Detailed Summary of Episode 704: "How to Create Consistent Sales and Stop the Revenue Roller Coaster"

Podcast Information:

• Title: The Product Boss: Business Coaching for Product-Based Female Entrepreneurs
• Host: Jacqueline Snyder
• Description: A business podcast tailored for product entrepreneurs, blending life and business strategies to help create a dream life. Featured in Inc., Forbes, NBC News, and more, Jacqueline Snyder is renowned as one of the country's most sought-after product experts.

Introduction

In Episode 704, Jacqueline Snyder tackles a common challenge faced by product-based entrepreneurs: inconsistent sales and unpredictable revenue streams. The episode is designed to help listeners understand the root causes of fluctuating sales and provides actionable strategies to create a stable and predictable income for their businesses.

Identifying the Problem: The Sales Roller Coaster

Jacqueline begins by empathizing with her audience, acknowledging the frustration of experiencing fluctuating sales. She describes this phenomenon as a "revenue roller coaster," where some months are booming while others are stagnant or disappointing.

[00:55] "Do your sales feel like a roller coaster? Some months you're celebrating and feeling really awesome, and others you're wondering if it's all going to work."

Causes of Inconsistent Sales

Jacqueline delves into the primary reasons why sales can be unpredictable:

1. Relying on Seasonality

   • Many businesses experience spikes during specific seasons or holidays but struggle during off-peak times.
   • Example: Selling Christmas ornaments thrives during the holiday season but may falter thereafter.

2. Dependence on Algorithms

   • Relying heavily on social media algorithms can make sales feel random, as visibility fluctuates based on platform changes.
   • Jacqueline likens this to casting a coin into a wishing well, hoping for a hit without a guaranteed outcome.

3. Lack of a Proactive Sales Plan

   • Businesses without a structured sales plan rely on chance rather than strategic actions.
   • Jacqueline emphasizes the importance of moving from reactive measures to planned activities.

4. Reactive Promotions and Discounts

   • Running promotions without a strategic framework can lead to inconsistent sales and potentially devalue the brand.
   • Instead of sporadic discounts, Jacqueline advocates for strategic planning around promotions aligned with business goals.

[15:30] "Sales happen because of a planned activity, not hope. We are not throwing a coin into a wishing well; we're creating plans."

The Importance of a Sales System

To combat the roller coaster effect, Jacqueline stresses the necessity of establishing a robust sales system. A well-defined sales system ensures that sales are not left to chance but are the result of deliberate and repeatable processes.

Understanding the Sales Funnel

Jacqueline introduces the concept of the Sales Funnel as the backbone of a predictable sales system. She breaks it down into three core components:

1. Awareness

   • Definition: Where potential customers first learn about your brand.
   • Strategies: Social media presence, in-person markets, podcasts, influencer collaborations.
   • Example: Being featured on a popular podcast or gaining visibility through a market stall.

2. Engagement

   • Definition: The stage where customers interact with your brand and start building a relationship.
   • Strategies: Engaging content, email marketing, social media interactions.
   • Example: A customer follows your Instagram account and starts engaging with your posts.

3. Conversion

   • Definition: The point where engaged customers make a purchase.
   • Strategies: Clear calls-to-action, streamlined checkout processes, compelling offers.
   • Example: A customer decides to purchase a product after seeing a targeted offer on your website.

[22:10] "A sales funnel is a simple repeatable process that moves buyers from being strangers to browsers, and finally to buyers."

Practical Takeaways and Action Steps

Jacqueline provides actionable steps for entrepreneurs to implement a consistent sales system:

1. Self-Audit Your Sales Sources

   • Analyze the past three months to identify where sales originated.
   • Determine what caused sales spikes and the reasons behind slow periods.

2. Map Out Your Sales Funnel

   • Define how customers discover your brand (Awareness).
   • Develop strategies to engage them meaningfully (Engagement).
   • Create pathways that encourage purchases (Conversion).

3. Build on What Works

   • Identify successful strategies and replicate them.
   • Refine and improve existing methods rather than constantly seeking new tactics.

4. Develop a Proactive Sales Plan

   • Plan promotions and product launches strategically throughout the year.
   • Avoid relying solely on reactionary measures like spontaneous discounts.

5. Diversify Sales Channels

   • Explore multiple platforms such as Shopify, Etsy, Amazon, and in-person markets.
   • Reduce dependency on a single sales channel to stabilize income streams.

[35:45] "If you want consistent revenue, then you don't need to post more, have a massive following, or spend on ads at this point. You need a sales system."

Conclusion

In Episode 704, Jacqueline Snyder effectively addresses the issue of inconsistent sales by highlighting the importance of a structured sales system. By understanding and implementing a sales funnel that moves customers from awareness to conversion, entrepreneurs can achieve predictable and steady revenue streams. The episode serves as a valuable guide for product-based female entrepreneurs aiming to elevate their businesses from the unpredictable hustle to a stable and thriving operation.

Key Quotes with Timestamps:

• [00:55] "Do your sales feel like a roller coaster? Some months you're celebrating and feeling really awesome, and others you're wondering if it's all going to work."

• [15:30] "Sales happen because of a planned activity, not hope. We are not throwing a coin into a wishing well; we're creating plans."

• [22:10] "A sales funnel is a simple repeatable process that moves buyers from being strangers to browsers, and finally to buyers."

• [35:45] "If you want consistent revenue, then you don't need to post more, have a massive following, or spend on ads at this point. You need a sales system."

By implementing the strategies discussed in this episode, product-based entrepreneurs can transform their businesses, achieving the consistency and growth needed to build their dream lives.