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Welcome to the ‘Pricing for Profits’ Training

Every WooCommerce store owner recognises the significance of understanding their financial health, but pinpointing exact metrics like Cost of Goods Sold (COGS) and product profitability can often be a complex chore using the default WooCommerce settings.

Knowing this information will help you with planning out your marketing campaigns and which products to focus your efforts on, and also to identify which products could be bundled together to increase your Average Order Value (AOV).

By the end of this training, you will have identified your most profitable products and categories by not only their percentage % margin but more importantly, their net $ dollar value

Are you ready?  Let’s dive in.

Preparation Phase

Step 1:

I highly recommend you install a Cost of Goods Sold plugin so you can see at a glance your purchase cost, your retail price and what net margin you are making on each product.

Then you can focus on promoting those products and finding ways to increase your average order value (AOV) by potentially bundling a few of these higher profit products together.

I have tested a few COGS plugins to calculate profit etc., but the one below is by far the best I’ve found. 

Cost of Goods Sold (COGS): Cost & Profit Calculator for WooCommerce

How to install the plugin via your WordPress dashboard:

  1. Click on Plugins, Add New Plugin.
  2. Then in the search box on the right, type in Cost of Goods Sold and install the plugin by WPFactory.

Watch the short video below to see how to install the plugin.

Step 2:

Next, click the button below to download the ‘Product Profit Calculator’ spreadsheet in Google Sheets.

Please make a copy [File, Make A Copy], then you can download a copy of the file to use on your computer as a Microsoft Excel file.

 

Step 3:

To make it quicker to add your products to the ‘Product Profit Calculator’ spreadsheet, you can EXPORT your products from your website to a spreadsheet.

Then you can simply copy and paste your products into the ‘Product Profit Calculator’ spreadsheet.

Watch the video below to see how to export your website products and add them into the ‘Product Profit Calculator’ spreadsheet.

Step 4:

Okay, now you’ve done all your preparation work, watch the video below as I show you how to use my ‘Product Profit Calculator’ spreadsheet … I think you are going to love this cool tool.

Great job, you did it!

Now you’ve completed your product profit spreadsheet, you will have a very clear picture of what products in your shop are the most profitable ones to focus on for your marketing campaigns.

What’s next?

Before you begin spending money to promote your business, it’s important you have a clear vision of WHO your ideal customers are and what market niche you are serving.

If you have never done any market research and don’t know where to start with identifying your ideal customer and market niche, you may be interested in taking The Customer Discovery Course.

Or perhaps you’re already across all this and you are now wanting to learn how to unleash the full power of Klaviyo email marketing and create your own source of free website traffic? 

You can register your interest and join the waitlist to find out more HERE

I hope to see you again soon!

xo, Rebecca