Create More Profit with bestselling author Ciara Stockeland of Inventory Genius (episode 441)
Host of the ‘Inventory Genius’ podcast, and the author of the brand new, bestselling book ‘Inventory Genius: Use your Inventory to create more profit and keep more cash’ – Ciara Stockeland is a true expert when it comes to profit strategy. She was also one of our guests during our recent eCommerce Explored: The Overstock Problem event, so it’s great to have her back for another conversation.
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Ciara on Writing the Book, Inventory Genius
Ciara got into the world of eCommerce as a young girl, selling bags and jewelry she made. Years later, in 2006, she opened her first retail store and has since grown her inventory expertise.
Asked why she wrote her book “Inventory Genius: Use your inventory to create more profit and keep more cash”, Ciara says first she wanted to put in written form the method she was using with her clients that she found to be successful. Second, she wanted to tell her story as an entrepreneur and the stories of her clients, which she knows other business owners will be able to relate to.
Better Inventory Management
It’s high time people learn better inventory management, Ciara shares, especially because costs are rising. Knowing your inventory and how your margin can control other expenses is necessary.
If you have inventory, it’s your biggest asset, so you need to learn how to manage it because it will have an impact on your other expenses that are on the rise.
One way Ciara helps her clients is by simplifying complex problems related to inventory. She starts with a profit and loss statement and works her way through the different focuses that inventory is tied to.
Focusing on Your Margin
Ciara has some tips when looking at margins:
- Pull out the data.
- Be honest about the numbers.
- Figure out where your biggest opportunity is.
- Once identified, keep breaking it down.
She also explains how to calculate your margin correctly so you can maximize it.
Getting the Right Balance and Mix
People should work on getting the right mix of volume and margin. Ciara says you have to tell your inventory what you want it to do for you. You get to decide which test piece to move, and you, as the business owner, are in charge of what your customers spend.
In her case, Ciara says she provides her team with an average ticket goal. She then provides them with options on how they can steer their customers so they can hit their average ticket goal or even increase it.
eCommerce Book Top Tip
eCommerce Traffic Top Tip
- For Ciara, it’s old-fashioned communication and relationship-building. Get to know your customers, have conversations with them, and build relationships. These will serve both as a research tactic and a more human marketing strategy.
Tool Top Tip
- Voxer communication and messaging app
Carbon Top Tip
- A good whiteboard to replace paper.
Interview Links
- Grab a copy of Ciara’s book, Inventory Genius: Use your inventory to create more profit and keep more cash
- Visit Ciara’s website
- Ciara on LinkedIn
Related episodes
- How to Apply All Four Types of Scarcity Marketing with Mindy Weinstein (episode 422)
- Discover the perfect DTC Playbook with DTC veteran Mike Stevens (episode 390)
- Tiny Business, Big Money: Strategies for Creating a High-revenue Microbusiness with Elaine Pofeldt (episode 374)
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