How to Make More Money From Your Website
Or how to make more money from Facebook, LinkedIn, etc.
Spend 1 minute going through the following to find out how.
There are 3 factors involved. You can influence them all. If you do it properly, then you will make more money.
The first is the number of visitors to your site. If nobody ever visits your site, then it will never generate any revenue. However, if you know that on average every 100 visitors generates £x, then doubling the number of visitors should double the revenue.
The second is the conversion rate. For example, if only 1 visitor out of 1,000 actually becomes a customer, then if you could increase that to 2, you would double your sales.
The third is the average value of each customer. Over time you would hope to increase that by follow-on sales, etc.
So how can your website make you more money? It is a simple calculation: Visitors x Conversion Rate x Average Sale.
Let's assume that your average sale stays the same. Therefore any increase in revenue will be down to your online marketing.
The chances are that your website is being visited by only a tiny fraction of your potential customers and clients. It is quite realistic to assume a ten-fold increase is achievable. However, much, much higher numbers are possible.
As far as conversions go, you can make massive improvements. You've done the hard work to get them to visit. Now it's all in your hands. If we ignore the wild successes that some have, and simply assume an increase from 1% to 5%, that's a five-fold increase.
Remember, we haven't altered your selling price. Simply by getting 10 times as many visitors, and raising your conversion rate to only 5%, you have increased your sales by 50 times.
If you don't already sell to everyone that you could do, then your online marketing isn't working.
If you don't think that the above is possible, then you are obviously used to poor online marketing.
Even if you are not interested in website marketing, you do care about sales. Get in touch and I can tell you how we could help you.
This is one of a series of articles that deal with common issues when promoting your business online. We hope that you found it useful. Go to our online marketing tips to see previous pieces of advice. If there are any topics that you would like covered, please let us know.
If you need to promote your business online, then contact us.