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Not really having anything to compare this to I don't know if this is a good or bad conversion rate. In my opinion there aren't many better offers online so I think I could do better.
In one sense I'm looking for a point towards a good source for marketing advice. On the more immediate front I'm wondering how effective things like bookmark this site and email a friend are.
A further question is is it worth the bother of integrating special offers from my suppliers into the structure of my site (considering it would be a fair bit of work)?
I'll keep thinking about and trying stuff out but I don't really have the experience to compare results.
Any ideas would be gratefully received.
We have informational sites and then our storefront. Of total visitors, an average of 88 per day make it to the storefront, only a 0.68% conversion (purchase) rate. Of the 88 that make it to the site, 4 purchase, with a storefront conversion rate averaging 4.58%.
I *think* I've heard somewhere that a 5%+ conversion is considered really good...2-5% is average and anything below is too low. I am going on memory -- and I'm sure it also probably depends on the product.
The good news is you have a decent amount of traffic. If it is targeted traffic then doubling your sales should be a fairly easy and a longer term goal would be a 1% conversion rate.
So assuming that you:
- have a good product/service that sells on the Internet
- have targeted traffic coming to your site
Here are some ways to maximize sales:
1. Convert your visitors into prospects - do this by offering something they want in exchange for their email address and permission to contact them in the future.
2. Consistently contact your email list with valuable information and an opportunity to buy.
If you are not doing this now, this alone could double your sales.
3. Improve your sales copy - the words on your website are your salesman. Every visitor that comes to your site is greeted by this salesman. He makes his presentation, he answers their questions and helps them place the order. So the question is. How good is your salesman? - you mentioned integrating special offers from suppliers. It sounds like this could be worthwhile.
4. Improve your offer - if you have your own product you obviously have more flexibility here. If you are an affiliate you should test other products or even suppliers until you find the one the converts the best.
Items to test are price, payment options, size/quantity, risk free guarantee, free trial, just to name a few.
5. Increase the size of initial purchase - what items can you recommend as complimentary so they purchase more than just one item?
6. Increase the frequency of repeat purchases - how do you get your customers to "consume" more of your products so they will purchase more often.
7. Increase the size of repeat purchase - same concept as number 5.
The really mind boggling thing about this list is how your business grows exponentially when you improve every category just a little.
These are general concepts and not always easy to apply, send me a note if you want me to take a look at your site and I can get more specific.