So I touched on this in yesterday’s podcast – did you hear it yet?
It was of course, amazing. I talked about all the different panty selling websites that exist for you to be able to sell easily online. It was a glorious exposé (great word!) on all the aspects to look out for if you’re choosing the ultimate panty selling platform.
Enough of that. You can check it out here
So I mentioned on that podcast about panty selling being a numbers game.
Here’s what I mean by that.
If you are selling your panties online for $15, and I am selling for $30. In order for us to make the same amount of money, say $120, I need 4 customers and you need 8.
Pretty basic maths, right?
So if 2 in every 10 guys that I make contact with buy from me, that means I need to talk to 20 in total – that’s a pretty good conversion rate. Online retail is normally 2-5% but I’m going straight in here with a 20%, because this industry is a little different and also because I target customers specifically with my own strategies – we’ll talk about that another day.
But say it was even a 10% conversion rate. So 1 in every 10 guys buys from me, that means in order to make my $120 I need to speak to 40 guys.
If you’re selling at $15, you need to speak to 80 guys to make the same amount of money.
You may now think to yourself, well, I will get more guys converting to sales because my prices are cheaper. And that may be true.
This is why you need to have a handle on your conversion rate. Or do the obvious thing and raise your prices. And if you’re reading this and you already charge a decent amount (I’m $30 per pair) then please don’t think that lowering your prices is the way to go. You’ll end up having to do MORE WORK for the same reward. And that is called LUNACY!
If you are selling four times out of ten, and I’m selling two times out of ten, then we are making the same amount of money but I’m not having to work as hard or convert as many potential buyers in to ACTUAL CUSTOMERS.
What I really wanted to touch on today is the power of the repeat buyer.
Once you do the initial work, and provided you create a stellar service, you can rely on the REPEAT BUYER!
So I have six repeat buyers right now – guys who buy from me again and again.
They know, like and trust me.
They want more of what I have to offer.
So now on the days when I make one sale out of ten, I actually might make extra sales with absolutely zero effort on my part because a customer from the past will reappear to buy.
So if you do the job right, you can work less for the same, if not more, money.
And that’s a whole lot to do with integrity and customer satisfaction and going the extra mile. All of those things will probably be covered in next week’s podcast so stay tuned.
I hope I hammered home to you today that lowering prices or coming in with a low-ball offer is ultimately doing yourself a disservice (and your customers). You’ll attract the wrong kind of client, the one who thinks $5 is too much and you’ll feel taken advantage of and pretty soon burned out at the sheer effort to make it work!
Up your game. Up your prices. Deliver quality commensurate with your asking price. Create your solid customer base. Show up. Build trust and consistency.