Three fundamental ways to increase your online revenue
On the theory that more traffic equals more buyers. However, most of the tactics for increasing your traffic require you to spend more money on an ongoing basis.
You can encourage your users to spend more money each visit. You can encourage this with cross-selling, up-selling, discounts, bundling products and stressing benefits rather than features.
Amazon does this particularly well, with your own personal store, detailing other recommended items similar to what you have already purchased from them.
Increase your Conversion Rate
There are many different ways you can increase your conversion rate without having to spend any money on driving more traffic.
- Removing unnecessary steps in your checkout process
- Clarifying your Unique Value Proposition (UVP)
- Re-designing your navigation system
- Improving your user journey
ie. If the customer can not find what they need to know in order to purchase their item then they probably won’t buy it.
- Accessibility – Making your site as accessible as possible will enable you to service as many visitors as possible.
In order to build a stable and profitable online business then the above should be done in reverse order:
Step 1. Maximise conversion
Step 2. Improve merchandising
Step 3. Drive more traffic
With conversion you don’t just get more sales.
You get more sales from your existing traffic.
Post by Sarah GravelingTweet