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There is no doubt that conversion rates are important to the success of any business. After all, a business can’t make money if their leads don’t convert into actual paying customers. But what many business owners don’t realize is the impact hitting your conversion goals can have on your company’s bottom line.
Consider this: If your business has a 1% conversion rate and you’re making $1 million in revenue each month, increasing your conversion rate by just two percentage points, to 3%, means you’ll An additional $2 million. every month That’s an additional $24 million per year!
Of course, increasing your conversion rate is easier said than done. But it’s 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 analysis
Funnels can be very simple (ad, sales page, delivery email) or incredibly complex (multiple ads that lead to segmented landing pages that lead to a sales call that leads to… well, there you have it the picture). At any stage of the process, your funnel either loses people or advances them to the next stage.
If you’re not regularly performing a funnel analysis, commonly called an audit, you could be 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 $1,500 offer as an example. We’re going to keep it really simple and assume you’re just sending an email to your existing list to direct them to the webinar registration page. Your funnel looks like this:
E-mail: 50% conversion
Registration page: 15%
Webinar: 20% view rate.
Order conversions: 0.67%
With the conversion rates above, you’ll get $1,500 or a sale.
Your email is converting really well, so we don’t need to do anything with it, but the signup page? Don’t be so hot. We want this number to be 25% or higher, so we will optimize the registration page.
This could mean changing the copy, the layout, the images, even the offer itself, until we reach our goal of a 25% conversion rate on the registration page. All things being equal, that increase in conversion rate on the signup page alone gets you another sale, bringing your earnings from that funnel up to $3,000.
If you follow each step of the funnel this way, you could go from making $1,500 to $28,500 just by achieving the minimum conversion rate at each stage of the funnel.
2. Make sure your website is optimized for conversions
Your website is often the first point of contact between you and a potential customer, so it’s important to make sure it’s up to par. Is your site easy to navigate? Are pages loading quickly? Is the copy clear and concise? Is there a strong call to action on every page?
If you answered “no” to any of these questions, it’s time to do some soul searching on the website. Making even small changes like adding testimonials or improving your calls to action can make a big difference in terms of conversion rates.
Related: 5 Tactics to Increase Your Website’s Conversion Rate
3. Segment your email list
When it comes to email marketing, quality is more important than quantity. Sending a generic message to your entire list is likely to result in few conversions because not all recipients will be interested in what you have to say. List segmentation allows you to send more targeted and relevant messages that are more likely to convert.
Not sure how to segment your list? Start by breaking it into smaller groups based on factors like geography, age, gender, interests, etc. Then craft different messages for each group.
4. Personalize the user experience
In today’s competitive market, having a website is not enough; you need to go above and beyond to stand out from the crowd. One way to do this is by customizing the user experience for each visitor to your site.
Thanks to technological advances, this is easier than ever. There are now numerous tools available that allow you to collect data about each user and then use that information to display content that has been designed specifically for them.
Related: Why a “personal” customer experience is critical to your business’s success
Achieving and exceeding your desired conversion rate can have huge implications for your company’s revenue. If you’re not happy with your current numbers, take heart; there are many things you can do to improve them. By following these four tips, you can start making progress toward those all-important conversion goals.