Q&A: How can I increase my conversion rate?

Notes from Chris

Episode 1474

A listener has heard that increasing conversion (the percentage of people who see your offer and buy 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:

• 1. Acquire more customers
• 2. Sell more to existing customers
• 3. Increase the conversion rate

In the long-run, you’d like to do all three of these. But most inexperienced business owners and side hustlers focus mostly on the first one. Conversion is extremely important!

If you have 100 people who see your offer, and one of them signs up or purchases, that’s a 1% conversion rate. You could focus on finding 200 people to see your offer, or you could work on trying to increase that conversion rate—perhaps to 2% or higher.

"Hey Chris this is Jaheem I started 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 it? What are some ways other small businesses have been able to improve in this area? I've heard about A/B testing, for example, but it sounds complicated and more like something a big company would do. If you have any other ideas, I'd love to hear those too. "

Listen to today's episode to learn more...

 

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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,