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Does your digital footprint have an ROI?

In our field we always get asked the question of “What can I do for my business to increase sales?” Day in and day out I hear our customers getting calls from advertising and lead generating companies that can increase their visibility locally and nationally and my answer is always this: Let’s look at where we are today and make sure your business is set up for digital engagement before we start throwing money at the wall and see what sticks.

The digital world has changed the way consumers shop and how companies go to market.  In today’s environment, a company without social media, a responsive website and without online reviews has a very small chance of getting someone’s business.  Peer-to-peer recommendations and diversified digital marketing strategies are the most effective ways to get a buyer’s attention.

  • Traffic: Are you getting foot traffic into your business or generating traffic to your virtual showroom (website?)
  • Content: Are you providing enough information for consumers to stay engaged and also for search engines to rank you higher on local searches?
  • Bounce Rate: Once you drive traffic to your site how many people actually go past the homepage to where your product is? Is there enough content on your site and is it easily navigable to where people find interest in staying engaged?
  • Conversion Rate: Once you get people though a certain point of your site or even straight from the homepage are you measuring how many people are actually taking action and becoming leads?
  • Closing Rate: Do you know your team’s closing rate once a lead is submitted online or a buyer walks in the door?
These are important metrics that will help you understand your investment and guide you on what is most beneficial for your marketing strategy in today’s ever-changing buyer environment.  There is no point in driving traffic to a site that is not engaging with visitors or creating a call-to-action. Suppose the following example if this was your business today:

Monthly web visitors: 700

  • Average bounce rate: 85%
  • Average conversion rate: 65%
  • Average closing rate: 65%
  • Average profit per transaction: $450

THIS MEANS THE FOLLOWING:

(A) 700 (visitors) x 85% bounce rate: 105 people actually come into the site

(B) Of the 105 people, 30% take action and become leads 30%: 32

(C) Of the 32 that took action, your team closes 65% = 20

(D) 20 customers at $450 = $9,000

Now there’s a lot of things you can do with this but the number one thing you know is how much your site and closing rate can generate with the proper engagement.  If you were to take action and increase visitors, the scenario would look like this:

Monthly web visitors: 1000

  • Average bounce rate: 85%
  • Average conversion rate: 30%
  • Average closing rate: 65%
  • Average profit per transaction: $450

THIS MEANS THE FOLLOWING (BASED OFF THE ORIGINAL SCENARIO):

(A) 150

(B) 45

(C) 29

(D) 29 customers at $450 = $13,050

Average profit per transaction: $450

If you were to keep the same number of visitors but develop more content to decrease the bounce rate while increasing your conversion, the same 700 visitors would give you the following ROI:

Monthly web visitors: 700

  • Average bounce rate: 55%
  • Average conversion rate: 45%
  • Average closing rate: 65%
  • Average profit per transaction: $450

THIS MEANS THE FOLLOWING (BASED OFF THE ORIGINAL SCENARIO):

(A) 315

(B) 142

(C) 92

(D) 92 customers at $450 = $41,400

NOW IMPROVE ALL (BASED OFF THE ORIGINAL SCENARIO):

Monthly web visitors: 1000

  • Average bounce rate: 55%
  • Average conversion rate: 45%
  • Average closing rate: 65%
  • Average profit per transaction: $450

THIS MEANS THE FOLLOWING (BASED OFF THE ORIGINAL SCENARIO):

(A) 450

(B) 203

(C) 132

(D) 132 customers at $450 = $59,400 extra monthly profit (an increase of $50,400 from the original scenario!)

So, before engaging and committing to advertising and lead generating campaigns, always review your current digital footprint. This way you can find areas of improvement to help you engage with your potential customers, educate your leads and ultimately drive additional dollars to your bottom line.

We’ve developed an ROI calculator so you can plug in your own numbers and evaluate all of your opportunities.  Remember, bringing traffic is as important as keeping it and converting it!  If you need help with any of your marketing efforts, just let us know!

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    Fill in your current digital marketing data below to find out your current Return-On-Investment and see what your ROI could be after digital improvements.

     

     

  • Monthly Profit after Digital Improvements

  • (If monthly visitors increases by 50%)

  • (If monthly visitors increases by 50%, bounce rate decreases by 15%, and you increase your conversion rate by 15%)

  • Fill in below to have your report emailed to you.

  • Analysis will be sent here.

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