Featured Coaching Training: 10 E-Commerce Principles That Work
Learn how to make more money selling products online using simple yet effective e-commerce principles. In this course, you will find out how to understand how customers interact with your site and how to optimize the site. If you have an e-commerce store this is a must watch!
Featured Coaching Excerpt - Notes & Transcript, Part 1
Dive On In:
Lesson Nugget: 1. Google Analytics = Page-by-page breakdown of traffic.
Notable Quotable: "What he found was, across the boards, only 3% of any market is in the 'buying mode' now." -Chet Holmes (The Ultimate Sales Machine)
Lesson Nugget: 2. Lucky Orange = Watch how people actually use the site.
Lesson Nugget: Lucky Orange allows you to watch a live recording of clickthroughs.
Lesson Nugget: 3. Pivot, pivot, and then pivot some more.
Lesson Nugget: Lucky Orange also allows you to live chat with a customer while they are on your site.
Lesson Nugget: https://www.shopify.com
Editor's Note: Email us any questions to:
We are here to see YOU succeed!
Lesson Nugget: To know what your customers want, you need to collect data on how they interact with your site and you need to talk to them.
Data Metrics to Know: 1. Cost to Acquire
2. Conversion Rate
- This ninth bit that we're talking about is how do I improve the results of my online store? Okay, so we're talking about very result specific. We're getting into the nitty gritty, the metrics, okay? And I know that there's a lot of people out there do you deal with the EQ or do you deal with the metrics, there's a lot of people that are one way or another but really, finding a hybrid, finding a blend is likely the best case scenario. So, let's get into this metrics. Walk me through why it's important to track the results and how we can improve the online store experience.
- Sure, so, qualifier: I am a nerd.
- [Interviewer] Okay.
- Okay, that's how I have made my career work. I'm a nerd.
- [Interviewer] Nerd, a nerd.
- And so I believe in the data. Because, to me, the data is what people did. You can talk to people on the phone, and that's huge, that's what they, that percentage of people did, okay? So let me break that down. If you call 100 people but only 10 answer, you're getting a sampling of what happened. But the data shows what all 100 people did. So you need both. You need the data, and then you need to talk to real human beings on the phone and communicate, right? 'Cause things will come out on the phone that won't come out in the data, you need both. But let's dig into the data real quick. There's some basic numbers, cost to acquire is something you need to know. That's sort of a scorecard. Another kind of scorecard, another metric is actually the conversion rate and that's just literally how many came to the site, how many maybe added your product to a cart, and then how many actually checked out, and you're gonna hear words like funnel and conversion rate, all that means is just how many people showed up in the lobby of your business, looked at a product and actually purchased that product. It's the online equivalent to that. So real quick, so Google Analytics, it's a Google product, it will show up here on the screen here. So this is a way to track the different data points of your website. How many people visited, what the conversion rate was, what the revenue is. This is, by the way, this sample, this is not Thrive, this is a company that sells bacon egg sausage cheese.
- [Interviewer] Nice, I love it.
- [Jason] Okay, this is not Thrive, and I mean that. So, this particular company had a 2.64 conversion rate. That's pretty good. Most people look at that and they're like, two? Man, that's a terrible-- No, that's actually a pretty good conversion rate. You know? Especially if your customer that's buying that product, the more revenue attached to that the better.
- Chet Holmes, the author of The Ultimate Sales Machine, he says at any given time, there's about three percent people ready to buy, of your ideal and likely buyers, okay? So that's from The Ultimate Sales Machine, we'll throw up that quote there.
- And if your expectations going into this are too high, if you think you're gonna get 20%, good luck. Set your expectations accordingly. 2-3% and that's pretty good. But what we talk about, how do I improve? What does that mean? Well Google Analytics is a way to look at just the numbers. You're gonna look at charts and graphs and numbers and what you're gonna do is compare those numbers like month over month, quarter over quarter, year over year to track your progress. Are your numbers going up? Are they going down? Is your ad campaign working? That's really what is, it's just about hard core numbers. Google Analytics. Another one to really look at is called Lucky Orange. Lucky Orange is a beautiful product that we've been using recently. It offers a lot of different features but one of the cool things is heat maps. And what we're showing on the screen here is literally these color areas, the greens and the blues are where people are moving their mouse. Or on a mobile phone, it's where they're clicking with their finger or their stylus. What that allows someone like me to do if I'm designing a website is you'll notice like the search button in the top middle is clicked a lot on this particular website. So that should mean people want to search. Well if that's at the bottom of the page, and it's the topmost performed action on the website, you need to move it up. Right? So you look at the heat map of a website and it starts to reveal a picture of what you need to focus on. And so, for example, we had a recent customer who is a start up, selling a variety of products, like I think 15 products this lady is selling. And we found out that her top, of her top three most sold products, two were at the bottom of the page. What that means is, they're not likely to be seen 'cause people don't tend to scroll down very far. And so we very quickly, they were selling, the top three, but we very quickly realized this through heat map and moved those up and sales went up. It's the same concept of like a Wal-Mart or a Target, what's called the end cap is the products that are on the end of the aisle, the most visible part and it's the same kind of idea is if something you think is gonna sell well or something you know is selling well, you want to move it to the top. A heat map on Lucky Orange is an example of how to do that. The other cool thing about Lucky Orange is you can watch a live recording of a click through. What that means is you actually see the mouse move, you see what people are hovering over what they're clicking on and you get a sense of how they're engaging with the website, what they're doing and it allows you to pivot and make changes. Always pivot, always make changes. Observe, track, and make pivots. The other thing with Lucky Orange, it's a little crazy, but you can do a real time chat. Have you ever been on a website and the little thing pops up--
- Bottom right, ba-bam
- Chat with the whatever sales associate or whatever it is. So that's another thing Lucky Orange can do, and it's a real human being on the other side. If you're able to sit there and do that chat, you might be able to convert people if you have the resources to do so. So, Lucky Orange, great tool to track. Pivot, pivot, pivot, very important.
- Okay, so we're talking about improving the results and so you have to track the results, you have to measure the results, then you have to refine, pivot, okay? So we've talked about these different items, in order, these resources, Google Analytics, and we'll have a training, you know, for all the Thrivers to learn how to set that up. We'll have a training on how to set up Lucky Orange, okay? And this brings us to our tenth, you know, principle here, okay? Is they're like, okay, I understand how to set up my e-commerce store, what e-commerce store should I use? And so, I know that there's a ton of e-commerce platforms out there, but do you have one that you just you really like that you really recommend?
- The one we recommend the most is Shopify.
- [Interviewer] Shopify.
- S-H-O-P-I-F-Y, Shopify.
- Okay, so I know that there's a number of people that are like, okay, I'm ready for it, hit me with how to set up my Shopify account, and I'm glad that you asked. 'Cause we're gonna get into that in the next training. So, Jason, I appreciate you being with me here today. And for all of the Thrivers, please, please, please, if you have any questions let us know. Give us a call or email us at info@Thrive15.com. We appreciate you guys.