Website marketing generally has two sides to it: first, you need to let your potential customers know about the products or services you offer, and second, you need to convince them to actually purchase them. Many business owners and entrepreneurs underestimate the importance of conversion rates and believe that making the public aware of their products is the same as convincing these people to become your clients. Here are the top 5 reasons why you need to know about conversion rates – if you don’t want your website marketing to crash, of course:
1. Get the Right Kind of Customers
Your online marketing campaign will reach all sorts of people, a large portion of which would not be interested in your product. An optimized conversion rate will guarantee that you bring the right kind of people – those, who will love your products and will tell everyone just how great they are.
2. Save Money
If you’re wondering why your marketing campaign is not bringing you actual customers, the solution isn’t always to spend more on it. Instead, focus on your conversion rates and enhance it, as it’ll boost your sales, without you having to spend extra on online marketing.
3. Increase Profit
There is a very strong link between your company’s profit and your conversion rate. According to research, a 50% increase in your conversion rates can result in up to a 500% increase in your profits!
4. Lower Customer Acquisition Costs
Your CAC is basically what every new customer costs you. An enhanced conversion rate will lower that amount – in fact, just doubling your conversion rate can reduce those costs in half! And, most importantly, it’s essentially free.
5. Enjoy Slight Edge Phenomenon
Conversion rates are based on the concept of the “slight edge phenomenon” – basically, to be successful, you need to be only slightly better than your competitors. Your conversion rates will show you what your customers want and you can optimize your site to meet their needs – becoming just slightly better or faster can truly transform your business.
Feature Photo credit: Got Credit