October 4, 2012

The number 7There are really just three ways to make more money from your website traffic: increase visitors, get each customer to buy more on average, and increase the conversion rate of visitors to customers.

Obviously, these are all desirable.  However, the one that’s going to have the most long-term benefit is increasing your conversion rate. Think of your conversion rate as a measure of efficiency.  The higher it is, the more money any other investments in marketing will make for you.

An Example Of A High Conversion Rate

Consider a business run by one man out of his home. He has only about 3000 visitors to his website per month. He is an affiliate marketer of high-end appliances retailing for roughly £250, and 30% of the visitors buy from him. He makes well over £63,000 per year, and runs his business on a part-time basis. He offers an unconditional satisfaction guarantee for 30 days and rarely has a product returned.

Think about that: in a world where 5% conversion rates are considered great, he must be doing something extraordinary. A close inspection of what he does shows that it will work for most businesses that want to work on the basis of integrity; especially those are offering a genuinely superior product at a higher price.

He spent almost 4 years building his business from nothing to its present level of success.  He did so slowly, with a lot of care, and didn’t make very much money in the first year.  But he was never playing a get rich quick game; he was in it for the long haul.

His website is extremely information rich. He provides lots of good information in an easy-to-read format, and he never misleads or exaggerates. He shows the value of his products through concrete examples and testimonials, as well as offering point-for-point comparisons between his high-end products and those that are less expensive.

Because he’s actually offering the best product of its kind in the world, based on objective tests and evidence that the customer can verify, the sale really requires no hype.  He’s not looking for everyone to become a customer; he’s looking for those who appreciate quality in this kind of appliance and are willing to pay for it. That’s an important lesson to achieving a high conversion rate: don’t try to be all things to all people.  Instead, focus on one particular demographic of customer and offer them something that’s of unique value to them. Become the expert.

The Secret Of Seven

Here’s an insider secret that applies to most, if not all, online businesses. It’s been called the secret of seven. Research has established that online customers tend to purchase products with a price ending in the number seven at rates that can be as much as 50% higher than the same product priced differently. Pricing your goods and services in numbers that end in seven will also increase your conversion rate.

Looking for more tips on improving conversion rates? This article might be of interest to you:

Discover The “WIIFM” Conversion Secret



Sean McPheat

Managing Director

The Internet Marketing Academy



(Image: Stock Xchange)

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