Customers - do you always need MORE?

Over the past few weeks, I’ve been talking about how to look at your ideal sales units and create a plan for the year, and last week I talked about how you review your profit per item to help you if your numbers don’t add up.

If you’re still looking for ways to close that gap, then read on. In this post, I’m going to be challenging you to look at one key figure in your business BEFORE you chase MORE customers.

At the end of the article, I’m going to tell you more about my free roadmap you can download to walk through the steps to building a profitable business, but for right now, let’s focus on that one number.

More is More!

OK, so I was being a bit provocative in my introduction - of course our goal is always to get more customers!

But in the same way that you want to check your profit per item before you go full steam ahead on spending to get more customers in, it’s worth thinking about your existing customers and how you can maximise them.

You might have already figured out that what I am talking about here is looking at your conversion rate as a business.

Conversion Rate - The % of Visitors Who Buy

Quite simply, your conversion rate is the number of people who buy when they visit your site. If 100 people visit your site and 5 of them buy, you have a 5% conversion rate. You can measure your rate for your whole store, but more importantly you can look at individual products and understand which ones are converting well compared to which ones are failing to get people to buy.

Before I lose those of you who have physical stores - your conversion rate is really important here too. Keeping a simple tally chart of how many people enter your store vs. how many buy can be a really powerful way to measure how many browsers you are converting to buyers.

If you run a pop-up or stall, you can also keep a simple tally to help you understand what % of people who visit you are actually buying.

Being aware of your conversion rate is really important. This is “warm traffic” - people who have come to you already, so you know that they are interested in what you have to sell. Focusing on these people and working to get more of them to switch from visitors to buyers can make a major impact on your bottom line.

Improving conversion is an enormous topic - I’m only going to touch on a few key points. It is well worth you taking the time to investigating in more depth the ways you can improve your conversion if you feel that it is not where it should be for your business.

Online - Top Tips

To improve your online conversion - consider the following:

  • How easy is it to navigate around the site? Wherever you can, try and minimise the number of clicks between the landing page and purchasing.
  • Are your product descriptions accurate? If the customer is searching for an item and what they click on does not match what they were expecting, they will quickly leave. Accurate product descriptions that match what the customer will be searching for are really critical.
  • Is there enough information for the customer to buy? Are you providing enough detail and enough photos to give them the confidence to purchase?

Offline - Top Tips

  • In a physical retail space, customer service is a huge factor in your conversion. Are you, and everyone you work with, comfortable with the best selling techniques? Are you really confident about how you should approach your customers?
  • You also want to look at your displays, both your window displays and your internal displays. Are you happy that they are eye-catching and that best-selling items are prominently displayed?
  •  s there any other type of product information that you can offer to your customers to help with the purchasing decision? Can they easily understand the features and benefits for each item in the shop?

Understanding Conversion Is Key

Taking the time to analyse your conversion is an excellent way to understand how you can close your sales gap by maximising your existing customers. As I said, these are just a few top tips, do comment below if you have tried other ways of maximising your conversion, it would be great to know what works for you.

Other Ways I Can Help

Sign up for my free roadmap for building a product-based business right here.

And don’t forget to join the discussion inside the Female Founders In Retail Facebook group where you can meet other women building amazing product-based businesses. If you’re not already in the group, click here to request to be let in. See you in there!

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