On this episode of Rhodes to Success, I interview Steven Daar who is the founder of the Conversion For Good marketing agency that serves businesses and non-profit organizations with a mission. As an entrepreneur, Steven started his first business at age twenty-two before working in the corporate world of advertising and marketing for Fortune 500 businesses. He is also the author of Profit Hacking, so if you want to know how to double your business, then this is the podcast for you!
Main Questions Asked:
- Talk about what kind of coaching and training you invested in, and why that was crucial for you to now have a successful business?
- What do you mean by ‘investing in your network?’
- What are some of the things you have advised people to do differently?
- What are common mistakes that are bringing people’s conversion rates down?
- How does improving client retention lead to higher profits?
- What are other ways business owners can double their profits?
- What is the secret to getting more traffic to your website?
- Why did you decide to write a book so early on in your business?
Key Lessons Learned:
- You can invest in your network by following up with people and giving.
- Make your call to action specific to what the audience is going to get, and a reinforcement of what you are giving them as opposed as to what they are giving you.
- Nobody wants to ‘submit,’ but an option to ‘get the video that will change your business’ is far more compelling.
- When anyone visits your website, they are subconsciously thinking ‘what’s in it for me? What can I do here? What is the value of this page/ website to me?’
- If the value or ‘what’s in it for me’ isn’t obvious within seconds, the odds of a person bouncing from your site are high.
- Remember your website exists to serve the audience/customers and to be of value to them.
- Your copy, design, layout, and images should be oriented around the benefit the audience is going to get so they know the value of them taking the next step in the process.
- It is more profitable to keep a client than it is to find a new one.
There are three types of investments you won’t regret:
- Investment in yourself (growing your skills and knowledge)
- Investments in top performers (someone at the top of their craft), e.g designer, marketer, editing/ copywriting
- Investment in your network
Three Ways to Double Your Business:
- Increase your traffic
- Convert that traffic into leads, subscribers, customers, or clients
- Increase the lifetime customer value, average order value, or how often people buy
- This is the power or ‘what else do we do?’
- If you are not offering a premium version of your product or service, then you are missing out.
- There is a percentage in every market of customers who are premium buyers, where price is not their number one deciding factor. They may want prestige or ease, and are willing to pay for it.
- One change or split test has the potential to increase profits by at least 20%.
- Traffic is the lowest leverage way to double your business.
Secret to More Traffic:
- It has everything to do with conversion and economics.
- Every visitor has a cost, whether it be cost per click or cost per visitor.
- You also have a figure such as earnings or revenue per visitor.
- Revenue per visitor is the function of conversion times economics, e.g $100 per conversion/customer and you convert 5% of your customers, then you are making $5.
- As long as your revenue per click is higher than your cost per click, you have a green light to buy as much traffic from that source as possible.
- If you are earing $1.50 and you are paying $1.00, then you want to make that trade as many times as you can.
- The higher your earnings per visitor are, the easier it will be to get traffic.
The music in today’s episode was written by The Danger Os and produced by Nick Palmer. Check them out at https://www.facebook.com/thedangerosmakemusic
Links to Resources Mentioned
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