4 Tips to Increase Your Conversion Rates and Reach Your Full Earning Potential
The opinions expressed by entrepreneurs contributors are their own.
There is no doubt that conversion rates are important to the success of any business. After all, a business can't make money if its potential customers don't convert into paying customers. But what many business owners don't realize is how big an impact hitting your conversion goals can have on your business bottom line.
Consider this: If your business has a 1% conversion rate and you generate $1 million in revenue each month, increasing your conversion rate by just two percentage points (to 3%) means you will generate an additional $2 million each month. That's $24 million more per year!
Of course, increasing your conversion rate is easier said than done. But it is certainly not impossible. Here are some tips to help you increase those numbers and reach your full earning potential:
Related: 5 Key Tips to Improve Conversion Rates
1. Perform regular funnel analysisFunnels can be very simple (ad, sales page, delivery email) or incredibly complex (multiple ads leading to segmented landing pages leading to a sales call leading to… well, you see table). At any stage in the process, your funnel is losing people or moving them to the next stage.
If you don't perform a funnel analysis, commonly known as an audit, on a regular basis, you risk missing out on potentially game-changing revenue for your business. Let's look at a simple evergreen webinar funnel with a "buy now" option for a $1500 offer as an example. We're going to keep it very simple and assume that you only send one email to your existing list directing them to the webinar registration page. Your funnel looks like this:
Email: 50% conversion
Registration page: 15%
Webinar: 20% View Rate
Order Conversions: 0.67%
With the conversion rates above, you'll bring in $1,500 or a sale.
Your email is converting really well so we have nothing to do with it, but the signup page? Don't get so hot. We want this number to be 25% or more, so we'll optimize the registration page.
This may mean tweaking the text, design, images, or even the offer itself, until we hit our goal of a 25% conversion rate on the signup page. All things being equal, this increase in conversion rate on the signup page alone earns you another sale, bringing your revenue for this funnel to $3,000.
By going through each stage of your funnel this way, you could go from $1,500 to $28,500, just by hitting the minimum conversion rate at each stage of the funnel!
2. Make sure your website is optimized for conversionsYour website is often the first point of contact between you and a potential customer, so it's important to make sure it measures up. Is your site easy to navigate? Do the pages load quickly? Is the copy clear and concise? Is there a strong call to action on each page?
If you answered "no" to any of these questions, it's time to do some soul-searching on the website. Even small changes, like adding testimonials or improving your calls to action, can make a big difference in conversion rates.
Related: 5 Tactics to Boost Your Website Conversation...
The opinions expressed by entrepreneurs contributors are their own.
There is no doubt that conversion rates are important to the success of any business. After all, a business can't make money if its potential customers don't convert into paying customers. But what many business owners don't realize is how big an impact hitting your conversion goals can have on your business bottom line.
Consider this: If your business has a 1% conversion rate and you generate $1 million in revenue each month, increasing your conversion rate by just two percentage points (to 3%) means you will generate an additional $2 million each month. That's $24 million more per year!
Of course, increasing your conversion rate is easier said than done. But it is certainly not impossible. Here are some tips to help you increase those numbers and reach your full earning potential:
Related: 5 Key Tips to Improve Conversion Rates
1. Perform regular funnel analysisFunnels can be very simple (ad, sales page, delivery email) or incredibly complex (multiple ads leading to segmented landing pages leading to a sales call leading to… well, you see table). At any stage in the process, your funnel is losing people or moving them to the next stage.
If you don't perform a funnel analysis, commonly known as an audit, on a regular basis, you risk missing out on potentially game-changing revenue for your business. Let's look at a simple evergreen webinar funnel with a "buy now" option for a $1500 offer as an example. We're going to keep it very simple and assume that you only send one email to your existing list directing them to the webinar registration page. Your funnel looks like this:
Email: 50% conversion
Registration page: 15%
Webinar: 20% View Rate
Order Conversions: 0.67%
With the conversion rates above, you'll bring in $1,500 or a sale.
Your email is converting really well so we have nothing to do with it, but the signup page? Don't get so hot. We want this number to be 25% or more, so we'll optimize the registration page.
This may mean tweaking the text, design, images, or even the offer itself, until we hit our goal of a 25% conversion rate on the signup page. All things being equal, this increase in conversion rate on the signup page alone earns you another sale, bringing your revenue for this funnel to $3,000.
By going through each stage of your funnel this way, you could go from $1,500 to $28,500, just by hitting the minimum conversion rate at each stage of the funnel!
2. Make sure your website is optimized for conversionsYour website is often the first point of contact between you and a potential customer, so it's important to make sure it measures up. Is your site easy to navigate? Do the pages load quickly? Is the copy clear and concise? Is there a strong call to action on each page?
If you answered "no" to any of these questions, it's time to do some soul-searching on the website. Even small changes, like adding testimonials or improving your calls to action, can make a big difference in conversion rates.
Related: 5 Tactics to Boost Your Website Conversation...
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