How to Boost Your Conversion Rate by Offering Bitcoin as a Payment Option | Ep. #583

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 6 March 2018

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #583, Eric and Neil explain how you can boost your conversion rate by accepting bitcoin as a payment option. Tune in to hear if your business can handle a shift towards cryptocurrency payments. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: How to Boost Your Conversion Rate by Offering Bitcoin as a Payment Option [00:45] On average, bitcoin has a daily fluctuation rate of 5%. [01:15] There are a lot of people who use bitcoin, so even though most people don’t, you could open up your business if you offer bitcoin as a payment option. [01:40] You will lose money in the short-term, but in the long run, you will make more. [02:06] Eric spent the most marketing dollars on Coinmarketcap.com and they only accepted cryptocurrency as payment. [02:28] Bitcoin has gone up in price, meaning that Coinmarketcap.com made money just by hanging on to it. [03:05] Stripe recently removed bitcoin as a payment option, because they didn’t think it was practical. [03:20] However, bitcoin is still popular. [03:45] If your margins aren’t that large, don’t accept crypto, because you may suffer cash flow issues. [04:08] You can always sell some off to pay for costs, but don’t accept crypto if you don’t have high margins. [04:21] That’s all for today! [04:25] Go to Singlegrain.com/Giveway for a special marketing tool giveaway! Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your page speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a
0:49.3	great way to improve your low time.
0:51.6	Welcome to another episode of Marketing School.
0:55.0	I'm Eric Sue.
0:56.0	And I'm Neil Patel.
0:58.0	And today we are going to talk about how you can boost your conversion rate
1:01.0	by offering a Bitcoin as a payment option. Neil, when your What have you noticed with your price of the Bitcoin that you own?
1:13.7	For the most part it goes up except until recently.
1:17.0	All right, but on a daily basis what happens to the price?
1:20.5	Well, fluctuates.
1:21.8	How much does it fluctuate by? What percentage point if you had to take a guess?
1:25.0	I think if we're the average of doubt could be around a 5% or so.
1:29.0	Sometimes 10%, sometimes 20%. There's really drastic swings.
	...

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