Increasing Conversion Rate
Posted by mbhansen in Conversion Improvement on June 8th, 2009
In the two previous blog posts I’ve briefly gone through the 2 of the 3 ways of increasing website revenue. In this post I’ll go through increasing your conversion rate.
Why would you want to spend time on improving your conversion rate?
Reason 1: You don’t just get more sales, but more sales from existing traffic.
Reason 2: The effect is permanent. It will outlive any marketing program.
Reason 3: Your customer acquisition rate goes down
These are just a few of many reasons why it pays to improve your conversion rate.
There’s a few different way you can improve your conversion rate.
1.Improve usability and point of actions (POA).
2.Improve your copy.
3.Improve customer service.
4.Clarify and improve your value proposition.
5.Improve your logo and brand.
Increasing Product Quantity
Posted by mbhansen in Increasing Revenue on May 22nd, 2009
What you can do to increase product quantity greatly depends on the type of site that you run. In this short article I’ll go through the two typical sites.
eCommerce
If you run a eCommerce site it is as simple as just adding new products, but if you run a different kind of business it becomes a bit harder.
Advertising Site
If you run an advertising site such as a directory you could add products that people could upgrade to such as as add free listings, featured listings etc. This typically has a far higher cost to implement than the eCommerce site, but in a lot of cases it would be worthwhile. You will have to do your due diligence on this before starting.
Affiliate Income Sources
Another way to increase your product quantity would be to add various affiliate products that suits your users. Affiliates products allow you to recommend third party products and receive commissions on the sales or leads. Instead of joining every single affiliate program out there there are several affiliate networks that makes it easier. You will just have to join the affiliate networks and you will have access to a lot of affiliate programs. There are many different networks that you can check out. I recommend joining the following: AzoogleAds, NeverblueAds and Commission Junction to start with.
Increasing Traffic
Posted by mbhansen in Search Engine Optimization on April 29th, 2009
There are countless ways to increase the traffic to your site. The typical ways to increase the traffic is through search engine optimization, online advertising and offline advertising.
Search Engine Optimization
Search engine optimization has been writen about more than any other traffic increasing method so I will not go into too much detail on this topic.
Step 1 in search engine optimization is to ensure that the content and internal linking is optimized for search engines. This can be done by ensuring certain keywords are mentioned in the text, that you are using the correct anchor texts and that meta tags are used.
Step 2 is when you get other sites to link back to you. Often this requires a link back to the them, but this is not always required.
Online Advertising
There are several ways to advertise online. You can use pay-per-click advertising. I recommend just sticking with the three biggest: Google, Yahoo and MSN.
You can also use CPA (Cost Per Action) ads where you only pay per action (Typically a conversion).
Another method is CPM (Cost Per Impression) where you pay per thousand impressions.
Offline Adverting
Depending on your field offline advertising might make sense. Offline advertising can be things such as: print, radio or TV media.
Increasing Web Site Revenue
Posted by mbhansen in Increasing Revenue on April 20th, 2009
So you got a website up and running, but you are not seeing any money or enough money coming in. The techniques for improving revenue change at a heartbeat so I’ll just go through the principles of increasing your revenue. Principles are timeless and will therefore always apply.
3 Fundamental Ways to Increase Website Revenue
Increase Traffic
With this technique you focus on getting more visitors to your website. The logic behind this is the fact that the more people you have coming in, the more will buy. This is the most popular tactic in increasing revenue.
Increase Product Quantity
Another way to increase your revenue is to get your existing visitors to buy more by having a larger product offering.
Increase Conversion Rate
The last principle is to focus on increasing your revenue from each visitor. The beauty of this principle is that if you increase your conversion rate you can save on marketing costs since a higher percentage of visitors will buy.
To build a long term successful online business it’s it imperative that you focus on all three principles.
First Post!
Hi. Welcome to the very first post in this blog.
My name is Michael Balle Hansen and I’ve created this blog to help other web developers and business owners how to become more passive and well known by leveraging IT.
I have been developing websites and other software professionally for more than 8 years. Over the last couple of years I have focused more of my efforts on learning the business of IT. I now spend my time doing consulting and building new brands through my company Conjure Solutions Inc.
I’m hoping this to become a place for people to come and learn new things, but also to give back by commenting. I highly encourage feedback and constructive criticism and for that reason I’ll leave the comments open. The only comments that will be removed will be spam or anything of that nature.