I have a fascination with keeping records. I find value in recording stats in order to uncover patterns. I want to know the MOST EFFECTIVE way to do something so I can cut through the crap and accomplish things quickly and effectively. When it comes to Poshmark strategy, the way I do this is by keeping records of sales and my behaviors that may impact them. There are so many things you can track from self-sharing, time of day, who you share, what you share, price point, brands… I’m sure they have massive amounts of statistics at PMHQ (good grief- I would love to see their reports!!!) but I am going to focus on a simple few that I track and how I utilize this data.
First things first, I know we live in a world of technology… one where the techies of the world look down upon paper trails and don’t know what the word “filofax” means. If you follow me on Instagram, you may have noticed I am slightly obsessed with office supplies.
Well, sorry to disappoint some of you BUT, I use an old fashion calendar style planner to track my Poshmark closet.
There is nothing that thrills me more than buying a new planner and setting it up!
Side note: in my personal life I use a personal size Finsbury Filofax planner. I received it as a Christmas present two years ago and it was an organizational game changer!
For Poshmark tracking purposes, I use a more simplified version. For the past two years I have purchased them at Target in the “dollar spot.”
I choose to use a paper planner for the following reasons:
- I can see all my data from a full month view
- I love the satisfaction of highlighting with a marker
- I quickly notice patterns by seeing the weeks lined up
- If I cannot immediately see them, I will forget upcoming events
If you do opt for an electronic version- I recommend a Monthly view and not one you have to click on the day to view information/entries. For the aforementioned reasons of course.
There are certain things I log on a consistent basis. There are other things I track that can vary month to month depending on what I am researching or trying new…
I record the # of followers I have for that day- usually first thing in the morning.
- Lets me know if more followers equal more sales (keep reading to find out if I think they do!)
If I have a sale that day, I highlight the calendar date (in a uniformed color- of course) so that at a glance I can easily see what days I have sold something.
- This lets me know what days are popular in MY closet. Friday, right? This may be true for some users and maybe POSHMARK as a company… but in the month of March I made one sale out of all four Fridays!! Yet I made multiple sales every TUESDAY. If I did not track this and see it, I may just assume that Fridays are my day and not spend my time wisely on Tuesdays.
I write the # of items and the dollar amount minus Poshmark’s deduction (you can take it a step further and deduct what you paid but I do not go into that on this document). This is important as I figure out my month end totals.
At the end of the month, I calculate my dollar amount in sales, the number of sales I made, and the number of items. I compare month to month and my goal is to beat last year’s numbers. Simple calculations can let me know the average amount spent and average # of items purchased.
Suggested User Tracking:
As a Suggested User (you can read about the SU program here) I keep notes on the time of day I am listed and what “rank” I am listed.
Time and ranking make a huge difference- the golden hours are Sunday afternoons OR during an evening party. The closer to the top of the list you are- the more followers you will receive. If I am listed on a Sunday afternoon in the first slot- I can get upwards of 2500 new followers.
If you are struggling to catch your time on the SU rotation- you can always set your alerts to let you know when you get new followers. Do I whip out my calendar while I’m in line at Starbucks to record data? No. I take a quick screen shot of the list and record the info later when I can.
I will typically note a starting share total at the beginning of the month, sometimes I will set a goal if I am focusing on this number.
Sharing behaviors I track:
- If I participate in a sales group
- If I share my long share list
- Any other significant sharing (i.e. host picks from a party)
Other stats worth noting:
- If Poshmark is offering a shipping promo
- If I am running a sale in my closet
- Days that I do significant markdowns
- If the sale I made was a straight out purchase or if I accepted an offer (this can help you determine if your pricing is too high or if a “make an offer” sale would be successful)
- Days I add new listings
- Other important notes: You may notice in the photos that I have noted to “email about hosting”… I jotted down when I could request to host again- exactly 3 months from my last hosting date
Questions I get asked most often about my closet trends:
(Please note: these are only facts that I have determined to be trends in my closet- your personal results will vary and I suggest tracking and observing your own closet to find out what is true for you)
- Do more followers equal more sales? NO. Well, yes, sorta. But there are more important factors like WHAT you are selling, the brand, how often it’s being shared, the price, and your cover shot.
For instance, in March 2015 I ended the month with 93,000 followers. In March 2016, I reached 294,000 followers and only sold $145.00 more than last year. Like I always say, it’s not about how many followers you have, it’s about who is following you or if someone searching for what you have listed.
- What IS the best day for sales? As I mentioned earlier, some of the most powerful knowledge you can have is what days you tend to sell the most- don’t just rely on what you hear- know for yourself!!!
- What time of day is best for sales? I think anytime of the day you can get a sale! I am on the East Coast and share a lot between 5-6am. I do make sales sometimes during these hours! I get the early birds and the night owls depending on the time zones.
- Do people shop more around the 1st and 15th (paydays)? I see no significant indications in my sales that they are driving factors. Lots of people get paid bi-weekly. Maybe Poshmark overall sees a surge, but not personally in my closet.
Some of you may have just decided that I am your Poshmark soul mate as you connected with my need for tracking and organizing.
Others of you might think that I need to get a life.
Bottom line: I track my sales so I can do more of what impacts my sales. Also, I research so I can present information on theGrayAsparagus that is not based on what I heard, what I read, but what I truly see as actions that can help.
Now it’s your turn! Tell me what you do to track your sales or if this has inspired you to start!