How can I run a good online store and get the most out of my business? How can I recognize where the potential lies in my store? Jörg Dennis Krüger gives you important information on the topic of "potential" today.
TRANSCRIPTION OF THIS EPISODE OF THE PODCAST
Hello, my name is Jörg Dennis Krüger, and as the sneaker salesman at reception said:
Yes, I am the Conversion Hacker. Welcome to the Conversion Hacker Podcast.
Today on the subject of potential.
What is potential? I'm always going on and on about "potential". Because for me, potential is absolutely necessary and absolutely important when optimizing online stores and websites, and actually in general, especially with online stores and online marketing. Because you have an incredible number of things you can do. You're constantly collecting ideas with possibilities that you can optimize. You keep getting offers to buy something. But what really has potential, and how do I calculate the potential?
In principle, it's very simple. For me, the potential is quite simple: as much turnover as possible (i.e. profit, if I can measure it) with as little effort as possible. I shouldn't do anything that requires a lot of effort and doesn't generate much profit. I have to take care of the things that generate a lot with as little effort as possible. And if someone starts by setting up an Instagram account or a Facebook page or a podcast, that doesn't have potential. It takes forever. It can take a good two or three years before you have a successful sales machine.
Same for SEO. Launching a store and saying, "Yes, I'm going to focus completely on SEO". It means that I won't sell anything for at least a year or two. You invest a lot of work, for example in product videos or something like that, it costs a lot of money and takes away my resources in the areas that are actually important. Namely, among other things, building a store that is properly geared towards my users and simply getting relevant traffic to it.
Because I mean, success in e-commerce is not really magic, it's often almost boring. Because all I really have to do is design my store so that users can click through to the products properly. And make sure that I find users who are interested in my products and take them straight to the right places in the store. Of course, I have to have a good checkout and so on. But you can already see where the priorities lie. Where is the real potential?
And I recommend everyone to simply write down all the ideas they have, all the input they receive, in a big list. I use "Monday" as a project management system for this, where you can prioritize according to expected effort and expected impact. Of course, sometimes there are a few extra things, strategic things that you might prioritize highly or something similar. But the expected effort and impact are simply the most important factors. And if you then add any bugs to this list, things that really cause problems, they naturally have a high impact. Because bugs are usually really annoying for the user. So they have to be dealt with immediately. The great new functions or ideas that require a lot of work can then be implemented at some point when the store is up and running. Once you're really selling, then you can think about things like that.
But to get there at all, you first have to really exploit the potential. And even if a store is huge, it's worth focusing on the potential. It's often surprising that if you prioritize properly, you can still find leverage of 5, 7, 10 percent, even with a store that already generates seven-figure sales per year. Then you can also do good A/B testing in such a large store. You can quantify this well because you simply do the things that have potential and not the ones that you have just driven through the village or that you find somehow interesting.
And therefore: the daily search for the right potential and the right implementation, the right exploitation of this potential is what makes a store more successful in the short and long term. And that's kind of the core of "Think Conversion", but oh well.
What are your ideas and potentials, your challenges? Your "I'd like to know if it's a potential". Write me an email at firstname.lastname@example.org and I'll be happy to give you feedback. Then let's talk about whether I see it as potential, or what I see as better potential for your store and what we could perhaps do there. In other words, what concepts could look like to leverage this potential. And of course, if you like my podcast, please leave me a review on Apple Podcasts and of course subscribe to the podcast on Spotify and Apple and wherever else. I look forward to you joining me again next time on "The Conversion Hacker Podcast".
See you then.