Having been on the online platform for a couple of years now, with a site to which I can boast of, I am strongly aware of some common mistakes which we may often tend to overlook, that is costing us business.
These mistakes precisely are the things that make a business website to leak a great deal of money daily in the form of lost sales and conversion.
However, business owners can firmly put an end to this business mishap, and by removing any factor that could be causing money loss from their business. And the best part is, one can stop this on their own without a need to hire any technical skills.
And once this is done, you’ll start seeing for yourself the increase in visitors, sales and leads that eventually will spell out more money to your business.
But before we get to that bridge, what are these mistakes?
Mistakes That Costs You Business
Having no goals
When most business owners are being asked on how much of an increase in unique visitors they would love to have, so that they could meet their revenue goals, most often than not, they generally reply by saying “we just need a lot more”.
The bitter truth about such response is that, not only can such replies be taken serious, but also goes a long way to describe the lack of purpose in such a business. And take it or leave it, there is nothing as bad a business that lacks purpose because it will just be tossed about waiting for its impending doom. So in such a case, what should you do?
Firstly, go straight into your Google Analytics account and create goals for important metrics like current conversion rate of visitors and unique visitors, that will all convert leads to sales, thus bringing in more money.
Thereafter, use these baselines to form a SMART (specific, measurable, attainable, relevant, and time-sensitive) set of goals. Once you’re able to establish these goals and work towards making them a reality, you’ll then realize how much money you’ve lost due to your lack of purpose.
Lack of Uniqueness
I’m sure a whole lot of us are guilty of this very mistake. Of course, with the ever-increasing innovations and approaches, one could easily get caught up in the web of trying to copy either their competitors or a body who’s already established their presence in the niche.
And in as much as we’d often love to justify our actions by tagging it a “healthy competition” in the real sense, such competitions are also contributing to why you’re losing a great deal of money.
And what do you have to do to stop this from happening again? Just be unique! Alright, let’s take for instance PayPal which we all know is bent on providing financial services, coming up one day to include gaming features just because it saw gaming companies brooding well in the gaming world. Honestly, that would be weirder than anything you could ever imagine.
Thus, be unique and let people know you for a particular thing. If you’re out to market ICT courses, stick to that and stop going further to sell stuff like cars, just because another company is flourishing in that niche.
Nevertheless, I’m not saying you shouldn’t expand your business if you deem fit, however, when you do so, make sure you don’t lose your identity trying to fit into the online world.
A higher bounce rate
When a customer pays a visit to a page on your website and immediately leaves the interface without making a single click, is what is often known as a bounce. An average business website often has a bounce rate of about 50 to 60 percent.
And given that to make more sales, your statutory bounce rate should never be more than 30%, keep a track on your bounce rate using Google Analytics.
The funny thing is that most people are not aware of the fact that the level of bounce rate, doesn’t only determine the level of money loss in a business, but is the easiest thing to fix.
And I’m sure you must have known by now that you can’t generate any revenue if you don’t have visitors coming into your site.
Lower rate of search engine optimization (SEO)
Having great SEO website doesn’t only require the making of content your visitors will be grateful for, but also write-ups that circles around commonly searched keywords in the google search engine, that perhaps, do have a connection with your business website.
If you want to apply this approach to your business website, you can do so by creating a free account on SEOBook.com, and using their Keyword Selector Tool in searching for the most commonly searched keywords in your business niche. Through this, you’ll then get keywords in which will help your website rank, thus bring in conversion and sales.
Failing to know your customer
You have to know your clients if you must stand a chance of not losing money in your business. I mean, it’s quite simple. You can’t please or entice someone you know nothing about.
Thus, find out what set of clients you have. Like, are they educationalist? If so, find a way to entice and meet their needs academically. If they are they retirees or parents in their old age, you should also get to find out what will most entice them.
However, if you fail to know who your clients are, you might end up rendering services that don’t interest them, a point which will spell out a loss of customers/clients as well.
Terrible customer experience
As insignificant as this often appears in the eyes of most business owners online, if your site offers a rather complicated and annoying user experience with either stuffy ads everywhere, or sets of disorganized content, then have it at the back of your mind that you will barely have any returning customers. And that alone will invariably cause your business lots of money.
So what can you do to salvage this? It’s quite simple. First, make sure your site's design is fairly simple and easy to navigate. And how will you ascertain this? By taking public polls on user’s website experience, and by avoiding stuffing up your website with annoying ads.
Excess Institutional Appraisals
In contrary to popular belief, your customers are most likely going to be sick of you raining down praises on what your institution has accomplished and are looking to provide.
So once in a while, why not take the time to create both an emotional and psychological bond between you and your users.
So what are we saying? Even though most times we tend to overlook certain factors like site user experience, SEO, operating without a goal, and other factors when running an online business, addressing these factors could go a long way to help in stopping a business from losing money.