WooConf 2017 How to Become Profitable

Business strategy for startups, web development, wordpress, woocommerce, and agencies on becoming profitable and how to create profitability in your business.

Transcript

1. BECOMING
   PROFITABLE
   @kennkelly @kenn_kelly neversettle.it
   

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2. COUNT THE COST
   @kennkelly @kenn_kelly neversettle.it
   

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3. SHIPPING
   @kennkelly @kenn_kelly
   

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4. RETURNS
   @kennkelly @kenn_kelly
   

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5. TIME
   @kennkelly @kenn_kelly
   

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6. @kennkelly @kenn_kelly
   

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7. Because the purpose of
   business is to create a customer,
   the business enterprise has
   two–and only two–basic functions:
   marketing and innovation.”
   ~ Peter Drucker
   @kennkelly @kenn_kelly
   

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8. Because the purpose of
   business is to create a customer,
   the business enterprise has
   two–and only two–basic functions:
   marketing and innovation.”
   ~ Peter Drucker
   @kennkelly @kenn_kelly
   

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9. @kennkelly @kenn_kelly
   

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10. @kennkelly @kenn_kelly
    

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11. WHY THIS MATTERS
    @kennkelly @kenn_kelly
    

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12. WHY THIS MATTERS
    ALEXA RANK Market
    Share
    % Total
    Revenue
    Avg
    $Rev/Site
    1-10K 1% 34% $12,070,000
    @kennkelly @kenn_kelly
    

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13. WHY THIS MATTERS
    ALEXA RANK Market
    Share
    % Total
    Revenue
    Avg
    $Rev/Site
    1-10K 1% 34% $12,070,000
    10K-500K 51% 63% $3,195,000
    @kennkelly @kenn_kelly
    

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14. WHY THIS MATTERS
    ALEXA RANK Market
    Share
    % Total
    Revenue
    Avg
    $Rev/Site
    1-10K 1% 34% $12,070,000
    10K-500K 51% 63% $3,195,000
    500K-1M 48% 3% $21,000
    @kennkelly @kenn_kelly
    

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15. There are over 12 million
    eCommerce stores.
    Yet ONLY 650K are selling more
    than $1K annually!
    @kennkelly @kenn_kelly
    

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16. THE FUTURE OF RETAIL
    @kennkelly @kenn_kelly
    @kennkelly @kenn_kelly
    

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17. RETAIL
    @kennkelly @kenn_kelly
    

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18. RETAIL
    @kennkelly @kenn_kelly
    

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19. RETAIL
    @kennkelly @kenn_kelly
    

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20. RETAIL
    @kennkelly @kenn_kelly
    

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21. @kennkelly @kenn_kelly
    

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22. WHEN?
    @kennkelly @kenn_kelly
    

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23. PRE-INNOVATION
    @kennkelly @kenn_kelly
    

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24. LONG TERM THINKING
    @kennkelly @kenn_kelly
    

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25. DURING INNOVATION
    @kennkelly @kenn_kelly
    

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26. SET IT
    AND FORGET IT!
    @kennkelly @kenn_kelly
    

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27. The paradox of choice:
    TOO MANY GOOD OPTIONS?
    @kennkelly @kenn_kelly
    

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28. POST INNOVATION
    @kennkelly @kenn_kelly
    

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29. MOBILE DESIGN
    & DISTILLATION
    @kennkelly @kenn_kelly
    

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30. @kennkelly @kenn_kelly
    

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31. @kennkelly @kenn_kelly
    

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32. @kennkelly @kenn_kelly
    

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33. A/B PRICE TESTING
    @kennkelly @kenn_kelly
    

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34. A/B PRICING CRITICS
    @kennkelly @kenn_kelly
    

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35. CUSTOMER
    ENGAGEMENT
    @kennkelly @kenn_kelly
    

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36. ORGANIZATION
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37. @kennkelly @kenn_kelly
    

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38. @kennkelly @kenn_kelly
    

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39. @kennkelly @kenn_kelly
    

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40. PRICE A $87 PRICE B $137
    @kennkelly @kenn_kelly
    @kennkelly @kenn_kelly
    

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41. PRICE A $87
    VIEWS 1,726
    PRICE B $137
    VIEWS 1,817
    @kennkelly @kenn_kelly
    

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42. PRICE A $87
    VIEWS 1,726
    CART 107
    PRICE B $137
    VIEWS 1,817
    CART 73
    @kennkelly @kenn_kelly
    

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43. PRICE A $87
    VIEWS 1,726
    CART 107
    CHECKOUT 56
    PRICE B $137
    VIEWS 1,817
    CART 73
    CHECKOUT 35
    @kennkelly @kenn_kelly
    

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44. PRICE A $87
    VIEWS 1,726
    CART 107
    CHECKOUT 56
    PURCHASE 41
    PRICE B $137
    VIEWS 1,817
    CART 73
    CHECKOUT 35
    PURCHASE 29
    @kennkelly @kenn_kelly
    

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45. PRICE A $87
    VIEWS 1,726
    CART 107
    CHECKOUT 56
    PURCHASE 41
    REVENUE $3.6K
    PRICE B $137
    VIEWS 1,817
    CART 73
    CHECKOUT 35
    PURCHASE 29
    REVENUE $4.1K
    

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46. PSYCHOLOGY OF PRICING
    @kennkelly @kenn_kelly
    

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47. REVENUE
    PROFIT
    @kennkelly @kenn_kelly
    

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48. PROFIT > REVENUE
    @kennkelly @kenn_kelly
    

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49. “...marketing and innovation.”
    @kennkelly @kenn_kelly
    

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50. @kennkelly @kenn_kelly neversettle.it
    FREE RESOURCES
    NEVERSETTLE.IT/RESOURCES
    

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