STORE METRICS & KPI’STelling Your Story
Through the Numbers
MSA ConferenceBreakout Session 19
April 30, 2018
TRACY CUDE Chief Financial OfficerCrystal Bridges Museum of American Art
ANDREW ANDONIADISMuseum Store ConsultantAndoniadis Retail Services
Kirkland Museum of Fine & Decorative Art
CRYSTAL BRIDGES MUSEUM STORE
WHY METRICS MATTER
WE ARE MORE THAN RETAIL
We connect artists and visitors
We sell new memberships & host
member events
WE ARE MORE THAN RETAIL
We educate our visitors.
We help ensure repeat visitation.
WHERE TO BEGIN
COMMON DATA SET
Adjusted Visitationvs.
Total Attendance
Crystal Bridges:
449,846 633,821
= 71%
CBMAA VISITOR TREND
AVERAGE SALEHow much the customer spends per purchase.
Formula:Net Sales
Number of Transactions
Crystal Bridges:$2,419,406
59,068 = $40.96
SALES PER VISITORAverage of spending across all visitors
Formula:Net Sales
Adjusted Visitation
Crystal Bridges:$2,419,406
449,986 = $5.38
UNITS PER TRANSACTIONNumber of items sold per transaction.
Formula:Total Units Sold
Number of Transactions2.67
2.59
2.69
2.9
2.4
2.45
2.5
2.55
2.6
2.65
2.7
2.75
2.8
2.85
2.9
2.95
2014 2015 2016 2017
Crystal Bridges:173,07959,634
= 2.9
CAPTURE RATEThe ratio of visitors making a purchase.
Formula: Number of Transactions
Adjusted Visitation
Crystal Bridges:
59,073
449,843= 13.1%
CAPTURE RATE TREND
2016 average = 12.5%
2017 average = 13.1%
INVENTORY TURNOVERAn efficient measure of inventory investment.
Formula:Cost of Goods SoldAverage Inventory
Crystal Bridges:
$1,104,358$286,044
Crystal Bridges:
Goal = 3.0
= 3.86
CONTEXT AND PRESENTATION
Strategic and Operational Plans ▪ Tie your metrics
back to your plan
STRATEGIC APPROACH
Strategic Initiative
Objective
Output
Outcome / Metric
STRATEGIC PLAN EXERPT
▪ Initiative - Design and implement a capture rate improvement strategy to increase store traffic, sales, and to enrich the visitor experience.
◦ Output – Conduct a visitor services study with a focus on the retail experience that will deliver insights and ideas for improvement.
◦ Outcome – Implement new signage, lighting & space allocations to achieve a capture rate goal of 14% and a sales improvement rate of 20%.
Results: ▪ Capture rate improvement = 12.5% to 13.1% (vs 14% goal)▪ Sales improvement = 41% (vs 20% goal)
Objective:
Ensure fiscal responsibility and long term sustainability by growing and enhancing revenue streams.
CONTEXT AND PRESENTATION
Presentation Matters▪ Framing◦ Industry Benchmarks
◦ Comparative Data
▪ Audience ◦ Management vs Board
◦ Balance Between Numbers and Images
◦ Learning Lessons
Questions?
THANK YOU