Proof to Product

350 | How to Audit Your Product Line with Katie Hunt

Jul 23, 2024

Dive into a detailed training on how to conduct an effective product audit! Learn the step-by-step process of data collection and analysis to enhance your business operations. Discover strategies for identifying product strengths and weaknesses, optimizing pricing, and maximizing profits. Gain insights into refining your product line to align with your brand goals. Plus, explore the benefits of coaching programs designed to elevate your wholesale strategies and ensure your products are market-ready!

11:25

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Quick takeaways

Conducting a product audit involves systematically analyzing sales data to identify top-selling products and areas for improvement.

Insights from the audit help businesses strategize marketing efforts and allocate resources towards high-performing products for increased profitability.

Deep dives

Goals of a Product Audit

Conducting a product audit aims to maximize profits, make data-driven decisions, and gain clarity on where to focus resources for product development, sales, and marketing. The process involves a systematic examination of sales data to identify both top-selling and underperforming products. By analyzing sales volume and total revenue over a specified period, businesses can make informed decisions about which products to promote or discontinue. This structured approach ensures that resources are allocated efficiently, maximizing the potential for growth and profitability.

Intro

4min

Conducting a Product Audit for Profit Maximization

5min

Conducting Effective Product Audits for Business Growth

2min

Today's episode is short but very detailed, so find a quiet place to listen and grab a notebook. This is a quick training that I recorded for our LABS members. Our LABS members are Paper Camp alumni, so they have been through our intensive program. This is something that we walk you through in Paper Camp as well, but I wanted to bring it up here publicly on the podcast because I know from the 2024 survey results that many of you need to do a product audit.

In this episode, I walk you through the step-by-step instructions on how to audit your product line, including how to collect the data and what data to collect, analysis and what to look for, as well as how to apply what you're learning from the data to your business moving forward.

Today's episode is brought to you by our Paper Camp program. Paper Camp is our wholesale coaching program where we teach you everything you need to know to build strong wholesale foundations. Over the course of 4 weeks, we tackle your product line, sales tools, and marketing plan, and we even talk about how to exhibit at trade shows if that's what you want to do. We start with your product line and go into everything from how often you should be releasing new products to ensuring that your numbers are sustainable for the wholesale market and their price for profit.

Then we move into sales tools you must have for selling wholesale so you make a strong first impression with buyers like catalogs and your terms and conditions. Then, we cover marketing strategies and ways to reach various store owners.

Each week's teachings build on the previous week, and we host weekly live engaging coaching calls to answer all of your questions. We will open enrollment for our next round of Paper Camp soon, and we sell this program out every time we run it. Join the wait list and you’ll get early access to enroll.

You can view full show notes and more at http://prooftoproduct.com/350

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