…after reviewing some advice we gave three years ago, and deciding it is still current today (with some additions).
Back in 2008 we wrote a short article and filmed a 15 minute podcast and video presentation on ‘The Website Sales Funnel‘. Reviewing this in 2011, again all the basics are absolutely spot on, however there is still a degree of confusion out there about how marketing and business works online.
As reports on the Australian economy have shown recently, more and more Australians are turning to shopping online, making it critical that all businesses understand how to maximise online business opportunities.
The other interesting thing to note is the huge growth in video on websites over the past few years. Since we originally posted the article, video has become a very important tool in the online marketer’s toolkit – YouTube is now the second most popular search engine (behind parent company Google) and in December last year Forbes, in a white paper called ‘Video in the C-Suite’, found that more than 75% of C-Suite Executives surveyed said they watched work-related online video at least once a week. Perhaps more importantly, 65% of these execs said they would visit the vendor’s website after watching their online video.
We did actually mention online video in the original podcast, but it is a lot more important today. In fact it can even impact your search engine rankings, as reported recently on the Nett magazine website:
We install Google Analytics on every site we create or manage because its detailed data collection is indispensable for tracking website performance. Close monitoring of this data can give you a crystal clear insight into what is and what isn’t working.
This information allows our clients to make educated decisions about the direction of their website. It’s so critical, in fact, that we have decided to launch a new service to help businesses interpret Google Analytics and implement powerful, cost-effective changes across their web presence.
We’re calling this service our ‘WW.WNW’ Report – ‘What’s Working, What’s Not Working’ Report. Basically, we analyse your Analytics data and present a report detailing suggested changes. It’s a fantastic way to estimate the cost benefit of a project.
For example, let’s say 1,000 visitors per month begin your 4-step checkout process, but only 273 actually finish. In this case 1,000 paying customers potentially equals $24,000, but actually ends up delivering only $6,552 to your bottom line. Your checkout process is a bit dated, ugly and difficult to use and consequently, customers give up before they buy. You are losing over $17,000 each month!
With Google Analytics goals, visual funnels and custom reports, you can see exactly where they are dropping off, where they’ve come from, if they are new or returning, and what they searched to find you, among a myriad other details.
Armed with this information, you can easily identify the problem areas and work on strategies to improve them. If you improved each step of the process by just 10%, it would be worth over $10,000/month to your bottom line, an increase in revenue of 54%. From this you can easily set a budget for the website improvements.
A few small, and very targeted improvements can mean a significant increase in revenue. You can even run A/B experiments to measure the success of your ideas to completely take the guesswork out.
If you’d like to know more about the KND WW.WNW Report, get in touch.Posted by Chris Garrett on 29 September 2011