The Truth About Conversion

     

 

The Strange Truth About Conversion

from

Steven Male

We are massively proud of this presentation on

SlideShare

! Over the last week it has received over 30,000 views and is currently featured on the homepage.  A massive thank you to the clients we've worked with over the last few years and we hope you enjoy a few highlights we can share on the strange truth about conversion.

Transcription 

  • 1. ABOUT CONVERSION And 3 Rules To Double Your Conversion Rate By 200% THE STRANGE TRUTH
  • 2. #1 Rule Conversion Is King Double your conversion rate - double your income.
  • 3. The Two Faces of Conversion The Funnel… The Hustle… In the first part we will be focusing on the funnel
  • 4. The Funnel And we’re not talking about your teenage party trick.
  • 5. What Is A Funnel? A funnel is the process of turning people who don’t know about your business into leads, prospects and eventually customers.
  • 6. The funnel is the process of getting leads and turning them into customers. A funnel is like a whirlpool. The wider the top and the longer the funnel the more leads you get and the more value you can potentially provide.
  • 7. #2 Rule Wider Is Better* *If the content is good. Source: DigitalMarketer.com The above are just a few of the ways to increase the width of your funnel and potentially bring in more leads.
  • 8. #3 Rule Longer Is Better This, in other words is the upsell. When people buy your product, offer them more value in the form of something bigger.
  • 9. The McDonald’s Way $1.91 is the amount McDonalds spends on getting each customer through the door. $2.09 is average price a customer spends on a burger. $2.09 - $1.91 = 0.18c is the amount they receive in revenue from a burger purchase. So how do they make money?! They upsell you a fries and a coke. On average a customer will spend $1.77 on the upsell which costs McDonalds an extra 0.45c to make. But now they’re making an extra $1.32 profit which means roughly 8 times more profit from the initial sale!
  • 11. As Seth Godin wisely put it - being good is the new average. To be successful, you need to start being remarkable. What does this mean? Always provide more value than your customers expect. Don’t aim for a low refund rate, aim for a high ‘wow’ rate. #4 Rule Be Remarkable
  • 12. A Personal Example Let’s take a look at a real life case study of our business.
  • 13. BigBangly (Before) Through Google Adwords alone we directed people straight to our product page. With a conversion rate of 1% our average revenue per visitor was $0.50
  • 14. Uh Oh… This meant we could only spend up to $0.50 acquiring our next visitor. This is the recipe for failure.
  • 15. So What Did We Do? We started making our funnel wider with active (and awesome) blogging, social engagement and advertising through more mediums.
  • 16. We directed people to a free eBook we created that helps them double their conversion rate - you may be able to tell we are passionate about conversion! In exchange we received their email address. Now we have a lead. This gets a 54% conversion rate.
  • 17. We also targeted a different market with a free webinar teaching people how to go from an idea in your head launching a business and getting their first sale (and more!). This receives a 51% conversion rate
  • 18. We then redirected them to an upsell. This upsell aims to provide literally crazy value. Our goal here is to change the relationship from a lead to a customer. We want them to say ‘WOW’. This receives a 21% conversion rate
  • 19. Those who purchased the last upsell get directed another upsell. Again we provide ridiculous value and offer a once in a lifetime opportunity for $20. This receives a 11% conversion rate
  • 20. Finally those that purchase that get directed to our last upsell - a $200 a month consulting package. This receives a 12% conversion rate
  • 21. Best Part? We still have a ton of leads who we provide massive value to each week over email who later become customers when they are ready. This is how they feel over the coming weeks, months and years.
  • 22. The Maths Old Way 1,000 views a day 1% conversion rate on landing page 1,000 x 0.01 x $50 = $500 $500/1,000 = $0.50 in revenue per visitor Result $0.50 in revenue per visitor
  • 23. The Maths New Way 1,000 views a day 50% conversion rate on landing page 1,000 x 0.50 = 500 leads and email addresses 20% conversion for first upsell 500 x 0.20 x $1 = $100 10% conversion for second upsell 100 x 0.10 x $20 = $400 10% conversion for third upsell 10 x 0.10 x $200 = $200 Finally 50% of the 100 trial users become members for $30 a month 100 x 0.50 x $30 = $1,500 Result $2.20 in revenue per visitor
  • 24. AND! We also have an extra 500 leads to email, provide value to and eventually become customers.
  • 25. Bonus Bonus Rule!
  • 26. We never describe our leads or customers as leads or customers apart from when we teach. Once someone reads a piece of content or watches one of our videos, they join the family. We don’t live in a world of mass marketing anymore, we live in a world of connection and value. If those two values are embodied by a business it can radically alter its destiny for the better. #5 Rule Create A Connection
  • 27. Fantastic! If you’ve followed these steps you have just doubled your conversion rate! If you want to grab your own free copy of ‘How To Double Your Conversion Rate Today’ for a more in-depth look on what you just learnt click below! http://launcher.bigbangly.com
  • 28. Or… If you’re crazy like us and want to massively improve your business, check out our eBook on Amazon for $3.99. www.amazon.com/DoubleMySales
  • 29. Finally If you want more information about who we are and what we do… Launchcademy BigBangly For a low cost, world class business education with a mission to empower the world! Sign up for the pre-release today. For an ‘improve my business’ option we offer low cost consulting, SEO and conversion optimisation advice, website testing software and more for the startup and small business with a budget!
  • 30. About The Author steven@bigbangly.com Founder of BigBangly and Launchcademy. Passionate about empowering entrepreneurs and helping people achieve their dreams. He also loves mochas with marshmallows… weirdo.

 

New Call-to-action

About The Author

Steven Male is the director of INBOUND. With over 8 years of experience in inbound marketing and SEO, he has decided to focus the majority of his time helping New Zealand become more awesome. Oh, he also really likes mochas, helping companies realise their full potential, and writing about himself in third person.