How To Increase Your Conversion Rates Even Though There’s A Recession And Your Line Of Credit Is Slowly Shrinking!Part One
So “what” exactly does your next visit to your local Barnes & Noble have do with improving your conversion rates? Maybe everything and maybe nothing.
You’re simply going to model this hypothetical situation. And see “what” if anything you can learn from this hypothetical marketing example.
Your credit line may have shrank and your liquid capital may be extremely tight, but you can still leverage (both) your customer base to make more money.
How To Improve Your Conversion Rates Even During A Recession!
For this particular example, let’s use your local Barnes & Noble for our hypothetical example. Suppose B & N runs a special random promotion, where for one day, every visitor that comes to the store gets a special coupon (a $3 dollar retail value) and they can use it to either get a muffin, bagel, pastry or any large beverage of their choice!
(Or they can use it in combination and pay the difference above $3 dollars in cash.)
First off, think about what happens once they get this coupon, that’s good for that particular day only! Because each one will have that particular date written on it.
You know, anywhere from 80-100% of them will be redeemed right then and there. But here’s the kicker.
Once they go over to the food court to redeem their coupon, they will automatically be given a special VIP “OTO” (One Time Only) discount coupon, that’s only good that day!
And the coupon allows them to purchase a second book for 30% off. (With no minimum purchase requirements!)
The net result cadets (just in case), it’s still not crystal clear, is that you’ve just leveraged anywhere from 10-40% ( or more) of that days visitors. Which means, even though there may be a nagging recession in progress, this simple no brain er strategy, just helped you systematically improve profits, even though your check line is shrinking and money’s extremely tight!
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They can get 30% off, the purchase of a second book. With no minimum purchase requirements! So they can spend as much or as little as they want! And that’s “how” you strategically improve your conversion rates, even during a nagging recession. In part two, you’ll discover three more incredibly powerful ways to inexpensively improve your conversion rates.
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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