Customers - do you always need MORE?
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:
Offline - Top Tips
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
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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