Improve Conversion Ratio: Highest ROI of all web services
The quickest way to dramatically improve your online business is to
improve your conversion ratios. Web Conversion Ratios speak to the percent of visitors you get to take a specific, desired action. For most web sites that action is to make a purchase. Some web sites want the user to start a free trial, or
sign up for a newsletter and some people want the
user to pick up the phone a make a phone call.
Do you know what you want your visitors to do?
What
percent of your visitors do what you want them to?
Simple math
|
An improvement in Conversion Ratio has a dramatic effect on revenue | ||||
| Visits |
Conversion Ratio |
# of Sales |
AOV |
Revenue |
|
10,000 |
1.28% |
128 |
$48 |
$6,144 |
|
10,000 |
2.00% |
200 |
$48 |
$9,600 |
|
10,000 |
2.75% |
275 |
$48 |
$13,200 |
|
10,000 |
3.00% |
300 |
$48 |
$14,400 |
|
10,000 |
3.50% |
350 |
$48 |
$16,800 |
| AOV= Average Order Value | ||||
Looking at the chart you
can see that 10,000 visitors are worth 6k to the business with a average
conversion ratio of 1.28%. If that same business could improve their
conversion ratio to 3%, those same 10,000 users would be worth 14k.
Ok, now it’s time for the
lights to come on… What if we can increase the visitors, increase the
average order value and increase the conversion ratio? For some of our
customers's that translates into a huge increase in revenue.
What should you measure?
There are a lot of key performance indicators for web sites, here are some of the basics that any ecommerce manager should use to gauge the performance of a web site over a given period of time. (week, month, quarter, year…)
- Revenue
- Number of Orders
- Unique Visitors
- Gross Profit
- Average Order Value (Revenue/Orders)
- Revenue per Visit (Revenue/Unique Visitors)
- Profit per Visit (Profit/visits)
- Shopping cart abandonment rate (Orders/Added to cart)
- Top 5 exit pages (why?)
- Top 5 entry pages.
For good example of a silver jewelry store that does a lot right. See ZuluMoon.com, they sell silver jewelry, and a lot of it.
 |
I never worry about action, only inaction |
Act today, improve your business! |
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