Increase your revenue with Billionways
For an entrepreneur, it is all about revenue. The products or services a company provides, the excellence of its value proposition, the maturity of its systems and processes, the experience and expertise of its employees, the cost benefits to the clients and everything else must result in tangible revenue. This consists essentially of two major activities: 1) Get potential clients and 2) Convert them into your customers. Only a few out of everyone who visits your website will become your customer. If "V" is the number of visitors to your site and if "C" is the fraction of visitors who get "converted" to become your customers, your revenue is governed by the simple equation: R = V*C. Now we have two things to work on – Number of visitors and conversion ratio. If we multiply Visitors by X and Conversion by Y, then the revenue equation becomes R = (X*V)*(Y*C). The solutions now are simple - improve the multipliers X and Y. If X*Y is say 10, your revenue must multiply by 10. It is as simple as that. The beauty of Online is, it is possible to achieve XY of 10 very quickly. Now that we have divided the problem into two a) Multiply the visitors and b) Multiply the conversion, we get down to achieving these two. Sometimes a large increase in traffic may be accompanied by reduction of conversion rate. But what matters is the product of X*Y must result in a strong positive number resulting in increase in overall revenue. This is what the entrepreneur must really understand well. Rest is Internet jargon.
Improving X (Multiply Traffic)
Improving Y (Multiply Conversion)
The traffic to a web site can be increased by many means. Search Engine Optimization improves how the website ranks for various keywords for potential visitors searching through Google and Yahoo. SEO involves various activities like Keyword research, Directory submission, Onsite optimization, Social Book marking, Reputation management, and many more. Search Engine Marking (SEM) on the other hand involves Pay Per Click (PPC) campaigns, testing such campaigns, identifying right keywords for PPC etc. Social Media (SM) is the other dimension in which businesses engage and attract potential clients through Social networks like Facebook, LinkedIn, and Twitter etc. The end result of all these activities is increased relevant traffic to client website.
Conversion can be improved by analyzing the work flow of website and improving bottlenecks. Getting the right kind of traffic too leads to better conversion. Analyzing and improving various factors like Right choice of keywords, constant analysis of keyword performance, traffic patterns, sources of traffic that convert better, reasons why potential clients quit mid way, and many others help in improving Conversion Ratio. Analytics is a term used for the constant process of understanding the various parameters involved in the entire process of e-commerce work flow, identifying areas that can be improved and bottlenecks that can be removed. All these lead to the right corrective action resulting in improved conversion.