The Key To Increasing Website Revenue in 2018 - Google Analytics
Website analytics sets the foundation for success for any online business. In today's world of limitless distractions, it's crucial to understand your visitors and their behavior whether they're browsing on your website or interacting with one of your apps. After all, the average conversion rate for most websites is under 2%. That's right, 98 out of every 100 visitors will likely leave your website without transacting.
So how do you grow your business? Well, you can continue to spend more and more time and money on advertising and content hoping to pull more people in OR you could take the time to invest in analytics to better understand your visitors. If your business is currently generating over 25,000 visitors per month we strongly believe that investing in web analytics consulting is the absolute best approach you can take to grow and will provide the highest return on investment. But don't just take our word for it, let's crunch the numbers.
Let's assume your current key performance metrics are as follows:
Average Monthly Visitors - 100,000
Conversion Rate - 1.5%
Average Order Value - $150
If you were to spend $30,000 in online advertising (annually) with return on ad spend of $4 for every $1 spent you would generate $120,000 in additional revenue for the year. Not bad! However, if you took the same investment and put it in website analytics consulting, your returns could be significantly higher.
If you invested the same amount in website analytics and your conversion rate was increased from 1.5% to 1.75%, you would generate an additional $420,000 per year in sales. But your results could be even better. By leveraging analytics and creating data-based upselling campaigns you could also increase your average order value. If you took your average order value from $150 to $155 now your sales would jump to $525,000 which would give you an incredible $17.50 return for every $1 invested in analytics consulting.
How Analytics Consulting Helps
In today's business environment we're tasked with so many different priorities it's difficult to manage day-to-day work. Crunching numbers and digging through spreadsheets for insights can be daunting and let's face it, most people just simply don't have the time to do it. In addition to the difficulty finding time, even if you did have time would you really know what to look for, what your benchmarks should be and how to find opportunity in the data? This is where analytics consulting can help open doors for you. A strategic consultant can help you:
- Identify Benchmarks - What should your bounce rate be? What is a strong conversion rate? How much time should people spend on the website? These are all questions an analytics consultant can help you answer so you can clearly define goals and take steps to reach them.
- Provide Perspective - When you live and breathe the business and brand you are working with you can miss opportunities. It can be easy to fall into the trap of thinking the way you're doing things is the best way. Having a fresh set of eyes from a consultant can help you understand how your potential customers see you, including barriers you may be unintentionally creating that are preventing transactions from taking place.
- Unearth Opportunities - Analytics consulting will help you find opportunities where you may not have seen them before. For example, taking advantage of high traffic pages that may also have a high bounce rate. The consultant can help you identify ways to get those customers to engage more with your brand and increase the likelihood they transact with you. Or perhaps there is a technical issue on your website related to page load speeds. Google recently found that if the page load speed goes from 1 second to 5 seconds the bounce rate increased 90%. Wouldn't you like to keep those people on your site?
- Motivate Employees - When staff is already stretched thin and they are asked to make changes to procedures it can be frustrating. However, by providing them with the impact they're making to the organization it brings fresh energy. People want to know that the work they're doing is bringing value. An analytics consultant can help by providing reports showing how that work is helping grow the business.
- Grow Revenue - By helping you fix problems, identify new opportunities and track successes, your analytics consultant will help you grow your business. The only thing you need to do is take action on the recommendations that are made.
Conclusion
If you truly want to provide the best experience for your customers and maximize your revenue growth you need to be leveraging your web analytics often. Simply having Google Analytics installed on your website and browsing reports on a monthly basis are not enough if you want to grow and exceed your goals. Key performance indicators need to be established and an action plan needs to be created in order to hold everyone accountable. All of this can be achieved by finding the right consultant for your business, defining the key goals, implementing changes and analyzing the results. By doing so you will be well on your way to providing an exceptional user experience for your customers and will be rewarded with many more transactions.
Interested in learning more about Google Analytics consulting and how Trustworthy Digital can help your business maximize revenue? It would be our pleasure to speak with you. Simply fill out our contact form below and we will get back to you to discuss how our team can help.