Transferring and training took awhile, which we both knew going into it.
But now that’s done, I’m finding a lot more headspace to think through the remaining changes I want to make for the remainder of 2021. The foundation of many features I’ve already added to the app and am building on top of now.
Every now and then you should spend some time thinking about how your products serve you.
Are they profitable, in all the ways profit can be measured? (e.g. financial, physical space, mental space)
Are they pulling their weight?
Would your product mix be stronger if you removed some?
For me, JSON-LD for SEO was profitable and pulled its own weight but it made for an odd mix. I’ll get into the details about it some other time, it’s a good analysis to run for any business.
Going into the next few months, think about your products as business assets. There are costs and benefits for having each product in your store. Some are winners, but others are costing you more than their return. Culling the weak ones regularly could improve how everything else performs.
If you want a quantitative measurement to get started, the First Product Analysis in Repeat Customer Insights will show you which products are creating the most and least customer lifetime value (CLTV). Deciding to stop selling the bottom ranked ones would be an easy decision.
Use cohorts to find out who the best customers are in your Shopify store
Repeat Customer Insights will automatically group your customers into cohorts based on when they first purchased. This will let you see how the date customers bought would impact their behavior.