Increasing revenue is a goal that every website owner has. It’s the fastest way to grow a business and start building a strong foundation for a new website. Believe it or not, the process of increasing revenue doesn’t have to be difficult. There are many straightforward yet strategic paths you can take to boost revenue and scale your new business quickly. Here are five different strategies you can use. Best of all, very few of them require that you have a big budget.
1. Invest in Conversion Rate Optimization
The most cost effective way to increase revenue for your new website is to invest in conversion rate optimization. There are many free and paid software programs that will help you optimize for the highest conversion rates. With most modern programs using multivariate testing, you’ll be able to test many elements of your website at once and find the ideal combination that results in the best performance.
If your reseller hosting website is already converting at one percent, a simple 50% increase in your conversion rate literally translates to a 50% increase in revenue. But of course, it’s not as easy as you think. You’ll probably need to invest in training programs, learn how to use the optimization apps, and put in enough time to honing your conversion rate optimization skills to really start seeing great results.
2. Create an Email Follow Up Sequence
For some reason, many websites still are not employing an email marketing strategy to increase their conversions. The first thing you want to do is to make acquiring the email address of your visitors a priority. Then, you want create a follow up sequence that’s designed to sell your products and services. The best way to set this up is to create an email sign up offer that is designed to attract your target prospects. For example, a special report on optimizing your nutrition may be perfect for a bodybuilding site.
For your follow up sequence, you want to create a series of messages that’s designed to educate your prospects and move them forward in the customer journey. Build buyer personas and find out what each segment of your is looking for. Create email follow up campaigns and content based on the personas and the buying cycle each one in (research, comparison, decision). This will have as big of an impact on your revenue as investing in conversion rate optimization.
3. Upsells, Downsells and Cross-sells
A great way to increase revenue without spending any money is to add upsells, downsells, and cross-sells. The perfect time to sell more of your products is when the customer has already bought. You can add an upsell by adding a premium version of your product or service. You can also cross-sell by offering related products for a discount. For instance, if a customer has bought an electric guitar, he/she would be more likely to buy a digital tuner.
You can also use downsells to get a second chance to secure a sale. For example, if you’re signed up to a reseller hosting service, you can start by offering a standard hosting plan. If the user decides to decline the offer, you can offer a cheaper plan that they can test out. This will help you lock in customers that might’ve otherwise started looking elsewhere.
4. Create More Products to Sell
While it may be obvious, you can add more revenue to your website by adding additional products to sell. But you don’t necessarily have to go through the painstaking process of creating or manufacturing your own products. There are many great ways to add additional revenue streams. Here are some ideas:
– Sell premium posts for your blog for a small price.
– Partner up with a service provider and offer a service for a cut of the profits.
– Find a dropshipper or print on demand service provider so that you can produce and sell products on the fly.
– Market access to a private membership with regular content and access to a community.
– Open up your website to sponsors and use programs like Adsense until you’ve brought in enough to exceed your Adsense revenue.
Sure, you can find affiliate offers that complement what you’re offering. However, affiliate offers tend to pay out far less than selling your own products. Affiliate offers also tend to change, so they are not as evergreen as you think.
5. Increase Traffic Through Proper Scaling
A common mistakes that many website owners make is investing in a traffic strategy and scaling it the wrong way. They might start off with pay per click advertising and start seeing some success somewhere down the line. But for some reason, they decide they need to also start getting into social media marketing and won’t expand on what’s already working. This will actually slow down your progress rather than increase your website’s revenue.
The reason why is because it takes a long time to learn how to make a new marketing channel or strategy work. It’s a better idea to expand on what’s already working by targeting new keywords, optimizing campaigns, and improving landing pages for your PPC campaign. Of course, you’ll eventually want to expand into other channels somewhere down the road. However, other channels should be considered once you’ve exhausted what you’re already doing or the opportunity cost is too high to expand any further. You have to remember that your resources (both time and money) are limited.
These are five strategies that all website owners can use to increase their website’s revenue. It’s best to start implementing each strategy one at a time and go from there. The strategies are simple but you’ll be surprised at the results that each one will have to your bottom line.