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We all want to increase profits. But what exactly should you do to making more profit?
The Process
First, you have to break the selling process down into basic steps. In general, selling steps are:
- get visitors
- show products
- convince visitors to buy products
- process payment
- handle returns/exchanges
- make customers come back
This is just an example. There are more steps or different steps involved for different websites. The bottom line is if you break the process down into more detailed steps, it will be easier to find solutions.
The Solutions
Now, think about what you can do better job on each step. For example,
- To get more visitors, you can
- use different marketing media
- write better ad copy
- To make it easier to find products, you can
- make a simpler navigation scheme
- add a site search feature
- To convince more visitors to buy more, you can
- write better sales copy
- create irresistible offers
- To make more people complete the checkout process (to reduce shopping cart abandonment rate), you can
- simplify the checkout process
- To reduce return/exchange rate, you can
- write better product descriptions (Customers will get the products that they imagine they are getting.)
- offer longer return/exchange periods (Yes, longer exchange periods reduce returns.)
- To make more customers come back, you can
- offer a frequent buyer program
- communicate often with existing customers
These are just examples. If you spend more time on brainstorming, you will get more solutions.
Little note on on step 3:
Many people only focus on convincing more visitors to buy products (increasing conversion rate). But, you can also convince visitors to buy more products (increasing size of each order). You can do this by offering larger units of purchase or bundling existing products.
The Results
Even though the improvements on each step is small, they add up and return huge overall results. For example, if you increase the numbers of visitors by 10% and increase the conversion rate by 10%, you will get 10% more sales on 10% increased visitors! Imagine what will happen if you increase the performance on all the steps!
© October, 2006
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