Take the profits from boring things and invest them into risky things

One lesson I got from Seth Godin's Purple Cow is:

Take the profits from boring things and invest them into risky things.

This can apply to your Shopify store at a number of levels.

Take the profits from your best-selling products to create new products.

Take the profits from your repeat customer orders and invest in new sales channels.

Or even take the profits from your store to invest in a new store with the potential for a higher margin (e.g. move from selling atoms to electrons).

The point isn't to stop doing the boring things. It's to take their results and use them to innovate and build a better future.

It's not easy. It's not without risk. It could take your business in a whole different direction though.

Using the Acquisition Source in Repeat Customer Insights you can track and compare how new sales channels are doing. This will give you a benchmark you can use to see if a risky channel is paying off.

Look for them in the Store Analysis and Customer Purchase Latency reports.

Eric Davis

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Topics: Strategy

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