Is 30% approval a good rate?

Discussion in 'Growing and Managing a Business' started by snowhite, Oct 6, 2012.

  1. snowhite

    snowhite
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    Hi Everyone,

    I put out a survey to 1000 people and asked a simple YES/NO question regarding an online merchant. The question asked if the users would be willing to purchase if they were offered only one type of payment method. 30% answered YES. The numbers differ from 10% YES to 40% yes for diffferent ages and different geographic area and male/female sexes.

    My question here is if 30% is a good rate to start a business or not. I know I haven't detailed all of the business plan and the full detailed question but unfortunately, I can't unveil that yet.

    Would you go ahead and start a business if it appealed to 30% right off the bat and maybe another 20% once they visited the webpage?

    This is my first survey so I am not sure what to make of the numbers.

    Thanks
     
  2. Fergal

    Fergal
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    Did you specify what the payment method was in your survey?

    It really does depend on who your target market is and what payment method you are offering. For example if your online store is targeting young website owners in the US, most of them will have PayPal and offering PayPal as a single payment method should be fine. If your site targets a different country where they don't use PayPal, then obviously it would be very difficult to make sales.
     
  3. snowhite

    snowhite
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    Thanks for the insight Fergal.

    Yes, I did specify the payment methods and I found that Male are more likely than Female and age group 25-50 is more likely to purchase using the specified method.

    Given what I know now (as mentioned above), how do I go about internet marketing to those age groups? What are some of the best practices and what are some of the tools I can use to identify and target marketing towards those who are more likely to do the purchase.

    P.S. This is an online store.

    Thanks again,
     

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