In this episode, we’re circling back around to our extremely popular “Life After Crowdfunding” series with perhaps our most practical episode in the series so far, which is about how to turn your website into a cash machine. Let’s dive right in!
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⭐ During this episode, we detail these takeaways:
1. Entrepreneurs should reject “entremyopia” to embrace realistic expectations, including that all startups will face challenges, but that greater challenges can potentially precede greater rewards.
2. It’s good to offer your product/service on your website, but it’s better to enhance that website with effective analytics code, optimized sales media that emphasizes your unique selling proposition (USP) to maximize your website’s conversion rate (which is typically 1%-4%), and both SEO and persuasive marketing (which will be harder to do profitably for cheaper items) through ads, e-mail, affiliates, et cetera, to help draw paying traffic to itself.
3. Collecting customers’ e-mailing addresses and then remarketing to them via e-mail can help you to build a beneficial long-term business relationship with them while obtaining additional sales from them at low cost, all of which can maximize their lifetime revenue to your business.
4. Your initial business goal should be to achieve profitability through a breakeven CPA at minimum, which will be worse than it was on Kickstarter and may require you to spend capital at-a-loss for a while to build a sizable-enough customer base—and you should wait until your business is more mature before starting to develop its branding, which yields results that are harder to quantify.
5. Your business can grow better by offering multiple products/services through multiple channels with multiple payment methods, et cetera, and offering cross-sells, upsells, et cetera.
✍️ Click here for this episode’s complete show notes!
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