How can I increase my conversion rate?
Has heard that increasing your conversion rates which is the percentage of people who see your offer by it is more important than finding new customers. But how do you do it. This is a good time for a reminder. There are only three ways to make more money from your business. Starting a side small business. Whatever it is you only got three ways to make money from it. You can first of all acquire more customers so you've got a few customers you like. Where can i find more. That's how most people tend to think number two. You can sell more to existing customers so you can either raise your price or sell more products provide more services etcetera wore number three. You can increase the conversion rate again. A number of people the percentage of people who see your offering by it so in the long run. You'd like to do all three of these but most inexperienced business owners inside us lawyers focus mostly on the first one about is working on getting new customers but conversion is extremely important. We're gonna talk about in this listener question today. But here's a quick example if you have one hundred people who see your offer and one of them. One hundred one hundred people coming to your website every day. Let's say one of them signs upper purchases. That's a one percent conversion rate which in some industries is not bad. You could focus on finding two hundred people to see your offer or you can work on trying to increase that conversion rate perhaps to two percent or higher. And of course if you could do that well. The same number of people are coming to your sites or otherwise seeing your offer. But you're converting twice as many or whatever. The number is so conversion rate is very very important. What are some ways we can actually or improve it. Let's talk about it after this quick message from our sponsor. Thank you sponsor whether you're looking to add stable cash flow. From dividends or prefer long-term growth through appreciation fund rise makes investing in private real estate as easy as investing in stocks bonds or mutual funds. Got an easy to use website. You can track your portfolio's performance and watches. Properties across the country are acquired and improved. I am personally a fund rise investor. I've been using their service for more than a year now and not required to do that at all as any part of our partnership or sponsorship. Here i really enjoyed it. I thought it's a really interesting model. Especially if you're looking to create diversified portfolio and invest in real estate without. You know being a landlord. I encourage you to check it out. See for yourself. How one hundred thirty thousand. Investors have built a better portfolio with real estate. It takes just a few minutes to get started. Go to fundraise dot com slash side-hustle today that's r. Dot com slash site us up rise dot com slash site. Us all chris just listening to the show since last year. I've heard you say that increasing your conversion rate is more important than finding new customers. That makes sense. But how do we do. What are some ways of the small businesses. Have been muscled through here. You i've heard about ab testing for example. But it sounds complicated or something. If you have any ideas. I would love to hear those two. Thanks chris gay man. Thank you so much for listening and philly right. Conversion is the way to go. And you're actually on the right track with ab testing so. Let's let's talk about this. Ab testing also known as split. Testing is not only for big companies for anybody. Who's not familiar with this. Ab testing is when there are two versions or multiple versions of a website. Or anything else that you interact with online and you only get to see one of those versions when you're a consumer but the business is actually seeing how different people respond to different copy or different design or some element and over time. They kind of add these things up and say okay well version a. is better than version b. or vice versa. And then you start testing another variable and yes. It can be very sophisticated. So that's why some people think well. This is only for big businesses. Some businesses are constantly testing dozens of variables in adjusting in real time. And such but the reality is a lot of big increases in conversion rate are not gonna come from like these tiny changes in like all the dozens of variables. They're gonna come from a couple of key things. And so if you have a website if you use google analytics showed usually encourage people to do. It's free you can put a tag on your website. And google allows you to a certain number of experiments where you have two different versions of the site wordpress. If you're using that also has free or low cost plug ins so just search wordpress split testing wordpress ab testing. If you shop by. They also have a way to do that. So basically wherever. Your website is hosted. Look and see if there's an easy solution for it if you don't want to try something else just because they are so common now and then once you get going. You should always be testing. Something as i said has the big things. Big things are headlines other messaging pricing in particular. Like i've seen more than once that increasing the price doesn't actually 'cause conversion to go down sometimes so then you make more money on every sale in some cases it may actually go up. A higher price conveys more confidence to buyers depending on the product. And so that's the most important thing that i would start with Delving into that world a little bit a couple of other small things ask for referrals. People are referred to your business. There's this built in trust element compared to just somebody who stumbles upon it. Cold display testimonials and reviews also builds. Competence shows social proof. Perhaps had a guarantee if you don't have one and that depends on the kind of business. Of course i usually say have really bold guarantee like a really strong guarantee or none at all but these are just a couple of tips. I think overall just explain that role of ab testing is going to be good for japan than anybody else. In that situation of i've got business. How do i actually increase my sales to just go out and find customers or is there something else i can do. There's something else you can do. Is explore how to increase your conversion rate.