Have you ever heard of the Freshness Factor? The truth is that you can unlock major sales growth with the Freshness Factor. Freshness Factor is a pivotal aspect of inventory management. This metric isn’t just a buzzword; it’s a strategic tool that holds the key to maintaining a dynamic inventory, keeping your customers satisfied, and boosting your financial bottom line.
Understanding the Freshness Factor Magic
The Freshness Factor is more than a mere calculation; it’s a strategic approach to understanding the vitality of your inventory. Why does it matter, you ask? Well, here’s the truth bomb – you can’t grow your sales with old inventory! The Freshness Factor is your ticket to a vibrant, dynamic inventory that keeps your customers coming back for more.
The Freshness Factor Formula
Calculating the Freshness Factor is a straightforward 2-step process:
- First, figure out how much inventory you received in the last 120 days in a specific class (start with your biggest class for maximum impact) at retail value.
- Next, divide this number by the total inventory on hand in that same class right now, also at retail value. Multiply your answer by 100, and voila – you’ve got your Freshness Factor!
The 80% Rule: A Guiding Principle for Success
Here’s the golden rule – your Freshness Factor should be at least 80% for maximum sales and profits. This means that 80% of your inventory was received in the last four months. Our clients who are consistently at least 80% fresh always see higher sales – always. If your Freshness Factor is lower than 80% right now – don’t feel bad, you’re not alone and you’re not doomed! But it is time to take action. It’s time to get that old inventory moving!
Strategies for Success: Clearing the Path to Profit
If your Freshness Factor is less than 80% in any class, it’s time to clear out the old inventory in that class ASAP. Our Clearance Sale Secrets guide is your key to moving the most inventory while keeping the most money in your pocket.
You can access my clearance sale strategy in two ways:
Available in an immediate digital download with everything you need to start your clearance sale right now
If you prefer the support and accountability of the RETAILMavens team and your retail peers, you also get access to the Clearance Sale Secrets guide inside our RETAILMavens Coaching program. In addition to the Clearance Sale Secrets guide, this program also includes the proven Sales Breakthrough System as well as 12 months of coaching calls and support – all for just $400 more than the stand alone digital download. So if you’re also struggling with paying yourself, managing your inventory, strengthening your team or growing your traffic – joining the RETAILMavens Coaching program is the right decision for you right now!
Embark on the Freshness Revolution
Ready to say goodbye to stale inventory and hello to more sales and more profit? I challenge you to calculate your Freshness Factor right now. This metric isn’t just a number; it’s a guiding force toward a profitable, dynamic, and engaging retail environment. I’ll say it again:
You can’t grow your sales with old inventory
Start clearing out old, stale inventory now. Start with anything that is older than a year – and keep going until 80% of your inventory is FRESH! 🍋