Internet Marketing – Step by Step Guide to Sales Funnel Conversion Rates
If you use Internet marketing as a business owner you need to know how to use step-by-step strategies in your marketing and sales funnel to increase your conversion rates. So, if you are looking to sell your products and services online, you need to have a conversion rate for every step in your web business.
This includes your initial traffic, and you need a separate rate for every entry point on your web site. Every web page converts at its own unique rate. Now, there may be two pages that have the same or similar conversion rate. But it is still its own conversion rate. So you need a conversion data for every web page on your web site.
You need a conversion rate for every squeeze page on your web site. You need data for every email subject line of every email you send out. You need a conversion rate for every email you send out. You need a rate for every sales page you send out, and it should be unique to the source. For example, if you send PPC traffic to a sales page, the conversion for that page should be tracked separately from the traffic you send from your own list.
For an example, I will assume that we have 1000 visitors. Now these 1000 visitors can occur on the same day or over the course of the month, but the results will remain the same, except that the results will occur over the same time period, either a month or a day, etc.
In this example, on the first line we see that we have 1000 visitors (traffic) and the conversion on our squeeze page is 10% (.1). That nets us 100 subscribers. Now, over time, we develop a conversion rate of subscribers to an initial sale, perhaps a $10 product. This nets us 10 sales. Now, once they have made the initial purchase, they are buyers and are moved to our buyers list. At this point, we have a conversion rate of 30% of initial buyers to premium buyers (a $97 product, for example).
For the revenue line of a conversion rate spreadsheet, for easy numbers, $10 would be the initial product and we could use $100 as a premium product.
What if the conversion changed from 30% from subscribers as we had the above to 50 % and we leave everything else alone, our imaginary income here rises to $2000. Next, we could tweak our conversion rate of subscribers to the initial sale, and our revenue rises to $6000. In the next line of our spreadsheet we could increase the conversion rate of initial buyers of the $10 product to premium buyers for the $100 product, and income would jump to $9000.
You can develop your own spreadsheet using statistics such as above for the different price levels of products in your sales funnel and multiply them by a certain number of subscribers and buyers at different conversion rates. Where this becomes him to is for projections of sales when you know what your subscriber opt ins are.
Once you have tweaked each of these ‘choke points’ or twice in conversion levels in your sales funnel, then all you have to do is adjust the traffic to make more money.
If you are out to attract prospective customers and develop your online presence and exposure, you owe it to yourself and the financial future of your business to learn everything you can about Internet marketing.
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