Podcast Summary
Adapting and Improving During Challenging Times: Focus on enhancing your website and access affordable coaching and resources to adapt and improve your business during tough times.
During challenging times, it's essential to adapt and improve your business to ensure long-term success. Jason Thicpenney, a business owner from Rocket Railways, shared his experience on the Business Broadcast podcast. He had a thriving escape room and model railway business at the start of the coronavirus pandemic. However, sales plummeted, and he found himself overtrading and questioning the profitability of his business. To bounce back, he focused on enhancing his website and is now implementing strategies to build a sustainable and generational business. Additionally, James Sinclair, the podcast host, introduced his Entrepreneurs University coaching program. It offers affordable access to his expertise, with weekly coaching, resources, and proven methods to help businesses grow. The program is an investment of only 49.99 GBP per month, making it an accessible solution for entrepreneurs seeking guidance and support. In summary, the discussion highlights the importance of adapting and improving during tough times and the benefits of accessing affordable coaching and resources to help businesses thrive.
Rocket Railways pivots to online sales during pandemic: Unexpected shift to online sales led to surge in demand, lack of preparedness caused stock shortage, transforming business into a brand improved customer experience and set foundation for future growth.
The coronavirus pandemic forced Rocket Railways, a business specializing in buying and selling old model railway stuff, to pivot from physical sales to online sales. This unexpected shift led to a significant increase in sales from all over the world. However, the lack of preparedness for this surge in demand resulted in a shortage of stock. Realizing the need to transform their business into a brand rather than just a secondhand trader, Jason and his team focused on improving their website and integrating it with a better database system. This not only enhanced the customer experience but also set the foundation for future growth. The podcast conversation with Jason earlier helped him see the importance of building a strong brand and not just being a mere trader.
Improving brand and offerings leads to increased sales and loyalty: Focusing on brand and offerings can lead to more sales and customer loyalty, even if daily sales decrease. Hire a photographer, create a YouTube channel, offer free gifts, and establish a membership to enhance the customer experience.
Focusing on building a strong brand and improving the quality of offerings can lead to a shift in the supplier dynamic, resulting in an increase in sales and customer loyalty. The speaker shared how they hired a full-time photographer to enhance their product photos and established a YouTube channel for daily content. They also introduced free gifts and a new membership to attract customers to their website. By creating a desirable brand, people began approaching them with items to sell instead of the speaker having to actively seek them out. Additionally, the speaker reduced their reliance on eBay sales and instead focused on increasing the average order value through their website and shop. As a result, their daily sales decreased to around £700 but with higher average order values and customer loyalty.
Optimizing website and sales strategies for higher customer value: Smart sales strategies like stopping discounting, bundling, and upselling can boost average customer value. Websites showcase relevant products and increase sales both directly and indirectly through marketplaces like Facebook.
Increasing turnover comes with additional costs, but smart strategies like stopping discounting, bundling products, and implementing upsells can help boost average customer value. The website plays a crucial role in this process, acting as a platform for showcasing relevant products and increasing sales both directly and indirectly through marketplaces like Facebook. The speaker mentions that only 20% of sales come directly from their own website currently, but this number is growing, leading to an increase in net sales. While Facebook Marketplace may not be a significant revenue source itself, it can bring traffic to the website, which is why it's essential to maintain a presence there. Overall, focusing on optimizing the website and implementing effective sales strategies are key to growing average customer value and managing successful business growth.
Rocket Railways Membership Program: Exclusive Benefits for Customers: Rocket Railways launches a membership program, offering early access, discounts, and exclusive events to members for £10/month, generating revenue and customer loyalty
Rocket Railways is introducing a membership program to offer exclusivity and benefits to its customers before new products are released to the general public. This strategy not only provides value to members but also brings additional revenue to the business through membership fees. The membership program is expected to be integrated with the new website, and members will receive a weekly preview of new items, a 10% discount, and access to exclusive events. The membership fee is estimated to be around £10 per month, making it an affordable investment for customers seeking priority access and discounts. The program is also seen as a valuable marketing tool, as loyal members act as brand advocates and help increase sales. Rocket Railways is currently deciding on the software to use for running the website, with EKM being a potential option.
WordPress vs Shopify for e-commerce: Choosing the right platform: Business needs determine whether WordPress with WooCommerce or Shopify is the best e-commerce platform. Factors include flexibility for content management, EPOS integration, funding options, and sales channels. Ultimately, the choice depends on the specific business requirements.
The choice between WordPress and Shopify for an e-commerce platform depends on specific business needs. While Shopify offers built-in EPOS systems and funding options for growing businesses, WordPress with WooCommerce provides more flexibility through plugins for content management and EPOS integration. Additionally, a significant portion of sales for the business in question comes from marketplaces like Amazon and eBay, and follow-up marketing efforts are being made to these customers. An innovative marketing strategy includes sending branded boxes and flyers to encourage customers to visit the company's website, and the potential creation of a collector's magazine for railway enthusiasts. The decision to use WordPress was based on the team's familiarity with the platform and the ease of managing content for weekly written pieces. Ultimately, both platforms have their strengths, and the best choice depends on the unique requirements of the business.
Benefits of creating a membership model for niche publications and podcasts: Creating a membership model for niche magazines or podcasts offers exclusive access, VAT savings, enhanced customer relationships, and potential reach. Tools like Anchor and Lip Sync make production and distribution easier.
Creating a membership model for a niche magazine or podcast, such as model railways, can provide significant benefits. Members receive exclusive access to the magazine each month, and the publisher avoids paying VAT on membership fees due to it being a membership to a publication. Additionally, providing old back copies as bonuses can enhance customer relationships and make them feel valued. The value of creating a podcast for a niche audience, like model railways, is undeniable, as it can attract a dedicated audience and provide opportunities for marketing and collaboration with related businesses. Although it may seem daunting to find the time, the value and potential reach make it a worthwhile investment. Tools like Anchor and Lip Sync can help in creating and distributing podcasts, making the process more accessible.
Brand promotion through engaging content: Renaming a podcast, inviting guests, and creating a magazine can help shift focus from selling products to marketing a brand, attracting potential customers and expanding reach.
Shifting focus from solely selling products to marketing an entire brand, such as Rocket Railways, can lead to significant growth. This was a key insight gained from a previous podcast discussion. To effectively implement this, the podcast should be renamed as the "Model Railways Enthusiast podcast presented by Rocket Railways," and the host should invite guests to discuss model railways, collections, and related topics. This not only attracts potential customers but also allows for the promotion of Rocket Railways and its offerings. Additionally, creating a magazine, such as "Rocket Railways presents the model railway magazine," can further expand the brand's reach. The magazine doesn't necessarily need to include products but can serve as a platform for customer-written articles and advertisements for the shop and membership. Overall, the goal is to create engaging content that appeals to model railway enthusiasts while subtly promoting the Rocket Railways brand.
Transforming a model railway shop into a destination experience: Creating a museum-like shop with a coffee corner, regular content, and enthusiast hub can increase customer value and lead to direct sales. Fostering loyalty through customer features and events can drive growth.
Transforming a model railway shop into a destination experience can attract customers from far and wide. By creating a physical shop that is more than just a place to buy, but a museum-like experience, a coffee shop, and a hub for enthusiasts, the business can increase its average customer value and move towards direct sales. This can be achieved through regular YouTube content, a magazine, and even hosting own exhibitions. Additionally, making customers famous by featuring them on the podcast, YouTube channel, and magazine can lead to increased loyalty and word-of-mouth growth. Overall, shifting the mindset from a seller of railway stuff to a marketer of the railway business can help take the business to the next level. Other potential opportunities include hosting events around the country and even renting a big top for exhibitions. The beauty of the model railway business lies in its many facets, and exploring these different areas can lead to new opportunities and growth.
Combining pricing, expansion, branding, and goal-setting for business success: Effective pricing, expansion to new markets, strong brand presence, and clear goal-setting are essential for business success.
Success in business involves a combination of various strategies. Jason Thickpenny from Rocket Railways emphasized the importance of pricing products right, buying existing businesses to build upon, and having a strong brand presence. He also mentioned the significance of expanding to new markets and utilizing resources like apprenticeship schemes. To achieve their goals, it's crucial to set clear targets, such as reaching £2,000 a day in sales with a £33 average customer value by Christmas. Writing down goals and utilizing available resources, like the Entrepreneurs University business plan, can increase the likelihood of success. Overall, the key takeaway is that a successful business requires a multifaceted approach, including effective pricing, expansion, branding, and goal-setting.
Jason's goal: Increase daily sales to £2,000 and reduce reliance on third-party platforms: Listeners can access James' business plan and resources at Entrepreneurs University to help grow their businesses, with the goal of increasing sales and reducing reliance on external platforms.
Entrepreneur and podcast guest, Jason, is focused on increasing his daily sales for his business to reach £2,000, with the ultimate goal of reducing reliance on third-party platforms like eBay and Amazon. Jason has even rewritten James Sinclair's business plan to help him achieve this goal. James encourages listeners to join the Entrepreneurs University for free and access resources like his business plan to help grow their own businesses. The podcast aims to help people grow their businesses, so listeners are encouraged to rate, review, and subscribe to spread the message. Additionally, James' YouTube channel offers new videos to help businesses succeed.
