You started an online business, and now you want to grow
You spend money on advertising — search engine marketing, social media marketing, email marketing — and people come on your website.
Not everyone who goes on your website will stay, some of the visitors will leave without doing anything and that is called your bounce rate — and the people that stay, are your shoppers.
And not everyone who looks at what you have to offer will buy from you, some of them will leave and some will add products to cart.
Then again not everyone who adds to cart will buy from you, some of them will leave the cart (this is called cart abandonment) and some will continue to checkout by entering their billing details.
And it’s interesting to find out that even if your visitors checkout and they are one click away from buying — some of them will stop here — this is called your checkout abandonment.
Finally we have paying customers! and the rate of people that convert from visitors to customers is called your conversion rate.
From this example we have:
- Monthly visitors of 100
- Bounce rate of 40%
- Monthly sales of 2
- Conversion rate of 2% (2 out of 100 visitors buy)
Now if we ask the question, how can we make more sales?
The first answer that may come to mind is increase your monthly visitors.
If you have 200 visitors, you will get around 4 sales.
Increasing the number of visitors increases your cost
Increasing the number of visitors require more advertising or off-site work that incur additional costs with the same return on investment (2% conversion rate)
We should be asking why only 2 out of 100 visitors become customers?
The smarter approach would be to find out why out of 100 visitors only 2 ends up buying – or in other words, increase your conversion rate.
For example: can we improve the website quality? do we have the right content to support sales? what are the problems visitors face when checking out?
How does WebMedic help grow my online business?
We study your online business and find out exactly what’s stopping you from growing online — and fix it for you!