7 measurable ways to increase company revenue with your Web site
Want to make an impact on your company's bottom line? Work a few of these revenue-generating objectives into your Web Site strategic plan.
Want to make a significant impact on your company's bottom line? Make sure your in-house team or Web design vendor works a few of these revenue-generating objectives into the Website strategic plan. Want that bonus and well-deserved promotion? Be sure to include all seven.
Let's get started...
1. Increase membership volume
If your business depends primarily on membership and subscription quantities, registering and courting prospective members should be a primary Web site objective. Each new member increases the value of your organization and creates more opportunities to cross-sell other products and services.
2. Increase online sales volume
Every Web site visitor represents an opportunity to sell your products, services, and brand. If your Web site can facilitate secured credit card transactions, your primary Web site objective should be to close the gap between visitors who buy and those who don't. This macro conversion rate is critical to online success and overall Web site profitability.
3. Increase qualified lead volume
If you cannot facilitate online purchases, your Web site should capture sales leads. Most service businesses want to (and should) acquire new customers offline. But don't neglect your Web site. It can be the most profitable tool used to overcome objections, communicate value, influence the buying decision and constantly fill your prospective customer pipeline.
Any salesman would much rather call a prospect who has expressed interest in what he sells over cold-calling a stranger. The more visitors who call, contact, inquire, submit, or electronically express interest in your products and services, the more likely your salesmen will make offline sales and ultimately increase company revenue.
4. Increase up-sell effectiveness
Don't let the word "sell" fool you. After your Web site successfully encourages a visitor to take action, encourage another action. For example, after a visitor joins or electronically expresses interest in membership, encourage her to download your advertising spec sheet or join a committee.
This also applies to eCommerce transactions. Offer an appropriate add-on, accessory, or warranty after the initial sale. Develop strategies to incrementally maximize your customer's purchase size and keep selling.
If the offer is targeted, appropriate and compelling, your visitors will continue to buy. Where do they stop? Good question. You better have the right process in place to measure Web site effectiveness at the micro-level.
5. Increase cross-sell effectiveness
Again, don't let the word "sell" limit your revenue-generating potential. Do you offer different product or service lines desired by the same prospect? After your Web site accomplishes one objective, cross-sell another.
For example, after your Web site captures a homeowner's insurance sales lead, show her a life insurance ad. Encourage more interaction and capture another lead. This intelligence is great negotiating ammo for your sales team.
Similarly, offer an "act now to save" discount towards three reams of paper after a visitor purchases an inkjet cartridge. Sure, the transaction's confirmation screen is important for usability and reducing buyer remorse, but that doesn't mean you have to stop selling. Would you rather she leave?
6. Increase Web site loyalty and repeat visits
Part of your online success and overall profitability is determined by traffic volume. Can you count your visitors? Each targeted visitor entering your Web site represents an opportunity to make a sale or capture a lead. Visitor frequency is critical -especially with large purchase items and long buying cycles. Rarely will a first time visitor make a large purchase.
Consider your prospect's buying cycle, the necessary frequency, and develop your repeat visit strategy accordingly. The longer and more frequent a prospect interacts with your brand, the more likely she becomes a customer.
7. Increase repeat purchases
Every salesman knows it's much easier to encourage a customer to buy than a prospect. Look back at the eCommerce scenario in no. 5. What if she wasn't ready to buy three reams of paper? Wouldn't it be wise to offer an email reminder in 30 days? Automate e-mail delivery, pre-populate the landing page's order form, and viola! 30 days and two mouse click later you have a repeat purchase.
Would you stop selling after she purchased the paper? I sure hope not.
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ABOUT THE AUTHOR
Rick Costello, The Web Site Profit Doctor is a Chicago Area Web Designer and Internet Marketing Consultant who provides Web site help services that result in increased eCommerce revenue and more captured sales leads. Services range from basic web design help to complex Web analytics & Search Engine Marketing.