If Only 30% of Your Prospects Are Buying,
Do You Know What the Other 70% Are Doing?
Regularly Measuring and Monitoring Can Help You Immediately Pinpoint
What to Do Differently with Your Marketing
Many business owners call my company for help with solving a particular problem with their marketing. Sometimes it’s a low response rate from their direct-mail campaigns. At other times, their website’s homepage doesn’t capture and convert enough visitors into buyers. Still others see lots of foot traffic in their store, but don’t see a lot of sales rung up at their cash register.
But interestingly, very few of them have working knowledge about the cause of the problem — and fewer still know exactly what the problem is.
More alarming is that most are prepared to spend lots of money fixing an underlying “cause” that doesn’t actually exist.
Case in point: One of our clients, a well-known alternative healthcare company with licensees and trained practitioners around the world, said they “knew” that only 30% of visitors to their homepage were buying the entry-level product offered there. They had enough analytical tools in place to measure the number of visitors and the number of sales. But what they hadn’t looked at (we did) was what the remaining 70% of visitors were doing.
As it turns out, 70% of all their website visitors were clicking away from the home page (where there was an offer to buy something) and going to the Free Stuff page (where there wasn’t an offer).
So rather than charge our client tons of money to bring in more traffic (so that 30% of them could continue to buy), our solution to the “problem” was quite simple: Add a special offer for an entry-level product to the Free Stuff page which 70% of existing visitors were already viewing.
Their sales skyrocketed.
And while this solution might seem like pure common sense, sometimes it’s difficult to see the complete picture — especially when you don’t have measuring tools in place to compile numbers about your marketing activity.
Can You Handle the Truth About Your Business?
When you start measuring the results of your marketing activity, the truth will jump out at you. It may be that your salespeople aren’t selling as much as you would like because they need a written script that presents the key benefits. Or perhaps your Internet sales are low — not because of a poor conversion rate — but simply because of low traffic.
If you’ve ever felt like your marketing activity keeps you going through the motions without anything substantial to show for it, starting to compile your numbers will interrupt this pattern.
Tracking your metrics — or statistics — will tell you what’s really going on with your marketing. And tracking these numbers is easier than you think.
The Secret to Establishing a Simple Metrics Reporting System
Setting up a measuring-and-reporting system is easy. Making sure you regularly get the numbers you need — and that they’re reported correctly and objectively — takes some planning. Here are six things you can do in the next day or two to start the process: Continue reading What to do when everything in your business seems to be going wrong.