Mar 29, 2019
The most vital thing in business is to learn how to increase sales volume by winning customers over. You must learn what moves the needle of your business. According to the Law of Geometric Growth, there are four vital things called the eComm vital few. These are known as the pillars of business growth:
- Audience
- Conversions
- Average order value
- Frequency of purchase
Only a ten percent incremental gain is necessary for any one of these pillars. The outcome is a multiplicative gain. The key is to learn how each compounds to others. You must focus on increasing conversions - turning your audience into actual buyers. In this episode, I will teach you how to grow that part of your business and boost sales volume.
The compound principle is this. Each pillar adds onto the others. Instead of a large increase of 40 or 50 percent, you focus on one pillar at a time and get a ten percent gain from each. Don’t spend time trying to figure out what will have a major impact on your business to make sales explode. This rarely happens. Instead, focus on the net effect of the right incremental efforts working together to produce velocity. Your goal is cumulative forward motion in your business.
How to leverage conversion assets
There are various types of conversion assets. Some of these include:
- Videos
- Social proof
- User-generated content
- Testimonials
Very few businesses are leveraging these conversion assets correctly. Small assets like these give you the bump needed in the right direction, which in turn can result in a positive impact on your business. The key to conversion rates rising is to compound various aspects of a business.
The missing key to increased sales volume
There are various means of giving your sales that small increase needed to start the compounding principle. However, the most underutilized aspect of online sales in the comments section in your posts. Make a change in your posts and do something about this today. This is the most powerful and effective conversion asset you have available. Numerous aspects of the comments are baked in. What I mean by this is the comments are simply part of your ad all the time. They are visible to anyone looking at your post.
The status quo is simply to leave the comments there. Rarely do you go in and reply to those comments. If so, you might only send a quick link to the product. You are not leveraging those comments to increase your sales. If used properly, the comments section can become your most vital tool to increase sales volume. One of the most important things the comments allows you to do is handle objections. It also shows you are legitimate and actually care about your customers. Your replies to customers indicate that your business is here for the long haul. Listen to this episode to get all the details of how you can optimize your comments section.
How to become the best in your league
Go all out. When someone is posting questions about your product, give them a thoughtful and in-depth reply. Pretend they are sitting across the table from you and give them the best possible scenario. If you do this consistently - over and over with each potential buyer - someone will look at the post and read it. If they see 32 comments with your in-depth replies, they will notice the attention given to each customer. Your interest in the questions posted will come through.
Negative feedback can also be used to your benefit. Perhaps something you sold broke and the buyer comments about that. If you take time to apologize for the broken product and thank them for letting you know, it will also catch the attention of future buyers. You can reply and tell the customer another product is on its way. When a person sees these comments, he will recognize your responsiveness and how it was taken care of right away. This shows social proof. This becomes the review section of your product page. More than anything, it shows you and your business are real. They will recognize you care about your customers. Paying attention to customers and replying to each comment paints a picture that contains all the elements you need. This is why I say it is all baked into your ad.
Besides this business aspect of the comments, there is also the algorithm of it. As you consistently reply to each potential buyer’s question, soon you will have 60 or more comments in your post. Suddenly your costs go down for posting the ad, Facebook serves it up, and your relevance score will rise. It is good for everyone. It will become a virtuous cycle you can tap into.
A powerful way to win customers over
Online sales is a competitive market. Consider how will you differentiate yourself from the rest. Think about being a door-to-door salesman. These are key things you must do in order to make a sale:
- Get someone’s attention
- Keep his attention
- Produce a desire for your product
- Get him to take action
This is extremely challenging. However, if you take this same skill set and apply it to online sales, you will become a top seller.
Take time to simply reply to customers. Learn to over deliver before any financial transaction occurs. The more you do this, the more you increase the probability of an actual financial transaction. Your service becomes the most powerful tool. If customers see how you over deliver on the front end, they will realize how much more service they will get once a purchase is made. If you take care of customers by answering their questions, it will prove to be the most effective way to convert your audience to sales. Thus your sales volume will increase and your customers will be satisfied with your service.
Outline of This Episode
- [0:74] What is the Law of Geometric Growth?
- [2:25] Powerful ways to leverage conversion assets
- [5:26] Take action today - treat customers right
- [7:00] How to be the best online seller
Connect With Bryan Bowman
- Bryan’s website: https://www.ecomunderground.com/
- On Facebook
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