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Techstars + Target: Week 5

I know you're asking, "What about week 4?" Right? That's fair... week 4 was taken up by our TEDxAdventure. After all that blogging I was done blogging, ok? Get off my back!

What have you been up to?

Mostly reporting.... seriously. We're building so many reports I think I'm actually turning into one. I don't really know what I mean by that, but I think we'll all be able to tell when the transformation is complete.

We have a lot of things we gotta understand. In particular,

...is this whole Spruce idea gonna work?

That may sound like a crazy question, but for how amazing things have been going, we still aren't to the point where Becca and I draw a paycheck. That being the case, we have to make some important decisions soon. What are those decisions? If you wanna get in on the good stuff you gotta sign up. Note, that list is monitored closely, so no funny business ;)

What is the most important report you have?

I'm finding this answer differs depending on who you ask. Right now, we're looking heavily into profit margins, salaries, and COGS (cost of goods sold, or what our vendors charge us). 

We need to make sure our profit margins are high enough to keep the doors open.

We're also starting to generate reports on our best performing brands, sizes, category of item (shirts, jeans, jackets) but he haven't taken action on any of it yet. For all the amazing data we collect, we never tracked incoming inventory. Whenever something ships, we just add to the quantity in Shopify and it does not track that in any way. 

There is a way to track incoming inventory in Shopify, so we're going to start using it now. Unfortunately, it seems like it'll be a few months before we can measure things like Sell Through % (Units Sold/Total units ordered/Given Timeframe) and  Productivity (Units Sold/Square Foot/Given Timeframe).

We have a new referral program

We did a give-get type approach (like Uber and Lyft). Now clients get a special share link that friends can use. When a client books for the first time, they and their friend both get $5 credit.

The credit is applied at checkout. So you don't even have to ask! If you are on our weekly emails (sign up link above) you can tune into the results of this program.

We spiced up our text messages!

I was bored so I threw some memes into our text messages. I'm really hoping people enjoy them. There are 4 random memes per category:

  • First time booking an appointment 
  • Not first time booking an appointment
  • 1 hour reminder
  • 24 hour follow up

If you have any ideas for fun memes to add, please leave them in the comments!

In the mean time, get something done you've been putting off. You'll thank you for it.

 

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