Internet Entrepreneurship Conversion Rates

Internet Entrepreneurship Conversion Rates



Internet Entrepreneurship Conversion Rates
The conversion rate is​ the​ key stat for​ a​ website. as​ long as​ you​ are paying for​ clicks, the​ efficiency with which you​ convert those clicks to​ sales is​ really the​ only measure that counts in​ determining your website design. When I ​ started my UK silk tie website it​ took a​ while to​ get enough data to​ start tracking and​ conversion rate as​ you​ need at​ least ten sales to​ get any sort of​ statistically valid result. it​ took a​ couple of​ weeks to​ make the​ first ten sales and​ I ​ calculated my conversion rate at​ 0. 5%. as​ I ​ was paying 25p per click, this means that it​ was costing me £50 per customer. Even with an average order size of​ £30, this was a​ long way from profitability. Luckily, conversion rates can change quite dramatically with things like the​ website design, sales copy, products on​ the​ front page, range of​ products, product descriptions, guranatees, pricing, ease of​ payment etc. etc. in​ short there are many things you​ can do to​ get conversions up.
The great thing about internet businesses is​ that you​ can make a​ change, measure the​ result and​ if​ it​ doesnt work, then change it​ back. I ​ am constantly trying new things to​ see if​ it​ affects the​ figures. Initially I ​ changed too many things too quickly and​ it​ was very hard to​ unpick the​ results of​ different factors. Also the​ Christmas period started when I ​ was one month in​ and​ conversion rates rose strongly and​ then fell back after Christmas, it​ was hard then to​ unpick the​ seasonal effect from my changes.
One of​ the​ first thing I ​ experimented with was pricing. From my initial prices of​ about £9 for​ a​ woven silk tie, I ​ tried cutting them to​ £8 for​ a​ few weeks and​ then putting them up to​ £11 for​ a​ few weeks, then cutting back a​ bit, until settling on​ prices about 15% higher than my first try, just over £10 average price. Cutting prices below this point did not seem to​ increase sales.
I also looked at​ which ties sold well and​ put them on​ the​ featured products list which are then randomly selected on​ the​ front page. I ​ worked a​ lot on​ the​ cataloging of​ the​ ties by colour, style etc. and​ added key




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