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Posts Tagged ‘market research’
How Tracking Conversion Rates Can Help You Meet Your Sales Goals
Written by Marty Dickinson
Wednesday, 03 March 2010 21:21
1 Comment

Do you know the number of leads you need to generate to reach your income goals? While this may seem like an easy question, not a lot of people can come up with the number.

When answering this question, there are two considerations. Expenses are your first consideration. You should make sure to have an accounting program advanced enough to help you analyze your costs and how they relate to your profitability.

The next factor to take into consideration is how successful you are at converting sales from your leads (conversion rate). If you are successful at lead conversion, you will see a significant improvement to your bottom line.

Let’s take a look at the process more closely:

First you need to settle on a sales goal for each month. For our purposes, let’s use $100,000 as your monthly sales goal.

The next step is to work out what your conversion rates are. In order to keep this example easy, suppose that all of your leads come from your website.

Now, let’s say that for every 1000 visitors, you “convert” 2.5 into sales leads. That’s a .25% conversion rate.

Here is a formula to calculate the number of visitors your would need to meet your monthly sales goals. Let’s assume every conversion will actually purchase from you in order to keep it easy.

(Desired Sales / Sale Price / Conversion Rate) X 100

The formula would look like this, if you want to achieve $100,000 a month in sales, you have a conversion rate of .25% and your average sales price is $20:

($100,000 / $20 / .25) X 100 = 2,000,000 visitors needed per month to achieve your sales goal.

Wow! That is a lot of visitation!

Now, there are a few things you can do to change things. You can change your price. You can change your visitation, or you can change your conversion rate.

Most find the easiest fix is to improve conversion rate. By testing various options and changes, it is possible to improve a .25% conversion to about 2%.

Take a look at the difference that makes to the number of visitors you need to achieve your goals:

($100,000 / $20 / 2) X 100 = 250,000 visitors per month to achieve your sales goal.

That’s a nice change!

By increasing your average sales price to $47, you can improve your results even more:

($100,000 / $47 / 2) X 100 = 106,383 visitors per month to achieve your sales goal.

If you are like most, you would rather make smart changes to improve your sales success rather than work harder. Hopefully these examples drive home the importance of planning the leads you will need to reach your sales goals, and testing the factors you can change to become more efficient.

Marty Dickinson has been an small business owner and founder of HereNextYear.com for over a decade, and has a passion for sharing small business success techniques with other business owners. Claim your free report: “7 Ways Your Stone-Age Accounting System is Stealing Money From You Every Day … And, How to Get it Back This Year” and learn about an online accounting program that makes it easy to track your conversion rates.

 
The Best Strategy in Online Marketing Business is Established by the Best Selling Internet Marketing Course
Written by Hannah Thompson
Monday, 28 September 2009 05:51
3 Comments
by Richard Legg

Internet marketing is becoming more and more popular in this age of information technology. Several research have proven how internet marketing helps in bringing in a noteworthy traffic to websites. If you have a good marketing strategy, you will be assured of a soaring rise in sales.

Since internet marketing is becoming popular, there is also a rise in the need for services that offer it. Companies prefer to outsource their internet marketing needs to save on costs, instead of hiring a full-time internet marketer to do the work for their company.

If you want a business that is guaranteed profitable, then try venturing into an internet marketing business now. Get to know the ins and outs of internet marketing before you engage in your own internet marketing business.

The Program of the Best Selling Internet Marketing Course

The best source to get information on how to do proper internet marketing is joining a best selling internet marketing course. Your budget, needs and lifestyle should be taken into consideration while you look for a course to enroll in.

Interet marketing experts offer a personalized tutorial for interested individuals and they even set it to a schedule that is convenient for you. You have to option to take a month of daily lessons or take evening classes, or maybe have it on weekends. This means that you can still take an internet marketing course without quitting your job or compromising quality time with your friends and family.

You also have the choice to have yourself enrolled in an online school. Just make sure that you are enrolled in a course that knows what they are teaching, something like a best selling internet marketing course, so it will be worth all your money.

Things like marketing communication, market research, consumer behavior, web display marketing, search engine marketing, affiliate marketing, blog marketing, email marketing, visual marketing, rich media interactive and advertising are some parts of internet marketing that you will learn in a best selling internet marketing course. You get the chance to learn things on your own at a pace that you prefer, when you are enrolled with online courses and trainings.

Where and How To Avail the Best Selling Internet Marketing Course

You may select the option of purchasing a best selling internet marketing course materials. The study materials are accessible thru CDs, DVDs, ebooks and books, which definitely allows you to learn things at your preferred pace. Some also offer a 24-hour tutor wherein questions about the lessons in the material can be forwarded to.

A lot of hard-working individuals have worked several years to save up and be financially stable. However, if you have a very brilliant idea to come up with a very good business and the right training on how to market your business, you sure are on your way to build your own multi-billion empire.

Boiled down, what you need to do is to aim for the million first by coming up with your own business in the internet now and do not forget to enroll yourself first on the best selling internet marketing course. So make that move now. Set your goals and work your way to the top.

About the Author:
Richard Legg gives important techniques which you can use if you want to know about Online Marketing through a Best Selling Internet Marketing Course. He can also assist you through internet lead generation. To get more valuable guidelines, try to visit: http://www.richard-legg.com/
 
Market Research
Written by Kiran Cramer
Sunday, 19 July 2009 04:19
No Comments
by Kiran Cramer

There are soooo many ways to go about doing market research on the internet. In this article I just want to show you one way to find potentially profitable niches that you can build E-commerce sites around. This process will show you if you’ll have enough traffic to make good money and if the market you’re researching isn’t saturated with competition yet.

If you slack on market research you’ll be tossing your profits to the fates and you have no idea or have any control of what the outcome will be.

I’ve outlined 3 steps you will take to find the niche for your business.

1. Choose a supplier in a niche of your choice 2. Research keywords (www.keyworddiscovery.com/search.html) 3. Research competition (using a search engine)

Look for a supplier in your niche

A niche is like a subcategory of a larger topic. Take Computers for example. Computers is a huge topic that will have tons of competition and large authoritative websites. We’re not trying to become a computer superstore. It would be very hard to be profitable or to even find a supplier for a new business that would be trying to sell everything computers. So instead we dive deeper. What are some sub categories of computers?

I always use www.wholesalecentral.com to find a supplier. Navigation is easy because they list all their categories on the front page. Choose a category your interested in and find a supplier for your niche. Once you’ve done that we’ll take that niche and do some research with the keyword tool.

www.keyworddiscovery.com/search.html

I found a company that supplies scrapbooking supplies. my next step is to do some keyword research in that niche to see if its going to be profitable or not and if theres little enough competition for me to jump in the game. We’re looking for 1000-100,000 searches per month for our initial keyword.

It looks like the number of searches for scrapbooking is roughly 16,000 per month which is great. That means 16,000 unique people are actively looking for things related to scrapbooking. However after typing scrapbooking into Google’s search engine it shows that there are 36,000,000 competing pages which way too high for us. were looking for 5 million or less. The keyword tool gave me a few more suggestions though, one of which is scrapbooking ideas. Scrapbooking ideas has 1040 searches per month so lets go see how many competing pages that phrase has.

Great! there are only 455,000 competing pages so were are far below our 5 million maximum. Now this is keyword that we should be able to get our website ranked for in the the search engines. The are dollar signs in the sky :)

Remember the parameters I gave you: 1000 – 100,000 searches per month and less than 5,000,000 competing pages.

Now its your turn. Find 5-10 niches that fit within those parameters and start contacting the suppliers to discuss drop shipping options. Good Luck!

About the Author:
If you found this article helpful be sure to check out the Thrive Learning Institute . Thrive taught me how to make a legitimate living online.