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Matt Edmundson: Hello and welcome
to the eCommerce Podcast with

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me, your host, Matt Edmundson.

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Now, this is a show all about
helping you deliver eCommerce wow.

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Oh, yes, and to help us do just
that, we have a very special guest,

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Ciara Stockeland, who is the author
of Inventory Genius, which I think

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is in some respects feels like an
oxymoron, but I'm sure it isn't.

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I'm sure there is actually some genius
in there, which we are going to get into.

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Yes, we are.

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Now before we do that, let me
just say a warm welcome to you.

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If this is your first time with us on
the show I'm super flattered actually

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when I look at the numbers on how
quick the show's grown and how many

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new listeners we're getting each
and every week, which is fantastic.

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So if you are new, A
very warm welcome to you.

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You can find out more information
about what we do and all the past

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episodes and all that sort of good
stuff at ecommercepodcast.net.

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And whilst you're there, if you
haven't done so already, make sure

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you sign up to the newsletter.

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Just give us your email address.

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We don't do all the nonsense
with your email address.

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All we do is we just send you a
newsletter every week with the links.

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All the notes from the shows that
we have with our amazing guests.

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So you don't even have to take 'em down.

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You don't even have to go to the website.

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We just send 'em to you.

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You can click straight through.

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You can say hi to the guests.

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You can do all of that sort of good stuff,
only if you subscribe to the newsletter.

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So make sure you do that.

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Now.

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This show is bought to you
by e-commerce cohort.com.

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If you haven't checked it out yet, make
sure you do the eCommerce cohort is well.

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It's just an amazing thing to be
a part of, if I'm honest with you.

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It's a membership group that I am
part of every month we get experts

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in who come and teach us the
quintessential aspects of eCommerce.

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And I just the word quintessential,
thought I'd get it in there.

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But they come into all
sorts of expert workshops.

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Plus, if you're a member of a
cohort, you get to watch the live

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stream recording of each podcast.

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That makes sense in my head.

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Let me word it a different way.

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When we record these podcasts
with our amazing guests, we live

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stream them to eCommerce Cohort.

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So you can listen to it
as we're recording it.

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You can even get to
ask your own questions.

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Yes, you can.

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All right.

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So check it out, ecommerce-cohort.

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com.

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Now, Ciara Stockeland is a serial
entrepreneur whose businesses

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adventures began in her teens, loving
this already, leading her to open

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and franchise her first store in
2006 with a knack for innovation.

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She once created and sold a unique
wholesale subscription box for

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boutique retailers in just 18 months
and now champions inventory genius

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through her coaching program which
is guiding inventory based business

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owners towards profitability.

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And when she's not sharing her business
acumen she is conquering IRONMAN

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challenges with three now under a bell.

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Three.

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No, that's not cool.

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We're going to get into all of that.

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And she enjoys.

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The serene Tennessee life with her
husband Jim and their lovable great

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Pyrenees Bentley, which I think is a
great name because it sounds very English.

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Ciara, welcome to the show
all the way from Tennessee.

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How are we doing today?

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Ciara Stockeland: I am great.

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Thank you for having me.

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Matt Edmundson: Oh, that's great.

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It's good.

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It's good to get you finally on the show.

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Last time we were supposed to
record you on a plane, apparently,

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flying from Europe back to the U.

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S.

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Ciara Stockeland: Yeah,  what is it
called in the date when you don't show up?

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That's what I did to you there.

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So I'm glad you were gracious and
allowed me to rebook cause I have

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been excited to chat with you.

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Matt Edmundson: Oh, no, not at all.

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The pleasure's all mine.

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It's great to have you on.

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Now I'm intrigued by some of the
things that we read in the bio.

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Let's deal with the
IRONMAN challenges first.

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I appreciate it's got
nothing to do with ecommerce.

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But why?

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Ciara Stockeland: Why?

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That is the question.

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Why?

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Just why?

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Just why?

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That's what my mom says.

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Just why?

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Yeah.

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I was no, no sports or athletics
in high school or college at all.

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So I was music, theater, always
interested in small business.

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And then when my kids were little, I
started running, just doing like 5Ks.

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And I did one half marathon with
a friend who drugged me to it.

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And I said, I would never do that again.

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It was horrible torture.

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It was awful.

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And so the thought of an
IRONMAN, like I absolutely know.

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We had some friends that had been bugging
us for a while, but my husband has

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always had the dream of doing an IRONMAN.

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So he did his and I thought he can't
be the only IRONMAN in the house.

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That is actually, so yeah, so I signed
up and 16 weeks went from 5K training

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to full IRONMAN training, completed my
first, and now I've done four, so I did

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three, and then I just did IRONMAN World
Championships with my daughter who's

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18, so your mother daughter there, both
competed in Kona at the iconic IRONMAN

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race in Kona in October, it's pretty cool.

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Matt Edmundson: Wow.

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Wow.

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I take, I tip the hat to you.

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I've not done IRONMAN.

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I have done Tough Mudder
on a few occasions.

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Ciara Stockeland: I'm interested in that

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Matt Edmundson: Yeah, that was fun.

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Wow, I said fun is a very loose definition

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Ciara Stockeland: all of this, yeah.

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Is it all fun?

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I don't know.

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Matt Edmundson: I think you have
to be a special kind of lunatic

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to do these kind of things.

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And so I retired from Tough
Mudder a few years, I did it

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with my sons a couple of times.

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And then after that, I thought I'd
done it like three or four times.

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And I just didn't enjoy it.

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Having to spend four weeks
trying to get mud out of places

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it should never be, really.

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So, hats off, like I say, hats off to you.

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Is Jim, the husband, still
doing the IRONMAN or is it just,

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is it mother daughter thing?

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Ciara Stockeland: No.

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So he's done a couple.

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He officially retired from the long
distance in our, we did IRONMAN Texas

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together in April and he said he was
officially it's a lot of training.

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At the peak of my training, I'm
20 hours a week, which is a part

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time job and it's just a lot.

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He travels for work and so
he's backed off now doing half.

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So 70.

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3, but he still does triathlon.

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So the three of us do it.

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We have a son as well, who is
absolutely not interested whatsoever.

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He's building muscles right now.

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That's where he's at in life.

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So yeah.

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Matt Edmundson: yeah, fair play.

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Fair play.

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I think that's where I've gone to.

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I just, I go to the gym still cause I'm
a man of a certain age and I need to, but

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I'll lift heavy things now.

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And that's my lot in life.

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I'm trying to keep up with my
18, no, he's 19 year old son.

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And it turns out when I try and do that on
the basis of strength I get injured a lot.

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Ciara Stockeland: Yeah, tweak the
back, tweak the knees, tweak the, yeah,

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Matt Edmundson: So at some point I have to
let go and just go, he's just, he, I hate

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to say it, but he is now stronger than me.

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Ciara Stockeland: And see Bella, I
know, so Bella in racing, she's, when

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she first, because I had done IRONMAN
first, but she's young and she has an

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amazing engine and of course she beat
me at championships which is fine and

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I knew it, but I can't even keep up
with her now when we train together.

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Unless we have an easy day.

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She just takes off, it is what it is.

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Matt Edmundson: It is what it
is, and yeah, it's just part

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of life, tell me about the
subscription box that you had going.

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Ciara Stockeland: Yeah.

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So I love solving problems.

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I like being a disruptor in any
industry or wherever I'm at.

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And I just saw, there was a rise
here in the States anyway, of

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subscription box model for consumers
like Stitch Fix and things.

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And I thought, why?

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Why can't we do that for
retailers and wholesalers?

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Why can't we deliver market right to their
doorstep instead of traditionally you go

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to market and you buy and all the things.

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And so I thought I'm
going to fix the problem.

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So I launched a subscription
box, boutique box that would

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connect wholesalers and retailers.

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But I knew that I didn't want to
build it into a multimillion and

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have, employees in a warehouse.

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I didn't want to, I don't want
my own inventory ever again.

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I just help other people
with their inventory.

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So I built it to sell it
and that's what I did.

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Matt Edmundson: Very good.

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And learned that we've just had
on the podcast Sarah Williams,

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who's just written a book.

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Yeah, on the, and she's lovely,
actually, and I'm really

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intrigued by her story on this.

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I met her at Subsummit.

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I don't know if

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Ciara Stockeland: I'll be speaking there.

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Yeah.

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Matt Edmundson: Are you
speaking there in 24?

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Let's get together
because I will be there.

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Ciara Stockeland: get to it.

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Oh, that's amazing.

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I love it.

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The world is actually small, isn't it?

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Matt Edmundson: Especially
in these circles.

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Yes.

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Yeah.

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No, I'm gonna, one of the things I'd
love to do, one of the things I'll

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be doing at SubSummit is recording.

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We record the eCommerce
podcast whilst I'm there.

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We do it live in front of the audience.

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Which is just, it's just great fun.

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Yeah, I love it.

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Love it.

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So we did that last year as well.

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So inventory or inventory.

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I just lose track of

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Ciara Stockeland: It's really
fun because when I'm on a podcast

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overseas, it's always inventory,
which is very cool sounding.

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And then when I talk to American hosts,
it's inventory, that's what we say.

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So we like the way you say it better.

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Inventory is very,

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Matt Edmundson: Inventory.

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I just get confused.

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I think I pronounce it both ways now.

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Inventory.

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So I'm curious here,
Ciara, because inventory.

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I get IRONMAN in a way,
because it's a challenge.

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It sounds very challenging
and a little bit sexy.

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I get building subscription
box to sell it.

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Inventory, just I don't know.

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And I,

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Ciara Stockeland: It's another just why,

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Matt Edmundson: just why, in
one sense, yes, because why?

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But on the, in the other sense, I've been
in the trenches in eCommerce since 2002,

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and I know that this is such a crucial
part, and I'm so glad to be talking about

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it but I can, I don't know if you've come
across this, oh, just why kind of thing

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why would you get, so I am curious how
you got involved in this side of things.

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Ciara Stockeland: Yeah.

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So I started my first retail store in
2006, like I mentioned, or like you

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mentioned earlier, built it, franchised
it, built it to that seven figure.

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Like I did what we all want to do, right?

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We build it, we have a warehouse, we
have a team, we have a corner office.

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I did all those things.

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I've never paid myself consistently,
ended up losing everything

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because of some franchisee issues.

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Circumstances beyond my control,
we ended up losing everything.

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And when I was at that low
and just looking around what

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was the last 10 years for?

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Like we invested all of our time.

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I started when my kids were little
our house was tied to it and now I

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don't have anything and here I am.

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What was it for?

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And I started to really think
like, how did this happen, right?

246
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And I had a mentor tell me, things in
life happens, a lot of times we can't

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control wider circumstances but we
do always have to look and see what

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portion of that we did contribute  to.

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And so while I couldn't control what
happen with franchises, but  I could

250
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control building a business properly.

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So what I had been doing was
chasing that top line number, right?

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I want 13 stores, I want 100 stores,
I want a multi million dollar

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business, never looking at profit.

254
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And never understanding that I was an
inventory based business and the inventory

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directly relates to profitability.

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So if you chase sales, but don't have
good structure and don't understand

257
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the inventory, you, your expenses
just go right alongside those sales.

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And so when I built the boutique box
and the subscription model, I thought

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I'm going to do this the right way.

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This time, I'm going to pay
myself from the beginning.

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I'm going to build it and sell it.

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I'm going to have a profit from day one.

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This is such a lie.

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We hear that, Oh, it's going to be
five years before you can make money.

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Who's who made that up?

266
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That just makes me mad.

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And so I did do it right the second time.

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And as I was building the subscription
box, I started running into all

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of these retailers who were asking
me the same questions, Matt.

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They were like, Ciara, how
much inventory should I have?

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Ciara, all the sales are coming in.

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I don't have any money.

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Ciara, how do I get the same questions?

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And I knew the answers because
I had built businesses before.

275
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And so that's how I got into,
to coaching on inventory.

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And it's funny because no one,
nobody likes to tackle it.

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So it's pretty cool.

278
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So again it's a great niche
because everybody wants to talk

279
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about social media and marketing
and all the fun, sexy things.

280
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And I'm like, let's just talk about
the numbers and let's simplify

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them and let's get you some money.

282
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And so that's how just ended up here

283
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Matt Edmundson: that's fair play.

284
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And when you put it like
that people, everyone's going

285
00:12:07,850 --> 00:12:09,610
that now sounds sexy, right?

286
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Ciara Stockeland: right?

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Yeah.

288
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Taking a paycheck sounds pretty good.

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Matt Edmundson: yeah, all the people
sitting there listening, because we get a

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lot, obviously, the audience is massive.

291
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The key is everyone's involved
in ecommerce in some respects,

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but we have multinational
pharmaceuticals listening to the

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podcast and we have a lot of people
who are starting up and I can just,

294
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all the people that are just sat around
the table, doing this as a side hustle

295
00:12:30,170 --> 00:12:32,710
going, sorry, let me just rewind.

296
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You can pay yourself from day one.

297
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When?

298
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I didn't get that memo.

299
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Hang on

300
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Ciara Stockeland: yep.

301
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Matt Edmundson: So inventory.

302
00:12:41,331 --> 00:12:44,711
Inventory, see I'm getting
confused already now,

303
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Ciara Stockeland: You do?

304
00:12:45,330 --> 00:12:45,660
Yeah.

305
00:12:45,831 --> 00:12:50,391
Matt Edmundson: Inventory
Genius, what's that then?

306
00:12:50,391 --> 00:12:52,101
So the book, the Inventory Genius.

307
00:12:52,141 --> 00:12:54,931
You obviously have been doing the
coaching, you decided to put pen

308
00:12:54,931 --> 00:12:57,901
to paper or fingers to keyboards
maybe is a better way to put it

309
00:12:57,911 --> 00:13:00,311
these days and you wrote the book.

310
00:13:02,171 --> 00:13:05,101
So what is the key message
of the book, if I can ask?

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00:13:05,770 --> 00:13:10,140
Ciara Stockeland: Yeah, so I was
coaching, consulting, working with

312
00:13:10,140 --> 00:13:14,010
clients, hearing the exact same things
over and over, solving the same problems.

313
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What's interesting is it doesn't matter
if they're 250, 000 a year or 14 million

314
00:13:19,135 --> 00:13:22,005
a year, the solution is the same, right?

315
00:13:22,015 --> 00:13:23,645
There's just more commas, more zeros.

316
00:13:24,105 --> 00:13:27,485
So my framework that I was helping,
it was just helping people and

317
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I was hearing these stories.

318
00:13:28,595 --> 00:13:33,025
So I got an email one day and I
opened the email and it was from a

319
00:13:33,025 --> 00:13:35,715
client, Jackie, and she said, Ciara,
I have to share some good news.

320
00:13:35,735 --> 00:13:37,515
I just paid off all my debt.

321
00:13:38,585 --> 00:13:41,355
And I was like, okay, Jackie,
we need to talk because that was

322
00:13:41,355 --> 00:13:42,505
our goal and that was our plan.

323
00:13:42,775 --> 00:13:44,525
But she did it like six months early.

324
00:13:44,945 --> 00:13:46,105
So we got on the phone.

325
00:13:46,105 --> 00:13:47,825
I'm like, Jackie, tell me what happened.

326
00:13:47,825 --> 00:13:48,375
Tell me what you did.

327
00:13:48,375 --> 00:13:49,995
And she's just did the work.

328
00:13:50,505 --> 00:13:55,005
And that got me thinking this framework
that I had that had been helping people.

329
00:13:56,415 --> 00:14:00,455
gives them the right work to do because
entrepreneurs are not lazy, right?

330
00:14:00,455 --> 00:14:01,435
They're not lazy.

331
00:14:01,605 --> 00:14:03,045
They're not unwilling to work.

332
00:14:03,055 --> 00:14:07,475
They're, they are, I was in the
past just doing the wrong type of

333
00:14:07,475 --> 00:14:09,115
work and you never get anywhere.

334
00:14:09,115 --> 00:14:11,975
And so I said, let me write.

335
00:14:12,490 --> 00:14:18,260
The framework into an easy to read book
where I can interweave my story and I can

336
00:14:18,260 --> 00:14:23,290
interweave the amazing success stories
of my clients and bring that anecdotal

337
00:14:23,660 --> 00:14:28,280
conversation to the table to show people
like you can pay yourself and the numbers

338
00:14:28,280 --> 00:14:31,030
don't have to be untouchable scary.

339
00:14:31,070 --> 00:14:31,980
And that's why I did it.

340
00:14:31,990 --> 00:14:35,380
I just figured I could get the message to
more people having the book out there, so.

341
00:14:36,021 --> 00:14:38,421
Matt Edmundson: And it just feels
like another IRONMAN challenge, right?

342
00:14:38,461 --> 00:14:38,991
I assume.

343
00:14:39,960 --> 00:14:42,450
Ciara Stockeland: Yeah,
so I, when I decide to do

344
00:14:42,450 --> 00:14:44,740
something, it, I usually do it.

345
00:14:44,740 --> 00:14:48,980
So I wrote it in probably about
the same time as IRONMAN, probably

346
00:14:48,980 --> 00:14:50,710
16 weeks, 12 weeks, wrote it.

347
00:14:50,780 --> 00:14:52,350
Cause then it's okay, now I need to do it.

348
00:14:52,350 --> 00:14:53,230
What am I going to wait for?

349
00:14:53,240 --> 00:14:54,770
Let's just get it out
there and get it done.

350
00:14:54,790 --> 00:14:58,070
So I started writing in the fall
and then published it by February.

351
00:14:58,521 --> 00:14:59,101
Matt Edmundson: Fantastic.

352
00:14:59,821 --> 00:15:00,811
So what, let's dig in.

353
00:15:00,851 --> 00:15:02,251
Can we dig into your framework?

354
00:15:02,321 --> 00:15:02,991
I'm curious.

355
00:15:02,991 --> 00:15:04,151
What is the framework?

356
00:15:04,781 --> 00:15:06,721
If just give us the headlines
and then we'll dig in.

357
00:15:07,220 --> 00:15:08,700
Ciara Stockeland: Framework
is such a fancy word.

358
00:15:08,700 --> 00:15:09,010
I like

359
00:15:09,031 --> 00:15:09,511
Matt Edmundson: Oh, I

360
00:15:09,670 --> 00:15:11,500
Ciara Stockeland: because all,
yeah, all of the coaches and cause

361
00:15:11,500 --> 00:15:13,450
I like our framework, but it's our

362
00:15:13,466 --> 00:15:17,296
Matt Edmundson: And it's, and we like
to say, and my framework is my IP.

363
00:15:17,796 --> 00:15:19,266
I don't know if you, this is my IP.

364
00:15:19,266 --> 00:15:20,296
My

365
00:15:20,440 --> 00:15:20,950
Ciara Stockeland: That's mine.

366
00:15:21,150 --> 00:15:22,790
It's just, yeah, very fancy.

367
00:15:23,220 --> 00:15:26,540
But really, really what it is,
it's a profit and loss statement.

368
00:15:26,750 --> 00:15:27,720
That's what I teach through.

369
00:15:27,720 --> 00:15:32,660
So my client, most of my
clients have their books done.

370
00:15:32,660 --> 00:15:33,710
They have an accounting firm.

371
00:15:33,710 --> 00:15:34,820
They get reports.

372
00:15:34,830 --> 00:15:35,900
They just don't look at them.

373
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So they put them in a file.

374
00:15:37,150 --> 00:15:38,350
They don't know how to read them.

375
00:15:38,920 --> 00:15:43,240
So really the framework is looking
at a profit and loss statement

376
00:15:43,270 --> 00:15:46,090
and a balance sheet and helping
to simplify what they are.

377
00:15:46,090 --> 00:15:48,220
So a profit and loss is
just a rear view mirror.

378
00:15:48,360 --> 00:15:50,990
It's just going to show you what's
happened in the past in your business.

379
00:15:50,990 --> 00:15:54,060
So it's going to show you your sales
and it's going to show you, what

380
00:15:54,060 --> 00:15:57,530
the business has done in cash coming
in essentially and cash going out.

381
00:15:57,930 --> 00:16:03,250
The balance sheet is a snapshot of
your business health at any given time.

382
00:16:03,500 --> 00:16:06,570
So the balance sheet is going to
have your assets on the top, cash.

383
00:16:06,855 --> 00:16:11,535
Inventory, so important, how much
inventory you have, and your liabilities,

384
00:16:11,535 --> 00:16:12,765
like what you owe other people.

385
00:16:13,145 --> 00:16:16,755
With the Inventory Genius Framework,
we start with the sales, and then we

386
00:16:16,755 --> 00:16:20,185
look at our cost of goods sold, which
is the cost of the sales that happen,

387
00:16:20,185 --> 00:16:23,335
not of what you purchased in inventory,
but the cost of the inventory you

388
00:16:23,335 --> 00:16:26,665
just sold, the difference between
the two of them, which is our margin.

389
00:16:27,065 --> 00:16:30,795
We dig into margin first, that's always
where I go first, and I can always find

390
00:16:30,855 --> 00:16:32,675
lots of money for people in the margin.

391
00:16:33,045 --> 00:16:34,735
Then we look at what it
costs to run the business.

392
00:16:35,055 --> 00:16:38,115
And then the difference at the end
of the day, simple math problem.

393
00:16:38,755 --> 00:16:41,965
So once we've spelled this out,
then we go back and we have three

394
00:16:41,965 --> 00:16:43,435
levers that we start to pull.

395
00:16:43,445 --> 00:16:46,965
So if we're not seeing enough profit
in our business, if we're not paying

396
00:16:47,205 --> 00:16:50,985
ourselves, if we never have cash,
we can pull three different levers.

397
00:16:50,985 --> 00:16:54,105
We can increase our sales, which is
where everybody always goes, right?

398
00:16:54,135 --> 00:16:54,935
I just need more sales.

399
00:16:54,935 --> 00:16:55,655
I need more sales.

400
00:16:56,025 --> 00:16:57,425
That is a lever we can pull.

401
00:16:58,105 --> 00:17:00,415
But I like to pull the
lever of gross margin.

402
00:17:00,505 --> 00:17:02,515
So how can we create more margin?

403
00:17:02,515 --> 00:17:04,765
So the difference between
the sales and what the sales

404
00:17:04,765 --> 00:17:06,595
cost, how can we widen that?

405
00:17:07,035 --> 00:17:09,795
And then the lever of decreasing expenses.

406
00:17:10,065 --> 00:17:14,115
So typically people go to increasing
the sales or they just cut expenses,

407
00:17:14,115 --> 00:17:17,205
which is great, but you can't build
a business by cutting expense.

408
00:17:17,685 --> 00:17:20,655
So we look at pulling those three
levers and then we just do it and we

409
00:17:20,655 --> 00:17:24,135
just keep finessing that to create
more and more net profit at the bottom.

410
00:17:24,545 --> 00:17:27,555
It's not very complicated
it's just math, but I think.

411
00:17:28,295 --> 00:17:32,115
We get stuck in our own headspace and we
get stuck in routines of how we do things.

412
00:17:32,125 --> 00:17:34,985
And so I just step in and say I'm
not attached to your inventory.

413
00:17:35,135 --> 00:17:36,365
I'm not attached to your people.

414
00:17:36,635 --> 00:17:37,675
Here's what the numbers say.

415
00:17:38,060 --> 00:17:39,770
Let's pull that lever,
let's do that thing.

416
00:17:40,036 --> 00:17:40,406
Matt Edmundson: Yeah.

417
00:17:40,926 --> 00:17:47,686
And that it's fascinating, isn't it Ciara,
because I think my experiences having

418
00:17:47,716 --> 00:17:51,266
been around the block a few times now when
people do struggle with their ecommerce

419
00:17:51,266 --> 00:17:59,386
business, quite often the very first port
of call is to say I need to spend more

420
00:17:59,416 --> 00:18:03,806
on Facebook ads or I need to increase my
Google spend to go and get more sales in.

421
00:18:04,396 --> 00:18:06,616
I have a particular
problem with this theology.

422
00:18:06,701 --> 00:18:10,471
Which is I have no sales, therefore
I need to increase my ad spend.

423
00:18:11,301 --> 00:18:14,691
Rarely have I found that actually
that's the very first action that

424
00:18:14,691 --> 00:18:17,911
people need to take, but it is
a sort of a default thinking.

425
00:18:18,801 --> 00:18:20,941
And what I love about what you're
saying is actually, no, first you

426
00:18:20,941 --> 00:18:22,181
need to look at the numbers, guys.

427
00:18:22,191 --> 00:18:24,991
Let's have a look at what
actually needs to happen.

428
00:18:25,371 --> 00:18:31,021
We had a chap called Oliver Spock
on the podcast from Sweet Analytics.

429
00:18:31,021 --> 00:18:32,461
He came on a few months ago.

430
00:18:32,471 --> 00:18:35,836
In fact, he's done one of the
workshops in cohort as well.

431
00:18:36,306 --> 00:18:39,926
One of the things that intrigued
me about Oliver, who was the CEO

432
00:18:39,926 --> 00:18:43,836
of The White Company, which is
quite a big company here in the UK.

433
00:18:43,986 --> 00:18:47,226
And he took it from 5 million
to 60 million during his

434
00:18:47,226 --> 00:18:48,306
tenure in the early years.

435
00:18:49,676 --> 00:18:52,536
The single thing that he focused
because he boiled it down to a single

436
00:18:52,546 --> 00:18:57,716
thing is if we want to grow from
5 million to 10 million, I need to

437
00:18:57,726 --> 00:19:02,086
go and get 12, 362 new customers.

438
00:19:02,401 --> 00:19:04,571
Because he understood the numbers,
he understood their lifetime

439
00:19:04,581 --> 00:19:08,231
value and he just, he distilled
it down to this one simple metric.

440
00:19:08,351 --> 00:19:09,741
How many new customers have I got?

441
00:19:09,871 --> 00:19:10,631
And am I on target?

442
00:19:10,641 --> 00:19:10,931
Yes or no?

443
00:19:10,931 --> 00:19:15,611
And I, the reason I'm enjoying
talking to you is because I, and

444
00:19:15,621 --> 00:19:18,601
you've not talked necessarily about
new customers, but you are distilling

445
00:19:18,601 --> 00:19:23,971
this down to very simple metrics and
actually we can overcomplicate things.

446
00:19:23,971 --> 00:19:26,341
We can look for the
answers in the wrong place.

447
00:19:26,881 --> 00:19:29,451
And that's why I'm enjoying
what you're saying.

448
00:19:29,451 --> 00:19:34,331
The phrase which made my ears
sing was the, I can always find

449
00:19:34,331 --> 00:19:35,781
lots of money in the margin.

450
00:19:36,510 --> 00:19:37,160
Ciara Stockeland: Yes.

451
00:19:38,146 --> 00:19:41,606
Matt Edmundson: Explain that, please,
because everyone's going, yes, we would

452
00:19:41,606 --> 00:19:42,756
also like to know the answer to this

453
00:19:42,970 --> 00:19:43,290
Ciara Stockeland: Yeah.

454
00:19:43,430 --> 00:19:44,510
How do we find the money?

455
00:19:44,510 --> 00:19:44,810
Yes.

456
00:19:45,250 --> 00:19:50,460
So that's part of my framework, if you
will, or the system that I use is to

457
00:19:50,460 --> 00:19:52,780
continue to simplify down information.

458
00:19:52,810 --> 00:19:54,520
So we look really big picture, right?

459
00:19:54,870 --> 00:19:55,680
What are your sales?

460
00:19:55,680 --> 00:19:56,260
What's your margin?

461
00:19:56,440 --> 00:19:56,590
Okay.

462
00:19:56,590 --> 00:19:57,750
Then we simplify it down.

463
00:19:57,750 --> 00:19:59,070
We pull a lever, we simplify it down.

464
00:19:59,070 --> 00:20:02,250
So when we look at the margin,
now we have various levers

465
00:20:02,250 --> 00:20:03,470
we can pull with the margin.

466
00:20:03,540 --> 00:20:04,960
So we can increase prices.

467
00:20:05,490 --> 00:20:07,270
We can decrease what
we're paying for things.

468
00:20:07,280 --> 00:20:09,180
So we can start to look at
paying in bulk and getting

469
00:20:09,180 --> 00:20:10,400
discounts and things like that.

470
00:20:10,720 --> 00:20:12,240
And we can do less discounts.

471
00:20:12,310 --> 00:20:14,520
So there's different ways that
we can find money in the margin.

472
00:20:15,000 --> 00:20:18,750
Most of the time, the quickest
money I'll find is in the pricing.

473
00:20:19,030 --> 00:20:24,540
So most business owners are very
scared about pricing things.

474
00:20:24,840 --> 00:20:28,080
They look at, I can't raise my
prices because of the neighbor.

475
00:20:28,080 --> 00:20:30,160
I can't raise my prices because
of this, that, and the other.

476
00:20:30,170 --> 00:20:34,650
So an example, I had a client, she had a
Brick-and-Mortar store, and she was doing

477
00:20:34,660 --> 00:20:36,890
all of the right work it appeared, right?

478
00:20:36,900 --> 00:20:39,940
So she had customers, she had a
great product, and we just need

479
00:20:39,940 --> 00:20:41,040
to find more money in the margin.

480
00:20:41,115 --> 00:20:42,615
So I said, we need to raise your prices.

481
00:20:42,615 --> 00:20:43,365
I can't do that.

482
00:20:43,365 --> 00:20:44,075
People won't come.

483
00:20:44,545 --> 00:20:46,275
So I said, okay, I want
you to do one thing for me.

484
00:20:46,275 --> 00:20:46,705
Just do it.

485
00:20:46,775 --> 00:20:47,375
Do it once.

486
00:20:47,375 --> 00:20:48,465
If it doesn't work, that's fine.

487
00:20:48,465 --> 00:20:50,025
But what you're doing
now isn't working anyway.

488
00:20:50,025 --> 00:20:51,725
So just how about you just try my method.

489
00:20:52,185 --> 00:20:55,345
So I said, I want you to mark
everything up in your store by 1.

490
00:20:55,485 --> 00:20:56,275
Just everything.

491
00:20:56,325 --> 00:20:57,355
Earrings are 1.

492
00:20:57,365 --> 00:20:58,265
Shoes are, it doesn't matter.

493
00:20:58,265 --> 00:20:59,395
Just 1 for everything.

494
00:20:59,985 --> 00:21:01,245
And then in a month we'll talk.

495
00:21:01,390 --> 00:21:05,510
So she listened, she marked everything
up by a buck and when she came back

496
00:21:05,510 --> 00:21:08,890
she told me her sales and so I said,
okay, how many units have you sold?

497
00:21:08,930 --> 00:21:11,880
And I can't remember her specific
numbers, so let's just make something up.

498
00:21:11,890 --> 00:21:14,150
So she had sold a
thousand units that month.

499
00:21:15,030 --> 00:21:19,180
I said, that's 1, 000 extra in margin.

500
00:21:19,650 --> 00:21:21,580
By just marking up everything by 1.

501
00:21:21,750 --> 00:21:23,270
We didn't get more customers.

502
00:21:23,600 --> 00:21:25,570
We didn't increase our conversion rate.

503
00:21:26,060 --> 00:21:29,350
All we did was that,
and she was like, wow.

504
00:21:29,350 --> 00:21:31,020
And I said, did anyone even notice?

505
00:21:31,130 --> 00:21:32,220
No, absolutely not.

506
00:21:32,240 --> 00:21:37,380
So we look at that pricing and we look
to price based off of our profit goals,

507
00:21:37,410 --> 00:21:39,140
not off of what the neighbors think.

508
00:21:39,750 --> 00:21:41,710
The same thing with our
overall sales goals at the top.

509
00:21:41,710 --> 00:21:44,470
Like how can we create sales goals
that drive the profit we want

510
00:21:44,480 --> 00:21:46,190
instead of just these vanity metrics.

511
00:21:46,190 --> 00:21:47,750
I want to be a seven figure business.

512
00:21:47,970 --> 00:21:48,790
What does that mean?

513
00:21:49,036 --> 00:21:49,916
Matt Edmundson: Oh, yeah.

514
00:21:49,916 --> 00:21:52,806
So it's an elusive dream to chase, really.

515
00:21:53,476 --> 00:21:55,496
And where this is intrigued,
let's dig into this a little bit,

516
00:21:55,496 --> 00:21:58,516
because I'm thinking of there's
two things in my head, right?

517
00:21:59,076 --> 00:22:03,591
One is I've mentioned this on the
podcast before, and of course, Just

518
00:22:03,591 --> 00:22:07,701
to full disclosure, dear listener,
we batch record these podcasts.

519
00:22:07,721 --> 00:22:10,281
So I don't record this podcast
like the week it comes out.

520
00:22:10,291 --> 00:22:10,961
You're going to hear it.

521
00:22:11,396 --> 00:22:15,196
A little while after we've recorded
it hence the reason you should be

522
00:22:15,196 --> 00:22:16,536
in cohort if you want early access.

523
00:22:16,536 --> 00:22:17,396
But anyway, plug over.

524
00:22:17,696 --> 00:22:18,516
Here's the thing, right?

525
00:22:18,526 --> 00:22:26,606
So at the time that we're talking, we
are building a new eCommerce website.

526
00:22:26,626 --> 00:22:28,316
We're going to launch
a new product, right?

527
00:22:28,316 --> 00:22:30,086
So we have eCommerce businesses.

528
00:22:30,656 --> 00:22:33,066
Next year we've got three in the
pipeline that we're going to launch.

529
00:22:33,456 --> 00:22:36,726
So I've done what you have
said in a lot of ways.

530
00:22:36,726 --> 00:22:37,096
I've looked at.

531
00:22:37,676 --> 00:22:39,786
What I want our profit margins to be.

532
00:22:40,166 --> 00:22:44,416
I've looked at the price of our product,
compared it with some of the competitors

533
00:22:44,416 --> 00:22:48,226
and because of the way we're going to do
our branding, it's not like they can find

534
00:22:48,226 --> 00:22:50,406
that same product because it's our brand.

535
00:22:50,416 --> 00:22:52,226
Do you know what I mean, they
can't find that same product on

536
00:22:52,226 --> 00:22:55,776
another website, but I appreciate
that you can find similar things.

537
00:22:55,776 --> 00:22:59,236
So I've got to be aware of the
competition, but at the same time,

538
00:22:59,526 --> 00:23:03,161
I think if I try and be the cheapest
being that's never going to be good

539
00:23:03,161 --> 00:23:04,701
for anybody on any kind of level.

540
00:23:04,701 --> 00:23:08,261
So I can price that as such to create
the profit margins that I want.

541
00:23:09,311 --> 00:23:10,901
We have another business, right?

542
00:23:11,361 --> 00:23:12,761
Which I've inherited.

543
00:23:12,781 --> 00:23:14,401
I'm now the MD of this company.

544
00:23:14,861 --> 00:23:17,941
And that was built on
the three for two model.

545
00:23:18,361 --> 00:23:23,791
And so every single customer is
used to getting products at quite

546
00:23:23,791 --> 00:23:25,361
a substantial discount, right?

547
00:23:25,361 --> 00:23:28,031
Which is like a three for two is,
it's horrendous in a lot of ways,

548
00:23:28,051 --> 00:23:32,981
because it just eats, erodes your
margin and trying to change that

549
00:23:32,991 --> 00:23:35,081
culture, trying to change that.

550
00:23:35,781 --> 00:23:37,741
It's a bit like trying to plait sand.

551
00:23:37,751 --> 00:23:38,541
I'm not going to lie.

552
00:23:38,601 --> 00:23:39,801
It is complex.

553
00:23:39,871 --> 00:23:43,551
It is painful and it
is a very slow process.

554
00:23:43,561 --> 00:23:47,671
So how do you change prices or
how would you increase prices?

555
00:23:49,151 --> 00:23:53,501
In that kind of environment, what's
your advice to crazy people like me?

556
00:23:53,666 --> 00:23:54,056
Ciara Stockeland: Yeah.

557
00:23:54,056 --> 00:23:57,736
So in that environment, we might
go more after like the cost of

558
00:23:57,736 --> 00:23:59,966
what you're, what the goods are.

559
00:24:00,206 --> 00:24:04,176
So my retail concept was
a designer outlet store.

560
00:24:04,216 --> 00:24:08,496
So my prices were not high, but I
sold volume and I bought volume.

561
00:24:08,696 --> 00:24:12,606
So I was constantly looking at how
can I get this not for 10 a unit?

562
00:24:12,626 --> 00:24:14,126
How can I get it for 8 a unit?

563
00:24:14,126 --> 00:24:15,966
Cause that's where I'm
going to find my margin.

564
00:24:17,341 --> 00:24:19,631
Depending on the circumstance,
that's what I would go after.

565
00:24:19,631 --> 00:24:23,311
Like, how can we really look at if
it's a physical product, shipping

566
00:24:23,581 --> 00:24:28,611
bulk buying, discounts, asking,
negotiating on the rate side of things.

567
00:24:28,656 --> 00:24:29,446
The

568
00:24:29,597 --> 00:24:33,177
Matt Edmundson: So bring bringing the
cost down more than trying to change the

569
00:24:33,476 --> 00:24:33,696
Ciara Stockeland: cost down.

570
00:24:34,026 --> 00:24:34,536
Yes.

571
00:24:34,576 --> 00:24:34,936
Yep.

572
00:24:35,436 --> 00:24:38,476
So that's, depending on what you're
selling, that would be, and you can do

573
00:24:38,476 --> 00:24:39,836
that in a service based business too.

574
00:24:39,836 --> 00:24:41,186
We have margins as well.

575
00:24:41,266 --> 00:24:42,286
You're 1099.

576
00:24:42,296 --> 00:24:45,216
How can you bring your costs
down, serve the masses instead?

577
00:24:45,216 --> 00:24:48,896
There's ways that you can look at costs in
a service based business too, to increase

578
00:24:48,896 --> 00:24:51,006
margin if it's not a physical product.

579
00:24:52,757 --> 00:24:53,117
Matt Edmundson: Okay.

580
00:24:53,387 --> 00:24:58,827
So how do you, let's say,  I'm going
to look at increasing prices because

581
00:24:58,827 --> 00:25:00,417
I, this is a really interesting topic.

582
00:25:00,417 --> 00:25:02,137
I don't know if we've ever
talked about this on the show.

583
00:25:03,807 --> 00:25:05,257
So let's take the three, two out of it.

584
00:25:05,257 --> 00:25:09,117
Let's take out the culture of discount
that we have, because I, in one sense, I

585
00:25:09,117 --> 00:25:12,547
suppose I could put a dollar on everything
and see if that still causes any grief.

586
00:25:13,107 --> 00:25:17,607
What are some of the tips that you, that
as ecommerce businesses, we should think

587
00:25:17,607 --> 00:25:19,807
about when it comes to raising our prices?

588
00:25:20,491 --> 00:25:23,411
Ciara Stockeland: One thing with margin
is to really look at true margin.

589
00:25:23,921 --> 00:25:28,481
When I work with a client, they think,
products, okay, this pair of jeans

590
00:25:28,481 --> 00:25:30,871
cost me 50, I'm selling it for 100.

591
00:25:30,901 --> 00:25:32,761
My margin is X, right?

592
00:25:33,551 --> 00:25:34,711
But what is the freight in?

593
00:25:34,711 --> 00:25:36,661
What does it cost to
get that product to you?

594
00:25:36,681 --> 00:25:37,771
How long do you have it?

595
00:25:37,781 --> 00:25:39,071
How many hands are touching it?

596
00:25:39,111 --> 00:25:41,061
Because products are more
and more expensive every

597
00:25:41,061 --> 00:25:42,031
time they get touched to you.

598
00:25:42,366 --> 00:25:44,556
Packet, you unpack it, you
do all of these things.

599
00:25:44,996 --> 00:25:47,496
So what's the true cost of goods sold?

600
00:25:47,896 --> 00:25:50,536
And then look at, with
ecommerce, look at your shipping.

601
00:25:50,556 --> 00:25:54,166
So a lot of times I'll work with clients
and say, what is your shipping policy?

602
00:25:54,166 --> 00:25:56,586
We ship everything for
free over 100 in sales.

603
00:25:56,606 --> 00:26:01,026
Okay, what if we would raise that shipping
threshold to 125, which would give us

604
00:26:01,166 --> 00:26:03,246
more products on that purchase, right?

605
00:26:03,256 --> 00:26:07,006
Because maybe they have to buy one 50
worth because of our pricing structure.

606
00:26:07,716 --> 00:26:11,326
Could that offset our shipping costs,
which would deliver more margin, right?

607
00:26:11,326 --> 00:26:12,716
So you just keep drilling in.

608
00:26:12,746 --> 00:26:15,166
And the problem is if you
never look at the numbers.

609
00:26:15,896 --> 00:26:17,576
You never have those levers to pull.

610
00:26:17,576 --> 00:26:21,006
You just look at I don't have money or
I'm not making enough money, but there's

611
00:26:21,016 --> 00:26:22,746
lots of different ways to finesse that.

612
00:26:22,776 --> 00:26:25,926
And a dollar here, 2 there,
saving on shipping here.

613
00:26:26,526 --> 00:26:29,686
I had a client, she does a, about a
million dollars in ecommerce business.

614
00:26:29,956 --> 00:26:31,876
And we looked at her shipping threshold.

615
00:26:32,226 --> 00:26:35,576
She raised it, I think
it was from 75 to 90.

616
00:26:35,896 --> 00:26:40,581
It didn't increase her overall
average ticket, but what she

617
00:26:40,581 --> 00:26:42,591
spent on shipping decreased.

618
00:26:42,601 --> 00:26:45,291
So more customers are paying or
contributing to her shipping,

619
00:26:45,291 --> 00:26:47,091
which increased her margin, right?

620
00:26:47,101 --> 00:26:49,651
It's so fun because there's lots
of ways you can play the game.

621
00:26:50,472 --> 00:26:52,792
Matt Edmundson: Yeah, the shipping
thing is a really interesting thing

622
00:26:52,802 --> 00:26:59,582
and an interesting little sidestep
here because we have done it in the

623
00:26:59,592 --> 00:27:05,282
past where we've given free shipping,
you have to order two units, right?

624
00:27:05,292 --> 00:27:08,822
So because free shipping was
a big deal several years ago,

625
00:27:08,822 --> 00:27:10,022
you had to do free shipping.

626
00:27:10,392 --> 00:27:14,082
I think what I've noticed now in ecommerce
is actually like the new company that

627
00:27:14,082 --> 00:27:15,622
we're going to set up and start running.

628
00:27:15,892 --> 00:27:17,312
It's not default free shipping.

629
00:27:17,562 --> 00:27:18,072
At all.

630
00:27:18,402 --> 00:27:19,452
You have to be a member.

631
00:27:19,452 --> 00:27:21,282
I'm introduce the membership side of it.

632
00:27:21,282 --> 00:27:23,142
So you have to be a member
to get the free shipping.

633
00:27:23,772 --> 00:27:26,892
Because what I've noticed more and more
is actually people are charging for

634
00:27:26,897 --> 00:27:33,752
shipping, but the price point for getting
free shipping is getting higher, right?

635
00:27:33,752 --> 00:27:35,802
So there's a clothing site.

636
00:27:35,802 --> 00:27:39,972
I buy bits and bobs off here in
the uk they're like 125 pounds.

637
00:27:39,972 --> 00:27:42,462
That's 150 bucks to get free shipping.

638
00:27:42,872 --> 00:27:43,232
And you get.

639
00:27:43,727 --> 00:27:46,127
You go, I know the
margin in these products.

640
00:27:46,387 --> 00:27:48,667
But they obviously have
a lot of customers.

641
00:27:48,667 --> 00:27:51,427
They have a lot of repeat customers
and now they've actually, ironically,

642
00:27:51,427 --> 00:27:53,007
just introduced the membership thing.

643
00:27:53,217 --> 00:27:57,017
So you get free shipping if you're
a member of a certain standing,

644
00:27:57,037 --> 00:28:00,037
for want of a better expression
which I think is really clever.

645
00:28:00,806 --> 00:28:01,366
Ciara Stockeland: Yeah.

646
00:28:01,927 --> 00:28:04,717
Matt Edmundson: so you can either use
it as a way to, like we used it as a

647
00:28:04,717 --> 00:28:08,197
way to get people to buy two rather than
one, because people are like, especially

648
00:28:08,197 --> 00:28:09,787
if your unit price isn't that much.

649
00:28:10,412 --> 00:28:11,292
So if I'm going to pay five

650
00:28:11,296 --> 00:28:11,896
Ciara Stockeland: Get that average.

651
00:28:12,262 --> 00:28:15,552
Matt Edmundson: but the unit price is 15
bucks, you go actually the net cost is 10.

652
00:28:15,552 --> 00:28:16,722
I may as well get that, right?

653
00:28:16,762 --> 00:28:17,132
Ciara Stockeland: Yep.

654
00:28:17,449 --> 00:28:19,969
Matt Edmundson: you find that the
unit the average order value goes

655
00:28:19,969 --> 00:28:21,249
up if the unit price is down.

656
00:28:21,859 --> 00:28:25,199
Ciara Stockeland: Another
place, margin is thinking about

657
00:28:25,209 --> 00:28:26,989
the discounts you're giving.

658
00:28:27,139 --> 00:28:30,559
So another client I was
working with, he does several

659
00:28:30,559 --> 00:28:32,759
million a year eCommerce only.

660
00:28:33,449 --> 00:28:39,444
He had, his prices were fantastic, but
he had discounts everywhere, like 10

661
00:28:39,444 --> 00:28:43,204
percent if you abandon your cart, 15
percent if you abandon your cart twice, 25

662
00:28:43,204 --> 00:28:44,654
percent if you used to abandon your cart.

663
00:28:44,694 --> 00:28:48,444
I was like stop, let's choose one
discount so that we can actually,

664
00:28:48,444 --> 00:28:50,394
okay, so we decided on I think 10%.

665
00:28:50,874 --> 00:28:52,404
So let's choose one discount.

666
00:28:53,029 --> 00:28:55,329
So that we can factor
that into our pricing.

667
00:28:55,649 --> 00:28:56,899
That's real money.

668
00:28:56,909 --> 00:28:58,389
That's margin on the bottom, right?

669
00:28:58,389 --> 00:29:00,619
So that's a place you can find margin.

670
00:29:00,679 --> 00:29:01,349
Waste.

671
00:29:01,619 --> 00:29:03,999
So if you have a lot of
returns in eCommerce, like

672
00:29:04,419 --> 00:29:06,169
why do you have those returns?

673
00:29:06,209 --> 00:29:07,489
Can you fix that?

674
00:29:07,569 --> 00:29:09,179
Cause that's margin money too.

675
00:29:09,839 --> 00:29:11,049
All of these places.

676
00:29:11,049 --> 00:29:14,089
And it's just really interesting,
especially in clients where they have a

677
00:29:14,089 --> 00:29:17,599
lot of cash and their sales are really
good and they're not riddled with debt.

678
00:29:17,669 --> 00:29:19,049
Money just covers stuff.

679
00:29:19,409 --> 00:29:21,339
And so they just, the money
comes in and the money goes out.

680
00:29:21,739 --> 00:29:24,379
And so I'll look at them and
would you like to keep another

681
00:29:24,379 --> 00:29:25,619
15 percent of that money?

682
00:29:25,619 --> 00:29:27,159
Cause we could definitely do that.

683
00:29:27,259 --> 00:29:27,579
Matt Edmundson: Yeah.

684
00:29:28,382 --> 00:29:29,422
Ciara Stockeland: it's
all about drilling down.

685
00:29:29,809 --> 00:29:30,269
Matt Edmundson: it is.

686
00:29:30,269 --> 00:29:30,689
I love it.

687
00:29:30,719 --> 00:29:34,189
I remember once going into, I was
doing a consulting project for a

688
00:29:34,189 --> 00:29:37,609
company, pharmaceutical company,
international pharmaceutical company.

689
00:29:38,069 --> 00:29:43,619
And I remember going in the CEO's
office and saying, listen, if I told

690
00:29:43,619 --> 00:29:49,069
you how you could make another million
a year, Without doing a whole great

691
00:29:49,069 --> 00:29:55,529
deal, maybe a 30, 40k investment,
can I get 20 percent of that money?

692
00:29:56,322 --> 00:29:56,732
Ciara Stockeland: Yep.

693
00:29:56,842 --> 00:29:57,202
Yep.

694
00:29:57,202 --> 00:29:57,775
Yeah.

695
00:29:57,899 --> 00:30:01,079
Matt Edmundson: was like, no, you
cannot, but you can still tell me.

696
00:30:01,469 --> 00:30:03,229
And it's exactly what you said.

697
00:30:03,239 --> 00:30:06,669
All we did, I just went into his warehouse
and I watched his staff pick and pack.

698
00:30:07,249 --> 00:30:10,949
And I'm like, if you move the products
that people buy more often close

699
00:30:10,949 --> 00:30:12,309
to the pick and pack, you'll get.

700
00:30:12,514 --> 00:30:13,874
You'll send out 20 percent more.

701
00:30:14,364 --> 00:30:17,534
Oh, and by the way, you're sending
out 20 percent of your orders wrong.

702
00:30:17,534 --> 00:30:20,104
So just have a scanning system
and they'll all go out correctly.

703
00:30:20,574 --> 00:30:23,234
And when we added it all up,
it was over a million a year

704
00:30:23,264 --> 00:30:24,384
because of the, but you're right.

705
00:30:24,404 --> 00:30:26,894
When you're making money, you
don't really care about efficiency.

706
00:30:27,447 --> 00:30:27,887
Ciara Stockeland: Yeah.

707
00:30:28,014 --> 00:30:30,484
Matt Edmundson: until someone comes
in and goes actually your inefficiency

708
00:30:30,484 --> 00:30:32,164
is costing you a million bucks a year.

709
00:30:32,714 --> 00:30:33,704
That's a lot of money.

710
00:30:33,714 --> 00:30:35,864
Even if you're making a lot of
money, that's a lot of money.

711
00:30:36,404 --> 00:30:40,014
So here's a question for you
then when it comes to discounts.

712
00:30:40,499 --> 00:30:43,219
And again, I'm thinking back to
something Oliver said, and I don't

713
00:30:43,219 --> 00:30:46,749
know if he said it on the podcast or
whether we subsequently talked about it.

714
00:30:47,339 --> 00:30:53,859
Do you track the amount
of discount given, right?

715
00:30:53,859 --> 00:30:58,029
So in other words, if you go, if I
go to an ecommerce website and it

716
00:30:58,029 --> 00:31:05,729
says, RRP is a hundred bucks, our
price is 80 bucks, today only 75

717
00:31:05,769 --> 00:31:07,969
bucks plus free shipping, right?

718
00:31:08,289 --> 00:31:15,499
And so that their balance, their P& L
will say sales is $75 but actually, do

719
00:31:15,609 --> 00:31:21,574
you recall the $75 or do you say, oh,
actually,sale was $75 but you gave the $5

720
00:31:21,574 --> 00:31:25,444
discount or even it was a hundred bucks
'cause that was a RIP, but you gave a $25

721
00:31:25,444 --> 00:31:29,254
dis, do you actually track the discounts
given or do you just take the bottom line?

722
00:31:29,827 --> 00:31:32,507
Ciara Stockeland: I like to see the
information cause seeing the information

723
00:31:32,767 --> 00:31:34,127
helps you make better choices.

724
00:31:34,137 --> 00:31:39,267
So I like to see what were our sales, what
were our discounts, what were our damages,

725
00:31:39,297 --> 00:31:42,267
like really what was all into that sale.

726
00:31:42,767 --> 00:31:44,767
And then on the shipping,
I see this a lot.

727
00:31:44,917 --> 00:31:46,602
They'll just be one line on them on P& L.

728
00:31:46,882 --> 00:31:47,322
Shipping.

729
00:31:47,472 --> 00:31:50,432
Okay, is that freight in, is that
shipping out to your customers?

730
00:31:50,432 --> 00:31:52,452
Because if you're charging your
customers, you actually have

731
00:31:52,462 --> 00:31:54,462
income to offset the shipping.

732
00:31:54,862 --> 00:31:56,622
Freight in is part of your cost of goods.

733
00:31:56,632 --> 00:31:59,302
We separate those because
I want people to know.

734
00:31:59,482 --> 00:32:03,442
Once you know, you're like, ooh, there's
opportunity and there's opportunity.

735
00:32:03,442 --> 00:32:05,032
So I like to extrapolate the data.

736
00:32:05,764 --> 00:32:09,454
Matt Edmundson: Do you just record
all of this data in a spreadsheet?

737
00:32:09,459 --> 00:32:11,314
Is there a software that you are using?

738
00:32:11,314 --> 00:32:15,234
How, what if people are wanting
to track this where would they go?

739
00:32:16,102 --> 00:32:19,942
Ciara Stockeland: so you're gonna use
your POS platform, Shopify or Lightspeed

740
00:32:19,942 --> 00:32:23,902
or whatever that is, to get the basic
information, and then it's gonna be put

741
00:32:23,902 --> 00:32:26,752
into QuickBooks or an accounting software.

742
00:32:26,902 --> 00:32:29,672
So and some of my clients
have pretty sophisticated

743
00:32:29,742 --> 00:32:31,212
accounting firms that do their.

744
00:32:31,312 --> 00:32:34,562
All of their P& L and it's just very
broken out so that we can make decisions.

745
00:32:34,562 --> 00:32:37,882
We plan our goals, the budgeting,
that we do is all based off of that.

746
00:32:37,882 --> 00:32:40,722
What are we anticipating for
discounts for the year based

747
00:32:40,722 --> 00:32:41,932
off of what we did, in the past.

748
00:32:41,932 --> 00:32:45,012
So we want to be able to see all
of that and then just find it.

749
00:32:46,912 --> 00:32:50,302
But you could, if you're just starting
out and you don't have an accounting

750
00:32:50,302 --> 00:32:52,102
for, you can record that in Excel.

751
00:32:52,322 --> 00:32:54,232
You could run yourself
an Excel spreadsheet.

752
00:32:54,472 --> 00:32:57,572
I think the basic thing is just getting
the information either out of your

753
00:32:57,572 --> 00:33:01,562
head or out of your point of sale
system and into something that can

754
00:33:01,572 --> 00:33:03,982
give you a tool to make decisions.

755
00:33:04,233 --> 00:33:04,623
Matt Edmundson: Yeah.

756
00:33:04,753 --> 00:33:06,284
You can just look at the
numbers simply, can't you?

757
00:33:06,793 --> 00:33:10,483
It's really interesting actually, because
we, when we were talking about the new

758
00:33:11,203 --> 00:33:14,413
product, the new skincare brand that
we're setting up, the first one, where

759
00:33:14,413 --> 00:33:18,103
we have been able to just determine
the prices based on profit margin,

760
00:33:18,163 --> 00:33:19,303
as opposed to the other way around.

761
00:33:20,763 --> 00:33:24,773
What was interesting was we've done
similar companies in the past and our

762
00:33:24,773 --> 00:33:28,564
finance controller  Michelle, she's just,
she's an absolute legend, this lady.

763
00:33:29,034 --> 00:33:33,524
And, like you just loves numbers, spends
all the time looking at spreadsheets

764
00:33:33,524 --> 00:33:37,214
and Sage and she came in and said
when we launch this company We are

765
00:33:37,214 --> 00:33:41,984
not selling outside of the UK at least
not initially and I'm like that's

766
00:33:41,984 --> 00:33:44,664
just wrong because we have America.

767
00:33:44,664 --> 00:33:48,944
It's a massive market Australia We know
how to sell to the Aussies and so and

768
00:33:48,944 --> 00:33:51,334
I'm just going no because we've got
all these international opportunities

769
00:33:51,344 --> 00:33:55,214
she went, no Matthew we are not selling
outside of the UK and I'm gonna tell you

770
00:33:55,214 --> 00:33:57,404
why and it all came down to the numbers.

771
00:33:58,019 --> 00:34:02,599
Fundamentally,  when we started,
once we've hit a million, two

772
00:34:02,599 --> 00:34:03,889
million in turnover, then fine.

773
00:34:04,609 --> 00:34:08,829
But until then we've not . And  it
was an, it was a pure numbers based

774
00:34:08,829 --> 00:34:11,039
decision for her based on shipping costs.

775
00:34:11,599 --> 00:34:17,214
The time and energy it takes to
do the paperwork for external, for

776
00:34:17,764 --> 00:34:21,854
exports, taxes, the whole nine yards.

777
00:34:21,859 --> 00:34:24,464
She's just it's just not worth
it until we hit this number.

778
00:34:24,584 --> 00:34:25,764
And I'm like, that's really clever.

779
00:34:25,764 --> 00:34:28,644
Yeah, looking at the numbers like that,
I think it's super, super powerful.

780
00:34:29,334 --> 00:34:31,984
But this for you is all developed
and tried and tested in the

781
00:34:31,984 --> 00:34:33,594
trenches by the sounds of things.

782
00:34:33,594 --> 00:34:37,784
This is something that you, it's not
a, it's not a college degree where you,

783
00:34:39,567 --> 00:34:41,277
Ciara Stockeland: No,
unfortunately, they don't really

784
00:34:41,307 --> 00:34:43,047
teach the real deal, I feel like.

785
00:34:43,097 --> 00:34:48,657
And then looking for the reason,
being open and willing to admit

786
00:34:48,657 --> 00:34:52,137
that was a really expensive mistake,
and there has to be a better way.

787
00:34:52,147 --> 00:34:57,267
I think a lot of entrepreneurs get
very stuck on either, but this is how

788
00:34:57,267 --> 00:34:59,617
I envisioned it, this is how I want
it to work, and I'm just going to do

789
00:34:59,617 --> 00:35:01,527
it, I'm going to do it, and they just
bang their head against the wall.

790
00:35:02,537 --> 00:35:03,397
Woe is me.

791
00:35:03,547 --> 00:35:04,667
I really screwed up.

792
00:35:04,737 --> 00:35:06,887
It, and neither of those is productive.

793
00:35:06,897 --> 00:35:11,397
So at the end, towards the end of
the retail side of things, when I

794
00:35:11,407 --> 00:35:16,957
had my retail brand, I finally found
someone who does really what I do

795
00:35:16,957 --> 00:35:19,977
and taught me so much, which I wish
I would've had him at the beginning.

796
00:35:20,307 --> 00:35:23,497
And I remember a conversation he had
with me and he said, Ciara, just because

797
00:35:23,497 --> 00:35:27,357
you buy something for five and sell it
for 10 doesn't mean that you have 5.

798
00:35:27,357 --> 00:35:30,054
And I was like said, no, it costs
this much to turn the lights on, this

799
00:35:30,054 --> 00:35:32,744
much to have your people come in, this
much for the packing, all the things.

800
00:35:32,744 --> 00:35:34,164
He said, in fact, you probably lose money.

801
00:35:34,734 --> 00:35:37,604
And that was the first time
someone had explained that to me.

802
00:35:38,174 --> 00:35:39,314
And it made me curious.

803
00:35:39,334 --> 00:35:40,084
I want to dig in.

804
00:35:40,084 --> 00:35:43,094
I want to understand what
would I need to charge it for?

805
00:35:43,104 --> 00:35:45,144
And then how many of
them do I need to sell?

806
00:35:45,144 --> 00:35:47,924
Cause we were a volume based
business as an outlet store.

807
00:35:48,404 --> 00:35:48,724
Yeah.

808
00:35:48,724 --> 00:35:51,634
And so just learning the hard way,
doing things wrong, losing a lot of

809
00:35:51,634 --> 00:35:55,044
money and then doing things right
and knowing what that feels like.

810
00:35:55,434 --> 00:35:58,154
And then taking that and hopefully
sharing that with other people.

811
00:35:58,224 --> 00:36:00,464
Help them jump to the
front of the line if I can.

812
00:36:01,230 --> 00:36:02,010
Matt Edmundson: yeah, no, brilliant.

813
00:36:02,380 --> 00:36:07,450
So bringing this back to what we talked
about in the beginning, then, I get that

814
00:36:07,450 --> 00:36:09,030
I need to write stuff down on paper.

815
00:36:09,210 --> 00:36:11,110
Where do I add into this?

816
00:36:11,700 --> 00:36:15,080
The money that I want to pay
myself, how does that work?

817
00:36:15,080 --> 00:36:17,980
If I want to pay myself from
day one, where does that fit in?

818
00:36:18,664 --> 00:36:19,074
Ciara Stockeland: Yeah.

819
00:36:19,074 --> 00:36:22,454
So we're building a profitable
business from the beginning.

820
00:36:22,464 --> 00:36:26,784
So when we set our sales goal, again,
it's not that met that vanity metric of,

821
00:36:26,784 --> 00:36:28,214
I want to be a million dollar business.

822
00:36:28,704 --> 00:36:29,844
Here's my sales goal.

823
00:36:29,854 --> 00:36:30,054
Okay.

824
00:36:30,054 --> 00:36:30,804
I write that down.

825
00:36:31,204 --> 00:36:34,114
Here's what it's going to cost to run
my business, including my paycheck.

826
00:36:34,124 --> 00:36:34,554
Here's what.

827
00:36:34,769 --> 00:36:37,819
The cost is the fixed, the non
fixed, no debt included in this, but

828
00:36:37,819 --> 00:36:39,549
fixed, non fixed, and my paycheck.

829
00:36:40,189 --> 00:36:42,559
Here's what my margins look
like, what I think I can get.

830
00:36:42,589 --> 00:36:42,969
Okay.

831
00:36:42,989 --> 00:36:45,829
Does that sales number, and
this is just all a P& L, right?

832
00:36:45,839 --> 00:36:49,779
Does that sales number minus the cost
of running the business, leave me

833
00:36:49,779 --> 00:36:51,319
with something at the end of the day?

834
00:36:51,699 --> 00:36:54,719
And then you just keep finessing
those numbers and you don't settle.

835
00:36:54,909 --> 00:36:57,064
So when I first start
working with a client.

836
00:36:57,064 --> 00:36:59,804
I always go through this and I
have them do it in a spreadsheet

837
00:36:59,804 --> 00:37:02,354
that I've created and we always,
I said, now scroll to the bottom.

838
00:37:02,354 --> 00:37:03,244
I always say scroll to the bottom.

839
00:37:03,244 --> 00:37:05,434
They look at the bottom and all
the numbers are negative and I said

840
00:37:05,434 --> 00:37:07,994
why would we build a business with
negative numbers at the bottom?

841
00:37:07,994 --> 00:37:08,734
That's just silly.

842
00:37:09,144 --> 00:37:10,144
So we have levers.

843
00:37:10,164 --> 00:37:11,464
Like I told you, we have levers to pull.

844
00:37:11,464 --> 00:37:12,404
We can change sales goals.

845
00:37:12,404 --> 00:37:14,884
We can change, and you just keep
finessing that until you say,

846
00:37:14,904 --> 00:37:19,694
okay, this is realistic and it
produces a profit and it pays me.

847
00:37:20,329 --> 00:37:21,159
Let's get to work.

848
00:37:21,189 --> 00:37:25,549
Now, how do we get that sales goal and we
divide that into, unit level metrics and

849
00:37:25,559 --> 00:37:27,429
average tickets and break that all down.

850
00:37:27,439 --> 00:37:31,889
So yeah, I think it's about stepping back,
looking at the big picture, factoring it

851
00:37:31,899 --> 00:37:35,609
in, not being content with where you sit.

852
00:37:35,880 --> 00:37:36,320
Matt Edmundson: Yeah.

853
00:37:39,830 --> 00:37:40,250
Fantastic.

854
00:37:40,260 --> 00:37:43,200
What do you, what's the biggest
mistake you see a lot of entrepreneurs,

855
00:37:43,490 --> 00:37:45,900
especially startup entrepreneurs
in the eCommerce space make?

856
00:37:46,470 --> 00:37:49,730
There's obviously going to be some
common themes here and I'm curious.

857
00:37:50,550 --> 00:37:53,516
Ciara Stockeland: I think two things
that come to mind with inventory

858
00:37:53,516 --> 00:37:55,636
specifically is way too many SKUs.

859
00:37:55,796 --> 00:37:58,256
Like Brick-and-Mortar
needs to be really wide.

860
00:37:58,466 --> 00:38:00,656
When someone walks into a
Brick-and-Mortar, they need to see lots

861
00:38:00,656 --> 00:38:02,206
of options so they can try them on.

862
00:38:02,686 --> 00:38:06,566
ECommerce, in my opinion, and I
mean you're the expert so you might

863
00:38:06,566 --> 00:38:09,736
disagree, and that's cool I just
think it needs, less is more, right?

864
00:38:09,736 --> 00:38:10,436
Like you want.

865
00:38:10,661 --> 00:38:14,231
I'm going to go to your page and say,
okay, this and they, Oh, I want a medium.

866
00:38:14,231 --> 00:38:15,611
Oh, they don't have just one.

867
00:38:15,731 --> 00:38:16,701
And now it's gone.

868
00:38:17,301 --> 00:38:18,391
There's a medium available.

869
00:38:18,391 --> 00:38:19,431
There's a small available.

870
00:38:19,441 --> 00:38:23,231
So just way too many SKUs, like
merchandising their eCommerce stores,

871
00:38:23,231 --> 00:38:24,671
like their Brick-and-Mortar stores.

872
00:38:24,701 --> 00:38:26,051
And it's completely different.

873
00:38:26,651 --> 00:38:29,501
And then I think from
a financial standpoint.

874
00:38:30,021 --> 00:38:31,051
They take on debt.

875
00:38:31,561 --> 00:38:32,821
So things aren't working.

876
00:38:32,851 --> 00:38:34,981
I need paycheck to cover payroll.

877
00:38:34,981 --> 00:38:35,811
I need, whatever.

878
00:38:35,811 --> 00:38:37,191
So I need cash.

879
00:38:37,191 --> 00:38:40,431
I'm going to get cash infusion and
they take capital loans out, which are

880
00:38:40,431 --> 00:38:42,651
super easy to get in the States anyway.

881
00:38:43,451 --> 00:38:44,391
And they're monstrous.

882
00:38:45,151 --> 00:38:50,541
Cash eating loans because they pull daily
from your sales which really hinders

883
00:38:50,541 --> 00:38:54,251
cash flow so they get this money in
but they haven't fixed the root problem

884
00:38:54,721 --> 00:38:58,711
So the money covers the issue for a
while like a band aid But now I have

885
00:38:58,721 --> 00:39:01,611
debt and I'm still bleeding cash now.

886
00:39:01,611 --> 00:39:05,571
I'm an even worse position So
instead of figuring out why don't I

887
00:39:05,571 --> 00:39:07,441
have enough money to cover payroll?

888
00:39:07,911 --> 00:39:12,101
They just take cash on and take debt
on and take more debt on and then

889
00:39:12,101 --> 00:39:13,961
they come to me And say, help me,

890
00:39:14,551 --> 00:39:16,541
Matt Edmundson: And you're like, you
should have come a six months ago.

891
00:39:16,569 --> 00:39:20,079
Ciara Stockeland: I know, if only, that's
why I was like, I have to write the book.

892
00:39:20,079 --> 00:39:23,639
Maybe I can save some people,
beforehand, but, and I did that.

893
00:39:23,679 --> 00:39:26,884
I took on a lot of debt because I
didn't understand How the inventory

894
00:39:26,884 --> 00:39:30,054
works I didn't understand cashflow
and I was like if I just got a

895
00:39:30,054 --> 00:39:33,164
little more cash everything would
be good and it is for a month or two

896
00:39:33,184 --> 00:39:35,164
and then you're in worse position.

897
00:39:35,851 --> 00:39:36,181
Matt Edmundson: Yeah.

898
00:39:36,181 --> 00:39:37,041
It's interesting.

899
00:39:37,041 --> 00:39:41,181
You say that there's years ago
cause my background actually

900
00:39:41,181 --> 00:39:42,391
is accounting and finance.

901
00:39:42,421 --> 00:39:45,551
I don't like to admit it often if
I'm honest with you but it is that

902
00:39:45,551 --> 00:39:47,771
was my training finance and law.

903
00:39:49,246 --> 00:39:51,806
One of the things that intrigued me
years ago, I did debt counseling,

904
00:39:51,806 --> 00:39:54,386
mainly because I got into debt when
I was younger and it was stupid.

905
00:39:54,386 --> 00:39:56,176
And then I got out of it,
figured a few things out and

906
00:39:56,176 --> 00:39:58,056
would help wherever I could.

907
00:39:59,016 --> 00:40:00,086
We had this phenomenon.

908
00:40:00,116 --> 00:40:01,976
I don't know what you'd call it
in the States, but in the UK, we

909
00:40:01,976 --> 00:40:03,616
called it a debt consolidation.

910
00:40:03,626 --> 00:40:05,566
So you would get like a
consolidation line, right?

911
00:40:05,576 --> 00:40:08,986
So you would have say maxed out
six credit cards, which were

912
00:40:08,986 --> 00:40:10,466
charging crazy interest rates.

913
00:40:10,546 --> 00:40:15,356
And so you, the theory being, I'm going
to consolidate that into one Loan,

914
00:40:15,356 --> 00:40:16,916
which is charging me less interest.

915
00:40:16,916 --> 00:40:19,556
And that overall payment would be
less than the six credit cards.

916
00:40:19,556 --> 00:40:23,666
And so on the outside, this
sounded like a dream scenario.

917
00:40:23,906 --> 00:40:25,611
You realized you're not
getting rid of the debt.

918
00:40:25,656 --> 00:40:28,416
You're just refinancing to
make life easier for you.

919
00:40:29,136 --> 00:40:30,906
And what I noticed was.

920
00:40:32,671 --> 00:40:36,801
With everybody that took that kind of
loan, and I say everybody because it

921
00:40:36,801 --> 00:40:41,991
practically was, I, there was maybe
one or two where it wasn't, but what

922
00:40:42,011 --> 00:40:43,961
happened was exactly what you said.

923
00:40:43,971 --> 00:40:48,411
So you take your six credit cards, you
put it into one loan, you feel better

924
00:40:48,411 --> 00:40:50,811
about life because you have more money.

925
00:40:51,381 --> 00:40:54,247
You still have the same debt, it
doesn't matter that your, your payments

926
00:40:54,247 --> 00:40:57,827
are lower but they're going to last
four times longer but you didn't

927
00:40:57,837 --> 00:41:01,067
deal with the root issue as to why
you were in debt in the first place.

928
00:41:01,527 --> 00:41:05,652
And so what would happen is, two
years later, when they would come to

929
00:41:05,662 --> 00:41:09,902
someone like me, they would have the
debt consolidation loan, plus their

930
00:41:09,902 --> 00:41:11,352
six credit cards would be maxed out

931
00:41:11,411 --> 00:41:11,761
Ciara Stockeland: yeah.

932
00:41:12,302 --> 00:41:12,912
Matt Edmundson: Do you see what I mean?

933
00:41:12,912 --> 00:41:16,792
So the problem would be twice as bad,
and actually what you're saying is that

934
00:41:16,812 --> 00:41:18,282
actually happens in business as well.

935
00:41:18,302 --> 00:41:21,442
So you're taking on debt to
cover a cash flow shortfall

936
00:41:21,492 --> 00:41:23,422
Ciara Stockeland: of figuring
out why there's a cash flow.

937
00:41:23,422 --> 00:41:26,042
Matt Edmundson: Yeah, and it may be
that you do need to take on debt, but

938
00:41:26,092 --> 00:41:30,657
it's that relief that comes with it
temporarily, which kind of, You just

939
00:41:30,657 --> 00:41:33,997
think, I just need to get my head down
now and crack on and we'll just keep,

940
00:41:34,771 --> 00:41:35,691
Ciara Stockeland: Make more sales.

941
00:41:35,751 --> 00:41:36,821
Just make more sales.

942
00:41:36,921 --> 00:41:37,311
Yes.

943
00:41:37,417 --> 00:41:41,043
Matt Edmundson: put more money
into Facebook ads, that's

944
00:41:41,351 --> 00:41:45,261
Ciara Stockeland: I was working recently
talking with an entrepreneur because

945
00:41:45,271 --> 00:41:50,481
I like the idea of consolidating
the debt if you are changing habits.

946
00:41:50,981 --> 00:41:54,951
So now we have a one, 1, 000
payment with low interest,

947
00:41:55,321 --> 00:41:56,861
but we've changed our habits.

948
00:41:57,291 --> 00:41:59,051
We're now marking things correctly.

949
00:41:59,111 --> 00:42:00,151
We're buying things correctly.

950
00:42:00,151 --> 00:42:01,471
We're looking at our financials.

951
00:42:02,251 --> 00:42:04,931
But I was talking to a gal
lately, and she did this.

952
00:42:04,931 --> 00:42:05,861
She consolidated it, but.

953
00:42:06,421 --> 00:42:07,621
Isn't working in her business.

954
00:42:08,131 --> 00:42:09,271
They haven't changed.

955
00:42:09,271 --> 00:42:12,001
And she is in the same boat
that you just mentioned.

956
00:42:12,621 --> 00:42:15,471
Now she has one payment, but she's
still not making the sales and not

957
00:42:15,471 --> 00:42:18,201
making the money 'cause she's not
working in there and she doesn't

958
00:42:18,206 --> 00:42:19,481
wanna, so that doesn't work.

959
00:42:19,927 --> 00:42:22,117
Matt Edmundson: No, you're right,
it's, the habit has got to change,

960
00:42:22,117 --> 00:42:23,167
the root cause has got to change.

961
00:42:23,167 --> 00:42:27,187
And just to be clear, usually, not
all the time, but usually, I'd agree

962
00:42:27,187 --> 00:42:30,047
with you that there are way too
many SKUs on a lot of ecom sites.

963
00:42:30,711 --> 00:42:31,131
Ciara Stockeland: Yeah.

964
00:42:31,211 --> 00:42:31,761
Usually.

965
00:42:31,761 --> 00:42:32,741
I think usually.

966
00:42:32,857 --> 00:42:33,197
Matt Edmundson: Yeah.

967
00:42:33,627 --> 00:42:35,937
With the new one, the new
company that we're starting, I

968
00:42:35,957 --> 00:42:37,977
think we did have nine products.

969
00:42:38,017 --> 00:42:40,887
I've now reduced it to eight because
I felt like nine was too many.

970
00:42:41,437 --> 00:42:44,207
And the reason I took one out was not
because it's not a good product, but

971
00:42:44,207 --> 00:42:48,347
it was a different size packaging,
which would have meant we needed

972
00:42:48,347 --> 00:42:51,327
different boxes, which would, and
there were the knock on costs of this.

973
00:42:51,337 --> 00:42:55,377
Yeah, we reduced it down and I still
think it's still a lot, eight really.

974
00:42:56,641 --> 00:42:57,851
Ciara Stockeland: And I was talking a lot.

975
00:42:57,851 --> 00:43:00,651
I'm talking like hundreds, but you've
seen those sites where it's oh,

976
00:43:00,651 --> 00:43:02,821
there's 14 pages of things to look at.

977
00:43:02,831 --> 00:43:04,101
We're never going to get to page two.

978
00:43:04,371 --> 00:43:05,561
So yeah.

979
00:43:05,561 --> 00:43:08,541
And then you're stocking all
that inventory and that just

980
00:43:09,137 --> 00:43:09,837
Matt Edmundson: Oh, it's a nightmare.

981
00:43:10,027 --> 00:43:12,027
It's a night because it's
just cash on the shelf, right?

982
00:43:12,027 --> 00:43:16,747
So, yeah,  we could talk for hours
about this one particular issue.

983
00:43:17,217 --> 00:43:20,157
Perhaps the biggest mistake
that I see entrepreneurs making.

984
00:43:21,062 --> 00:43:25,732
Beyond your, and I agree, there's too
many SKUs and taking on debt, I would

985
00:43:25,732 --> 00:43:33,092
say that when it comes to marketing, when
we understand terms like ROAS, Return On

986
00:43:33,092 --> 00:43:38,732
Ad Spend, so I spent 100 on advertising
and it bought in 200 worth of sales,

987
00:43:38,742 --> 00:43:43,372
so I've got a Return On Ad Spend of 2,
actually, you need to incorporate in

988
00:43:43,372 --> 00:43:49,122
that figure, like you talk about with
the cost of stock, we have to incorporate

989
00:43:49,122 --> 00:43:53,402
in that figure the cost of those ads,
so how much did you pay the agency?

990
00:43:53,811 --> 00:43:54,251
Ciara Stockeland: fee.

991
00:43:54,421 --> 00:43:55,151
Yes.

992
00:43:55,381 --> 00:43:58,801
And the agencies love to say look
at this ROAS and I'm like, yeah,

993
00:43:58,801 --> 00:44:00,661
but they cost more than the ads did.

994
00:44:01,077 --> 00:44:01,377
Matt Edmundson: Yeah.

995
00:44:02,017 --> 00:44:02,867
No, totally.

996
00:44:02,867 --> 00:44:04,037
I totally get what you mean.

997
00:44:04,297 --> 00:44:06,877
I've sat in many rooms with
many agencies going, look at

998
00:44:06,887 --> 00:44:08,457
this, we've got an amazing ROAS.

999
00:44:08,487 --> 00:44:11,327
And I'm like, yes, but when we include
your fee, we're negative, aren't we?

1000
00:44:11,327 --> 00:44:13,227
And they're like, no,
let's not include that.

1001
00:44:13,877 --> 00:44:15,447
It's just, it's a very odd conversation.

1002
00:44:16,447 --> 00:44:18,107
Listen great conversation.

1003
00:44:18,137 --> 00:44:18,597
Loved it.

1004
00:44:18,617 --> 00:44:22,267
And I'm sure that there are going to
be people out there that would love to

1005
00:44:22,277 --> 00:44:24,397
read your book, maybe get ahold of your.

1006
00:44:24,782 --> 00:44:28,472
Coaching Services, and all
of that sort of good stuff.

1007
00:44:28,852 --> 00:44:31,232
What's the best way to do that?

1008
00:44:31,991 --> 00:44:32,251
Ciara Stockeland: Yeah.

1009
00:44:32,251 --> 00:44:33,551
I think just come to my website.

1010
00:44:33,571 --> 00:44:34,211
It's all there.

1011
00:44:34,221 --> 00:44:37,531
All the free resources, the book, the
podcast, everything sierrastockland.

1012
00:44:38,911 --> 00:44:39,291
com.

1013
00:44:40,031 --> 00:44:45,762
Matt Edmundson: Ciara Stockland, and it's
spelt for the British people, C I A R A.

1014
00:44:46,632 --> 00:44:53,252
Stockland, which is spelt, actually,
Stockland is spelt S T O C K E L A N

1015
00:44:53,252 --> 00:44:53,362
Ciara Stockeland: D

1016
00:44:53,362 --> 00:44:53,792
Yes.

1017
00:44:53,792 --> 00:44:55,701
I just make it so hard on everyone.

1018
00:44:55,881 --> 00:44:56,271
Yes.

1019
00:44:58,082 --> 00:45:00,142
Matt Edmundson: So there's a young
lady out there called Ciara Stockland

1020
00:45:00,162 --> 00:45:02,342
who is spelt with C I A R A.

1021
00:45:03,272 --> 00:45:05,552
Who's just going to get a lot of
website traffic all of a sudden,

1022
00:45:06,121 --> 00:45:06,611
Ciara Stockeland: That's very

1023
00:45:06,712 --> 00:45:07,752
Matt Edmundson: do I buy your book?

1024
00:45:08,212 --> 00:45:08,242
And

1025
00:45:08,361 --> 00:45:08,731
Ciara Stockeland: Yeah.

1026
00:45:08,921 --> 00:45:09,171
Yeah.

1027
00:45:09,931 --> 00:45:12,721
I'm not an inventory genius,
what are you talking about?

1028
00:45:12,831 --> 00:45:13,371
Yeah.

1029
00:45:13,762 --> 00:45:15,752
Matt Edmundson: just by the
domain name Inventory Genius,

1030
00:45:15,752 --> 00:45:17,032
maybe it might be anyway.

1031
00:45:19,422 --> 00:45:20,082
But no, that's great.

1032
00:45:20,092 --> 00:45:21,352
So that's your website.

1033
00:45:21,362 --> 00:45:22,212
You have a podcast.

1034
00:45:22,532 --> 00:45:23,672
Did I hear that correct?

1035
00:45:23,792 --> 00:45:24,042
Yeah.

1036
00:45:24,191 --> 00:45:24,601
Ciara Stockeland: do.

1037
00:45:24,631 --> 00:45:25,011
Yeah.

1038
00:45:25,591 --> 00:45:26,691
Inventory genius.

1039
00:45:27,602 --> 00:45:29,082
Matt Edmundson: And how
often are you episoding?

1040
00:45:29,661 --> 00:45:33,941
Ciara Stockeland: Every week now since
I started it, so two and a half, oh, it

1041
00:45:33,941 --> 00:45:35,631
might be coming up on three years shortly.

1042
00:45:35,671 --> 00:45:35,931
Yep.

1043
00:45:35,931 --> 00:45:37,411
So once a week, it drops on Mondays.

1044
00:45:37,531 --> 00:45:41,321
And I do I'll have guests on relating
to inventory or I'll talk about

1045
00:45:41,351 --> 00:45:42,611
inventory, I'll interview clients.

1046
00:45:42,611 --> 00:45:45,721
I try to keep it short and sweet so
it's an easy 20, 30 minute listen.

1047
00:45:46,272 --> 00:45:49,212
Matt Edmundson: Unlike
this marathon of a podcast

1048
00:45:49,382 --> 00:45:51,272
Ciara Stockeland: it's not
an IRONMAN of a podcast.

1049
00:45:51,462 --> 00:45:52,102
That would be.

1050
00:45:54,274 --> 00:45:57,154
Matt Edmundson: that's the Andrew
Huberman podcast, isn't it?

1051
00:45:57,404 --> 00:46:00,224
He's the IRONMAN of podcasts,
the two, three hour episodes

1052
00:46:00,804 --> 00:46:02,194
which is just fascinating.

1053
00:46:02,554 --> 00:46:06,034
Listen, it's been wonderful to talk
to you and thank you so much for

1054
00:46:06,044 --> 00:46:10,654
coming on and sharing your framework,
sharing your IP, your framework IP.

1055
00:46:11,164 --> 00:46:11,424
And,

1056
00:46:11,712 --> 00:46:12,262
Ciara Stockeland: out in the world.

1057
00:46:12,789 --> 00:46:15,999
Matt Edmundson: Yes, it's gone now,
I'm going to go write a book about it

1058
00:46:16,009 --> 00:46:16,669
Ciara Stockeland: Love it.

1059
00:46:18,545 --> 00:46:21,005
Matt Edmundson: but it's been,
it has been genuinely lovely to

1060
00:46:21,005 --> 00:46:24,005
talk to you, and so thank you for
coming on really appreciate it.

1061
00:46:24,629 --> 00:46:25,419
Ciara Stockeland: Thanks for having me.

1062
00:46:26,045 --> 00:46:28,825
Matt Edmundson: There you have it,
another fantastic conversation, huge

1063
00:46:28,825 --> 00:46:31,615
thanks again to Ciara for joining us.

1064
00:46:32,595 --> 00:46:35,815
Also a big shout out to today's
show sponsor, the eCommerce Cohort.

1065
00:46:35,835 --> 00:46:38,285
Remember to check them
out at ecommercecohort.

1066
00:46:38,285 --> 00:46:38,652
com.

1067
00:46:38,652 --> 00:46:40,745
Come join us in the membership.

1068
00:46:40,745 --> 00:46:41,645
It's not expensive.

1069
00:46:41,645 --> 00:46:43,285
It's 14 bucks or something like that.

1070
00:46:43,295 --> 00:46:45,175
I don't even, it's 14 to
20, something like that.

1071
00:46:45,665 --> 00:46:46,595
Come join us every month.

1072
00:46:46,605 --> 00:46:49,875
It'd be great to see you in there
and be sure obviously to follow the

1073
00:46:49,875 --> 00:46:53,265
eCommerce Podcast wherever you get
your podcasts from because we've got

1074
00:46:53,265 --> 00:46:55,055
some more great conversations lined up.

1075
00:46:55,115 --> 00:46:57,385
And I don't want you to miss any of them.

1076
00:46:57,775 --> 00:47:02,095
And in case no one has told you
yet today, let me be the first.

1077
00:47:02,095 --> 00:47:03,395
You are awesome.

1078
00:47:03,485 --> 00:47:03,985
Yes, you are.

1079
00:47:04,025 --> 00:47:04,985
Created awesome.

1080
00:47:05,385 --> 00:47:07,345
It's just a burden you have to bear.

1081
00:47:07,775 --> 00:47:08,555
Ciara's got to bear it.

1082
00:47:08,585 --> 00:47:09,375
I've got to bear it.

1083
00:47:10,925 --> 00:47:14,075
Now, the eCommerce Podcast
is produced by Aurion Media.

1084
00:47:14,075 --> 00:47:17,995
You can find our entire archive of
episodes on your favorite podcast app.

1085
00:47:18,415 --> 00:47:21,675
And the team, the wonderful, beautiful,
talented team that makes this show

1086
00:47:21,725 --> 00:47:25,515
possible includes Sadaf Beynon and
Tanya Hutsuliak, our theme song was

1087
00:47:25,515 --> 00:47:28,875
written by Josh Edmundson, and as I
mentioned, if you would like to read

1088
00:47:28,875 --> 00:47:33,125
the transcript or show notes, head
over to the website eCommercePodcast.

1089
00:47:34,345 --> 00:47:37,485
net, where of course you can
also sign up to the newsletter.

1090
00:47:37,790 --> 00:47:40,430
And get all of this good stuff direct
to your inbox totally for free.

1091
00:47:40,810 --> 00:47:42,370
So that's it from me.

1092
00:47:42,400 --> 00:47:43,227
That's it from Ciara.

1093
00:47:43,227 --> 00:47:43,640
Thank you

1094
00:47:43,640 --> 00:47:44,910
Matt Edmundson: so much for joining us.

1095
00:47:44,920 --> 00:47:47,800
Have a super fantastic week,
wherever you are in the world.

1096
00:47:48,240 --> 00:47:49,130
I'll see you next time.

1097
00:47:49,250 --> 00:47:49,840
Bye for now.