Internet Entrepreneurship : Conversion Rates Make More Money

Internet Entrepreneurship: Conversion Rates

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 The conversion rate is that the key stat for an internet site . As long as you're paying for clicks, the efficiency with which you change those clicks to sales is basically the sole measure that counts in determining your website design. When I started my UK silk tie website it took a short time to urge enough data to start out tracking and conversion rate as you would like a minimum of ten sales to get any sort of statistically valid result. It took a few of weeks to form the primary ten sales and that i calculated my conversion rate at 0.5%. As I was paying 25p per click, this means that it was costing me £50 per customer. Even with an average order size of £30, this was a long way from profitability. Luckily, conversion rates can change quite dramatically with things just like the website design, sales copy, products on the front page, range of products, product descriptions, guranatees, pricing, ease of payment etc. etc. In short there are many things you can do to get conversions up.

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The great thing about internet businesses is that you can make a change, measure the result and if it doesn't work, then change it back. I am constantly trying new things to see if it affects the figures. Initially I changed too many things too quickly and it was very hard to unpick the results of different factors. Also the Christmas period started when I was one month in and conversion rates rose strongly and then fell back after Christmas, it was hard then to unpick the seasonal effect from my changes.

One of the first thing I experimented with was pricing. From my initial prices of about £9 for a woven silk tie, I tried cutting them to £8 for a few weeks and then putting them up to £11 for a few weeks, then cutting back a bit, until settling on prices about 15% higher than my first try, just over £10 average price. Cutting prices below this point did not seem to increase sales.

I also looked at which ties sold well and put them on the featured products list which are then randomly selected on the front page. I worked a lot on the cataloging of the ties by colour, style etc. and added keywords so that people could find what they wanted easily.

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I also experimented with my sales copy and have made the money back guarantee more and more prominent. One of the first things you need to establish when people visit your site is credibility. So I have the address at the top so that people know we are easy to physically track down, I have put the Visa and Mastercard symbols near the top for legitamcy, I have signed up to affiliate programs for upmarkets shirt makers so that I can display their ads to add credibility and as I started to get a few pieces of nice feedback from people, I added them to the site. All of these changes have pushed the conversion rate up to over 1% and I am now targeting 2% with my next wave of changes which will try and capture email addresses for follow up mailing by offering a free ebook on a mens fashion related subject. More about that another time.

There is a feature in both AdWords and Overture which, once you have inserted a piece of html code into your payment page (or, as I did got your web site supplier to do it) will allow you to track conversion rates by keyword. I am only now building enough data to do this justice, but it allows you to cut out keywords which don't convert well. For example, I had been buying the keywords "how to tie a tie" and was getting 50 clicks a day at a bargain £0.02 each, however after 1700 clicks I still hadn't made a sale, despite making sure there was sales text in with the tie instructions and ties shown either side. Not entirely surprising as people searching for tie instructions were not looking to buy ties, but clearly they do wear them and I thought some people would buy one. Not so. So now I am saving that money.

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I recently received an email from a reader of my previous articles, Louis Roberts. It's great to know that people are reading my blog already. Louis asks "I first read your article on "ezinearticles" and it brought me to your site; I like your online store. How are your online businesses doing? Are you hitting your goals of $1000 profit per site? I am very interested in opening a store myself. Since you seem to enjoy sharing advice; I was wondering of you could recommend some good products to sell, suppliers, dropshippers, etc. that carry as you would say "healthy margins"? "

These were good questions, so I have devoted this post to answering them.

Thanks for the note, glad someone reads the articles. In answer to your questions:

No I am not yet anywhere near reaching $1000 profit per site per week. I expect it to take a year to reach that figure. As my sites are less than four months and one month old respectively there is still a way to go. It is easy, reading some of the web business sales pitches out there to believe that instant riches are easily achievable. This is not true, it takes hard work and dedication to make money. I have reached the break even point on both sites which was the first milestone - initially I was losing $500 per site per week as the cost of advertising on Google AdWords way outran my sales.