I recently worked on an astonishing client account. For a highly-searched, national keyword, they had the 1st position on every search engine (Awesome problem to have as an SEO, eh?). This was the most relevant keyword to their business, so I started looking for associated keywords – again, first position for every word. I started checking secondary keywords – again, first position.
At this point, what is an SEO company to do? All the low-hanging fruit is picked, and they are doing great for traffic. Where should we start allocating budget?
Conversion rate optimization! That’s where!
So, here’s the scoop. This client’s site gets around 100k hits per month. They’re doing great with traffic. There are a few more SEO things that can be done, but they won’t improve traffic all too much. Here’s the conversion funnel:
Searches –> Visits –> Purchases
They already monopolize the first section of the funnel by ranking first for all their keywords. They will get visits from searches. Conversion optimization is concerned with getting those visits to purchases in greater numbers. (I say purchases, but if your site has a different type of conversion metric, feel free to replace it in your mind with your own conversion metric).
If you have 100,000 visitors per month, and a conversion rate of 1.5%, with a $250 average order value, you end up with about $375,000 in revenue per month. That’s pretty nice. Times that by your margin, and you end up with a good chunk of profit.
Now, imagine that you were able to make changes on your site that would facilitate purchases. More visitors could find what they need and make it to purchase. Fewer visitors hit stumbling blocks preventing them from purchasing. In fact, you were able to get them to a conversion rate of 2.15% through these efforts. By making a few simple changes, you can now count on $537,500 coming through per month! Imagine if you put some real resources into it, and you were able to double your conversion rate to 3%? Well, you get the idea!
You can keep driving paid or organic traffic to your site, but if you can’t get any of them to convert, it’s worthless. Instead of throwing visitors at the wall and see who sticks, why not try to optimize the path to conversion a bit, and watch your revenue increase with the same amount of traffic?
The only way to know if something will increase your conversion rate is to test it. There are plenty of products out there that will help you start A-B testing and multivariate testing pages on your site. Now that we’ve covered the high level, stay tuned for the next installment where we’ll go deeper into what you can start testing.