ARRIVE Podcast - Episode 70 Notes
Episode Title: Smart Growth: Expanding Products and Revenue Streams
Host: Mike Hernandez
Episode Description: In this value-packed episode of Arrive, host Mike Hernandez explores strategic ways convenience store owners can expand their product mix and develop new revenue streams. Learn how to grow your convenience store business beyond traditional offerings through smart expansion strategies that won't break the bank or disrupt your existing operations.
Key Topics Covered:
- Success story of Rosa Martinez, who transformed her Phoenix store by strategically adding food service options
- How to analyze your current product mix to identify expansion opportunities
- Strategic product expansion in high-margin categories
- Developing new revenue streams that work even when you're not in the store
- Step-by-step implementation strategies that minimize risk
Episode Highlights:
- The "80/20 Split" technique to identify which 20% of your categories drive 80% of profits
- Creating a "Margin Map" to maximize profit per square foot
- Finding "Companion Purchases" that can boost sales across categories
- Starting small with fresh food and prepared meals
- How to create digital ordering systems without technical expertise
- The "30-60-90" method for implementing new offerings
- The "Rule of 1.5" for budgeting new initiatives
Actionable Takeaways:
- Create your "Product Performance Scorecard" to identify expansion opportunities
- Conduct a "Space Audit" to find underutilized areas in your store
- Start an "Opportunity Log" to track customer requests and competitor offerings
Resources Mentioned:
- Free "Smart Expansion Starter Kit" available at cornerstoresuccess.com/expand
- Additional resources available at cstorethrive.com
Listen to this episode to discover how to evolve your convenience store beyond traditional offerings into a destination that meets your customers' changing needs while boosting your bottom line.
