Widening The Bottom Of The Funnel
By Rob Weatherhead, Operations Director, Latitude Express
No matter how much traffic your website receives, the vast majority of visitors will never become a customer. Even the best converting websites will still only be gaining customers from less than half of their website visitors, in some markets the percentage of visitors making a purchase or application is less than 5%. Despite this the vast majority of companies undertake an endless quest for more visitors, pushing more and more into the top of the funnel knowing that up to 95% of...
...them will never become a customer.
Surely a much better use of time would be on how to make the most of the current visitors you are getting? Small increases in website conversion rates will result in a much greater return on investment than chasing traffic. Let’s look at the stats:
If you your website receives 1000 visits a month with a 5% conversion to sales that equates to 50 customers. Small changes to your website, or to your user interaction, could easily make this 5% become 7%, resulting in an additional 20 customers, 40% more sales. To get the same amount of impact at your existing conversion rate you would need to find another 400 visitors and hope that they continued to convert at 5%. This would involve an additional investment in PPC or some hard work on SEO to increase positions. An obvious way to achieve this is through amending your website and user journey to improve the conversion rate. Making website changes, both aesthetic and functional, to ensure as many visitors as possible become customers. This is a practice all companies should go through, but it does involve a lot of potential development and can also be costly.
So what... continued on page two >