You’ve decided to take the plunge and create a sales page for your product or service, and you’re buzzing with excitement. Your new website is up and running, and you’re eager to start getting traffic and building a customer base. You’ve read all the online marketing blogs and followed all the marketing best practices, and now you’re ready to take your campaign to the next level. So how much opportunity do you have to grow your business?
Calculating the opportunity size of your online marketing campaign is slightly more complicated than simply going online and creating a sales page. You’ll need to consider several key factors, including your website’s traffic, conversion rate, and more.
Let’s dive into how to calculate the opportunity size of your online marketing campaign.
Traffic To Your Website
One of the first things you’ll need to do to determine your website’s opportunity is to calculate its traffic. To do so, you’ll need to look at several metrics including visits, pages per visit, average time on site, and more.
You’ll also need to consider traffic from social media, inbound marketing blogs, and organic search engine results. As a general rule of thumb, you can assume that every 1000 visits to your site is 1 opportunity. So if you get 1000 visits per month, you have an opportunity to earn $1000 per month.
You should also track the conversions for each visitor. Consider looking at the number of qualified leads who’ve clicked on a particular link, visited a specific page, expressed interest, requested a quote, or made a purchase. Having these conversion metrics will let you know if you’re successfully converting visitors into paying customers (or engaged leads).
The Conversion Rate
Once you know how much traffic you can expect to get to your site, you can calculate the conversion rate. This will depend on a variety of factors including the type of product or service you’re selling, the cost of the product or service, and the value proposition of your offer.
For example, if you’re offering SEO services for businesses in the legal field, your conversion rate might be lower than if you’re an e-commerce store selling bags or hats.
You can find the conversion rate by looking at the following:
- The number of visitors to your website.
- The number of leads who’ve signed up for a trial offer or subscribed to your newsletter (e-commerce stores)
- The number of purchases you’ve had (physical retail stores)
- The number of orders you’ve had (wholesale businesses)
- And finally, the number of clients you’ve had (legal practice)
If you’re running a free trial or subscribed to a newsletter, you can use the E-commerce tool from Google Analytics to track the actions of your loyal customers. This way you’ll know what actions (clicks, impressions, etc.) led them to take.
You can find the e-commerce tool in the small business section of Google Analytics. Just select “product” as the type of transaction and click on the “E-commerce” button. From there you’ll be able to see all your transaction metrics including purchases, orders, and more, as shown below:
If you’re curious about other opportunities that your site might have, you can look at the various paid search search results from Google. Just type your search term into the search bar, and you’ll see a variety of results from which to choose. You can click on any of these results and get taken to that site’s sales page.
If you decide that this website is a profitable venture, you can learn how to make money online with WordPress.
Average Time On Site
Time on site is very important to consider when calculating a website’s opportunity. This is because sometimes people will visit a website and without intending to buy anything, they’ll spend a lot of time looking at different products and browsing the website’s pages. This is known as “sales funnelling” and it can occur at any website, but it’s more likely to happen at e-commerce sites where customers can comparison shop and learn more about products before buying them.
If you run a retail store or sell your own products online, you’ll want to reduce the average time on site so that your customers can get what they came for and get out as quickly as possible. To do this, you can use tools like Google Analytics and Hootsuite to track the average time customers spend on your website’s various pages including the homepage, product pages, and the like. You can use this data to set up automated email campaigns to remind site visitors to purchase or register their products/services or to take advantage of a special offer.
The Larger Your Audience, The Bigger Your Opportunity
When deciding how much opportunity your site has, it’s important to think about your audience. Someone coming to your site from a search engine result might not be your ideal customer. They could be looking for a product or service related to yours but they’re also likely to be a customer of your competitors as well. In this case, you have an opportunity to attract more customers and build a larger audience, which could turn into more revenue.
If you run a B2B business, you’ll want to narrow down your target audience to existing customers of your competitors as these are usually the people who are most likely to buy your product or service. Finding the right person at the right time is what creates value in any business, and being able to do this online is what makes the internet such an exciting place to be. To put it simply, the larger your audience, the bigger your opportunity.
Once you’ve got your traffic and conversion metrics in place, you can start to think about the various factors that could affect the amount of opportunity your site has. These include:
- Your pricing, Your product/service,The performance of your website (e.g., loading time),User experience (UX), and more.
When it comes to pricing, you’ll want to consider what your competitors are charging for similar goods or services as well as what you feel is a fair price for your product. Your pricing strategy is a key part of your website’s UX, and you’ll want to make sure that it’s easy for your customers to find what they need while also feeling confident that you’re not overcharging them.
For further reading, the HubSpot blog’s article, “How to Create an Unfair Advantage in Online Marketing,” offers a lot of good information about pricing and how to establish your fair share.
You’ve got your website up and running, and you’re starting to get the hang of marketing online. You’ve learned the importance of measuring the results of your campaign and how to analyze what’s working and what needs to be changed. Now it’s time to put everything into practice and see how much revenue you can generate from online marketing efforts. Start by taking a hard look at your website’s traffic and conversion rate, and you’ll be able to determine your site’s opportunity size in no time.