People ask me all the time, “How much traffic do I need to get “x” conversions per day?“.
Unfortunately, the answer is never what people want to hear. Most people love to latch onto a stat that suits their expectation (ie industry average conversion rate) and apply it to their site traffic. The problem with that is that nobody wants to substantiate how the numbers were calculated and what factors lead to the results. If you want to know the truth, you have a lot of work to do to…
- Optimize Your Site to Drive Traffic (SEO Waterfall)
- Be Creative In Your Reach (Grassroots PR)
- Get Inside Your Buyers Heads (Buyer Search Logic)
- Create Demand (Demand Generation Tactics)
- Optimize Content to Keep the Buyer Interested (Compelling Content)
- Keep Them Coming Back Again and AGAIN (User Experience)
You’ve done your best – now what? Well, I guess I can give you a snapshot of what the conversion ratio might look like – but again, YOUR CASE must use YOUR DATA to form an accurate picture. Nonetheless, here is a demonstration of the conversion cycle:
In this example, you see the ratio is 54 conversions per 10,000 site visitors. This is 0.54% – a little over 1/2 of 1%. SEO, PR and Marketing will get the eyeballs. Content and Calls to Action will drive decision steps. Clarity, Merchandising, Removing Distractions and Instilling Confidence will lead to Intent/Purchase Actions. Upon Completed Purchases – Focus on Service and Building Loyalty. Create your Formula For Predictability (Consistently Great User Experiences) – and you will all but guarantee a 10%++ increase in # of conversions month-on-month by virtue of driving repeat customer purchases.
The numbers you need (per period, ie per month):
- Total unique site visitors
- Total number of visitors who expressed interest (simple equation is total number of visits minus total number of bounces – but this can be much more dynamic and meaningful with more detailed data points – like time on site, number of pages viewed, etc)
- Total number of carts created
- Total number of transactions
Put each of these stats into your own diagram and see how you are doing.
Here is the IMPORTANT PART: Use this as a benchmark to measure and drive your improvement over time.
Measure, adjust, test, measure, adjust, test…you get the picture, right??