In today’s episode of The Render Podcast, we are continuing the Finance Series and chatting about analytics, how to track those for your business, and your strategies to continue bringing business in. We are so excited to talk about this with you because we know how overwhelming this can be and we have some favorite software and processes we use that help us out greatly!

A quick reminder — analytics does not just tell you about your numbers in the business. It tells you the direction your business is heading toward and acts as a guide to what you should or could do next. We really want to make sure that you are looking at what you should be looking at, so we are excited to share that with you!

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Evaluating Analytics

Have you noticed a drop in sales or bookings in your business? What about a financial shift? It could be a result of a loss of trust in your business and there could be multiple reasons why these things have shifted. Is your Marketing staying the same or perhaps not working anymore to reach your ideal audience? What about your Operations Team? Are they performing well onsite with jobs? How about your Sales Team? Are they performing at true capacity to max out those networking opportunities? Tracking these things is just as important as the finances within your business so you know how to evaluate 6 months to even a year from now. When you have a huge shift within the company, when you have tracked these analytics, you can better serve yourself and your team by making efforts that will make a difference in your business because you have that education behind what worked and what did not work. This is crucial to sustaining your business’s lifespan and continuing to build community.

The true aspect of this all is this — while it may not be “fun” to track this when your finances have majorly shifted it will be crucial to know these answers. It comes down to your bottom line and if you are not seeing “money moves” then you inevitably have to do something to make a change in your business.  

Render Educate Shop

If you are not aware, at Render we not only curate creative floral designs and custom event design and rentals for your events, but we also have an Education Resource Shop through our Education Department. In our Education Resource Shop, you can find so many awesome Freebie Templates to help guide you through your business questions, but we also have some amazing Resources for purchase that will give you a ton of insight into your rental business. We have worked hard to create these resources for you — having been in the industry for quite some time now, we have learned that there are not a ton of resources or education geared towards rental businesses. We have quite literally learned the hard way how to figure this out as we continued to grow, which led us to Render Educate. We wanted to share helpful tools and resources to our community so you do not have to struggle as we did to ‘figure it out’. I mean, we are in this together, right?! Some favorites we love and know that you would too are Pricing for Profitability and the Marketing Stats Template. 

We encourage you to head to our website to check out these offerings we have created exclusively for our community. Whether you snag a few freebies or purchase a template, we are so grateful for your support and for checking out the educational resources we have created for you! As always, if you have any questions, we encourage you to email us at info@therender.co and we are happy to help you!

How To Track Your Analytics

To start, how do you think you begin tracking your profitability? If you were not sure, it is when something is being initiated with your business or you are initiating a sale. So when someone sends us a wishlist, they are initiating with us! Typically when you are tracking numbers and analytics, it is because you are initiating something and you want to know the result of that. The start of our tracking process is right when we receive that inquiry. Then we look at who is reaching out — is this someone new or have we worked with this person before? We also want to know if this is a referral or did they find us on Google. Before we go any further, this is key. This is the literal key to telling you where your time and money should go. This is going to tell you how you should market to reach and continue reaching your target audience. Tracking these things, especially in the inquiry stage, is your golden ticket. 

Furthermore, this goes back to your finances. Compared to the previous year’s numbers, you had more weddings than corporate, yet this year is more corporate-focused, having tracked those inquiries can be super nice to see what shifted and how. This can help position yourself for the next year to be even greater. 

When the client books, you want to make even better decisions as a business that still relates back to your finances. You can look at your total overall cost that was charged to the client and compare how this booking amount differs from the next. Was it the type of event booked? Did they move to another company — do not be afraid to ask them why they ended up not booking with you. You will not learn if you do not ask. If you are not asking the clients these things, it is going to be hard to make improvements to your business without this information. Again, this lies within tracking your analytics and knowing how to continue successfully running your business. You need to be tracking and understanding your own analytics so you can continue making the best decision for your company.

Lastly, you should know that there are tons of amazing software out there for you to seamlessly integrate into your website, and at Render, we are partial to GoodShuffle Pro. The main feature we love so much is the website integration and how professional our website looks to prospective clients. We are able to work smarter by loading all of our inventory into GoodShuffle and it automatically populates onto our website making that one less step for us to need to do. Another great feature is the Google Communication integration tools. Keeping on top of communication with our clients is of utmost importance to us and these tools are just what we need to continue running smoothly. Be sure to check out GoodShuffle Pro today and to make this even sweeter, we are sharing our Render GoodShuffle Pro Promo Code with you!

How Data Can Serve You

Marketing strategies — do you understand them? This completely aligns with how tracking your data can serve you. Why do all of that work to not use it? Trust us, it is already such a time-consuming process that you better be motivated to put it to work! As mentioned before, the Marketing Stats Template is a great tool to have in your back pocket when it comes to keeping inquiries coming into your business. 

We hope this episode has been super helpful for you and you are taking away some key information for your business. We are excited to continue spreading joy within the Render Community and have a few things for you! Be sure to Sign Up to be the first to have access to our Profitability Data Sheet.

SURPRISE! We are also offering an exclusive Render Podcast discount on the resources mentioned in today’s episode. From Wednesday, March 15 through Tuesday, March 21, use code “Podcast10” to take advantage of 10% off the Pricing for Profitability, Marketing Stats Template, and anything else you may need while in the Resource Shop! 

As always, we are so grateful to have you in our community and cannot wait to continue serving you! Have questions? Be sure to email us at info@therender.co and we are happy to help you any way we can! Until next week, friends!

Joyfully,

Raven Scott | Podcast & Marketing Coordinator