Feb 6, 2020
For a while now, listeners have been asking James and Dean for updates on what they’ve been up to. Most of the time, they have guests who discuss their businesses. In this episode, your hosts share more about their own companies and what they’re doing when they aren’t recording the show.
E-commerce has become a prevalent option for consumers, and the industry is still growing. People don’t need to leave the comfort of their homes when they want to purchase things, whether they’re shopping for themselves, their households, or even for gifts.
Today, James and Dean tell you more about their e-commerce businesses and what they’ve learned through the years. They drop some business tips and strategies that you don’t want to miss.
Use a funnel to acquire customers, use a store for repeat purchasers. - Dean Holland
Outline of This Episode
- [05:37] One of the fundamental things for your business to be successful
- [09:47] A customer’s buying psychology
- [14:33] The difference between using funnels and an online store for e-commerce
- [20:32] The connection between a comfortable environment and how much customers are willing to pay for a certain product
- [26:01] Having an order bump as an added option for customers
Difference between using a funnel and a store
As explained by Neil Patel, a funnel is the set of steps a visitor needs to go through before they can purchase a product. On the other hand, an online store is where customers go to so that they can acquire things they want or need.
When businesses drive their customer traffic directly to their store, their conversion rate is lower as compared to when they drive them to a funnel. This is because when potential customers go through a funnel, they have time to learn about the product and decide whether they want to purchase.
Why it is important to create a comfortable environment for your online customers
People have different reactions to all sorts of situations. When it comes to buying things online, especially with all the uncertainties of online purchasing, people might hesitate in clicking that “purchase” button.
Some customers would rather pay more when buying from a trusted or well-known website compared to an unknown one. That’s why businesses must ensure that their website is a secure place for customers to feel comfortable enough to let go of their money.
What is an order bump and why should you have one?
Most people who are accustomed to online purchasing will sometimes notice upon check out that there are additional product options that they can add to their order. These additional options are called order bumps.
A great way for businesses to earn more is to offer order bumps to customers. As long as you can think of items that can be used as an add-on to the customer’s purchase, and those items add real value without costing you a fortune, you can create a successful order bump.
Connect With James and Dean
James P. Friel:
- CEO Quickstart: https://jamespfriel.com/ceo-quickstart/
- Facebook Group: https://www.facebook.com/groups/hustledetox/
- Site: https://jamespfriel.com/
- Blog: www.DeanHolland.com
- FB Page: https://www.facebook.com/DeanHollandHQ
- Billion Dollar Project: https://www.facebook.com/groups/BillionDollarProject/