Let’s talk about numbers!
I’m a math teacher, amongst other things, and I really like numbers and analyzing numbers.
In the online business, there are expected numbers on all kinds of things. A good open rate for a email newsletter is 20%, but if you are launching and people on your list are brand new you can expect up to 40% open rate for your emails.
If you have a list and then decide to sell something to this list, the conversion rate (i.e. how many people on your list are expected to buy) is around 3%. So if you have 100 people on your email list you might be able to sell 3 spots.
Then there is a number related to your customer buying second time. If you have a list of people that have already bought something from you, and you sell to that list of peogle the conversion rate is expected to be up to 20%.
What do all these numbers mean? Well they are great for comparison, and it’s good to know what you should be aiming at – but they are not necessarily what you should expect in your online business.
You see these numbers could not be farther from the numbers that I get in my math business. The open rate of my weekly math-emails is almost 60% (not 20%), when I sell to my list I get a 20% conversion rate (not 3%) and when I have a launch list the conversion rate is 40% (not 20%).
How can that be? Am I so amazing? ….no.
In my country and in the market that I’m in, I think these are numbers you could expect. If you are in the English speaking coaching business, all these numbers I mentions before are great! Because that market is huge.
In my math business the market is so small. It’s easier to find the parents that I’m looking for and the urgency for the parents to see their teen succeed in math is high.
That being said, you should try to differentiate yourself from others. What do yo have to offer that the others targeting the same audience don’t have?
I read a book 11 years ago called Blue Ocean Strategy. I highly recommend that book so you can figure out a way to make yourself so unique that you’ll have no competitors.
Do you feel like you are offering a service that everyone else is also offering? Well, there is no one like you, so you don’t have to worry about that, but find a way to distinguish your service from others. Again, read this book I mentioned, and you’ll get great ideas to work with.
Do you have any questions? If so, comment below and let me know.