Increasing Conversion Rates
Once your sales funnel is set up and live, all that’s left to do is to watch as the sales come in and then tweak it to try and generate more revenue and more profit.
The best way to do this is to increase your conversion rates at each stage of the funnel. How do you make sure that more people go from visiting your site to signing up for your mailing list? And how do you encourage them to go from buying your cheapest item, to buying your most expensive item?
One simple answer is to invest. We discussed this already when we talked about adding polish – but it’s something you can continue to do with time. As money starts to come in from your sales, invest that back into your funnel by improving each step of the process. That means making your products better by adding more sheen and more freebies, it means making your videos better, it means investing in more marketing (see below) and it means building a better brand with the right logo and the right web design. Hire writers, hire web designers and generally keep growing and improving your business. Your job is not ‘done’ once it goes live!
One of the easiest ways to increase your conversion rates is to improve your targeting. And one of the best ways to get more targeted visitors to your sites, other than using your established ‘routes to market’, is to use PPC to create targeted adverts.
The other way to target your audience is through PPC. PPC is ‘Pay Per Click’ advertising and is most commonly associated with either Google AdWords or Facebook Ads. Both types of advertising allow very precise targeting for your campaigns so that you can ensure your ads are being seen by the right people. For example, on Facebook, you can choose adverts that are only seen by people with certain hobbies listed, people in certain locations or people with certain jobs.
Likewise, on Google AdWords, you can target people based on the searches they perform. Adverts on Google AdWords appear on the SERPs – Search Engine Results Pages. This means that you can place your ads for watches on the search ‘Buy Watches Online’. It’s safe to assume that people searching that term will have an interest in buying watches!
The other great thing about PPC is that you can set your ‘CPC’ – Cost Per Click. This means you choose a maximum amount that you’re willing to pay for each visitor who clicks your ad and visits your site. The more you pay, the more your ad will be seen – but if you choose the right keywords then you can get visitors for a surprisingly small amount of money.
Now, if you can work out how many of your visitors eventually become paying customers and you can work out how much each of those sales means for you in profits, then you can calculate the amount that you can pay for each visitor and still be guaranteed a profit! This is the step before your sales funnel – and it’s equally as important.
Also very important is to look at your reports and metrics. Track which adverts are bringing customers to you site, look at which products are selling best and even look at what times of day are the most active for you. Most importantly – look at where your best customers are coming from. This is important because you can then invest more time and more money into what is working and start to move away from what isn’t working. This is where Google Analytics and Goal Tracking comes in particularly useful.
Another way you can do this is by using split testing. Split testing means creating two versions of a web page (such as your squeeze page) and then introducing subtle differences to each version. You then see which of your two versions performs best and therefore decide whether or not to keep or abandon those changes. There are tools that let you do this, such as Optimizely.
Building True Fans
Finally, try to think of your objectives in terms of building true fans. One of the most important things you can do is to really get people behind your business and to feel almost as though they know you and as though they’re a friend. When you have a true fan, they will not only be most likely to buy from you but they will also be likely to share your content, spread the word and help you grow your business.
This is why it is worthwhile spending time in one-on-one chats, in answering emails and comments and in generally engaging with your audience. Meanwhile, don’t think about them in terms of how you can sell to them – just think about how you can provide value and provide a good, free service. Some of these people will never buy from you but that’s not the point. The ones that will, will make all that hard work worthwhile. If you create something really good and deliver a really great service, then you’ll be rewarded.