community!
– Team Community Benchmark
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Tags: Increasing sales