Now let’s say that you have a 3 percent conversion rate on your business website which means that for every 1000 people that you send to your website, 30 people buy. Such a conversion rate is fine – it’s the average but what most people fail to think about though is the reason why 970 people actually visited your website without buying anything and what can actually be done about it.Leave things as they are and you can bet that you are leaving a lot of profit on the table.
The strategy that we recommend for some of our best clients is to actually tag the people that visit the website and “follow” those that don’t purchase with banner ads with the intention of sending them to a landing page designed to ask them why through a survey. The data acquired can then be used to improve one’s website and conversion rates in order to get more people to buy in the future.
Now as an incentive and to encourage more people to buy from your website, you can offer vouchers. You may think that it’s a bit excessive but consider how valuable it is – you have a large number of people that actually visited your website without buying anything and it presents an excellent opportunity to know exactly why! In the future, you can then significantly increase your profit going forward by helping and encouraging website visitors to actually purchase from you.
Let’s say for example that you’ve offered a 100 people with a $50 voucher. Most people would write it off as a $5,000 dollar cost but not if it enables you to afford a 100 percent markup on cost of goods in which case it should only cost you about $2,500. Such a cost is certainly well worth it when it enables you to determine exactly why people are not buying from you and rectify issues that are hindering you from making more sales!
Suppose your average sale value is $50 and your conversion rate is 3 percent. What if we can increase that conversion rate to 4 percent with the feedback that people are giving about your website? Now based on the example given earlier – 1000 visitors converting at 3 percent at a $50 average sale value, that amounts to $1500 in sales.
Now if we are able to increase that rate by employing the strategy mentioned which includes doing a survey and running our website based on what our prospects want and need, we would be able to make $2000 for exactly the same traffic with no additional expenses aside from our initial survey going forward thereby increasing our business by 25 percent!
Don’t just take my word for it. Go try it out and lets us know what results you get!If you found this useful please subscribe to our channel, share the video and leave a comment below. I’ll be seeing you in the next video!
Samuel Junghenn is the Managing Director of Think Big Online and has over 12 years experience in Online Marketing. He is passionate about building businesses using the power of automation and the Internet along with the thrill of motor racing.