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TeachersPayTeachers Conversion Rate Explanation and Case Study: Part 1

Conversion rate

Have you ever wondered what the conversion rate is on your TPT product statistics page? Or have you wondered what to do with that little number? For me, yes and yes.  Well, I don’t know yet what to do with it but I’m going on a journey to find out. 

The conversion rate is the number of people who buy your product divided by the number of people who view your product. In other words, after people take a look at it, how many actually buy it? 

Why is this useful? Imagine if you went to buy a new phone and the newest released version with all the bells and whistles was $200. After you investigate to make sure this is the real deal, you are convinced this is a genuine great deal. My guess is you would buy it then and there and so would 100% of everyone who sees that deal will also buy it. That product conversion rate is 100% and clearly the price is way too low. If the phone manufacturer increases the price to $800 they will still get lots of people to buy it because that’s the going rate for a brand new latest release phone. Their conversion rate will go way down but they will probably make more money in the end. (And isn't that what it's all about! 😆)

So conversion rates can tell you whether to increase or decrease the price of an item.

Playing with price to maximize profit

This video explains conversion rates and also takes a look at one particular product to see how changing the price of the product will change the conversion rate. I'll check back in later and make another video showing whether this worked or not.


Link to the video: https://youtu.be/2zgHl-XFsg8

TL;DR

Understanding conversion rates can help you make more money in your TPT store. If the conversion rate is high, increase the price of your product. If the conversion rate is low, decrease the price of your product.


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