To build a website that will do $30,000.00 per month takes and understanding of things like “copywriting”, “viral marketing”, “split testing”, “search engine optimization” and so on. And the truth of the matter is that few marketers-even the so-called “gurus” don’t fully understand how all the pieces fit together.
So…I want to take a moment and see if I can figure out the best way to put all the pieces together before I start building my website. With that being said the single most important influence on a conversion rate is the thing that is probably the least discussed by marketers, and that is the product itself.
To repeat, the single biggest impact on my conversion rate will ultimately be the product itself.
Okay, I know what you are thinking; a potential customer won’t be able to tell whether a product is good or bad. However, a crucial factor in many purchases is whether the potential customer knows someone who has used the product. It’s a lot easier to sell to someone who has a friend that has already used the product and is happy with it; and ten times harder to sell to someone who has a friend that has had a bad experience with the product.
So…the first thing I want to do is a little market research.
I’ll start by evaluating the competition. This will give me an indication of demand. If there’s lots of competition, there’s likely to be lots of demand. Next, I want to see what I am up against – not just in terms of who they are, but also in the sense that more competition gives customers more choice. In other words, I am competing not only against the other company, but also for the customer’s attention and choice of me over my competitors. And last but not least, by looking at what the competition is doing it will give me ideas on my own products.
So here’s what I want to know…
Who are they? Am I competing against a large multinational corporation, or
What do they sell? Besides the product which may be competing with mine, what else do they sell?
How do they sell? Do they have sales reps? An affiliate program? A large advertising campaign?
Who is their target market? Is it the same as mine, or a little different?
Where do they advertise?
What is their “unique selling points” (USPs)? What differentiates their product from mine?