|Merchant Services, E-commerce and Credit Card Processing Information|
Excuse Me, Are You Wasting Traffic?
The largest cost and concern of an internet business is customer acquisition; traffic. Both quantity and quality of traffic directly determines the succes of an internet business. By the fundamental nature of traffic to an online business,one cannot afford to waste it.
So how does traffic wastage occur?
Customers are acquired by driving prospects to your virtual point of sale. At this point, usually a web page, the prospects are engaged to take the desired response. The desired response varies from change of attitude for a newsletter, to purchase of a product for a sales webpage.
This desired response occurs towards the end of the Pschology of Search. Prospect searches particular information, they see something that interests them, they view it and then they decide its relevance to them. They then take the most appropriate action, click the back button or take the desired action.
Generally speaking, Click through Rate (CTR) average 2% for internet marketing. This would be the average for Search engines, Pay per Clicks (PPC) all the way to Free classified Ads and banners. Of course for each specific media it varies significantly. However for illustration purposes lets use 2% CTR.
So, only 2% of prospects flagged down stop to give attention to be engaged. These prospects are interested. Of every 100 of this interested prospects, only 1% may be converted to take the desired response the first time.
Eric Mollink of Businessmaker.info had a real experience of this numbers. He says , they made a killer grab attention email which sent the prospects directly to their website. The mail was sent at midnight and by morning the had 400 hits, a 40% response rate. But no one signed for their program. And there was no way of knowing who the visitors were. had they been able to follow up with the 400,based on previous records, they would have closed at last 30% of the 400.
In essence, taking the previous assumed example, for every 10,000 people that see an Ad or Listing, only 200 will give attention enough to engage them. And the CR would stand at 1% i.e 2 sales or subscriptions.
After being able to get the attention of 200 prospects, 198 will be lost.
Reasons for not acting as desired vary widely. Though it would be correct to say a number were not sold. Meaning some prospects were convinced but not converted. They consequently did not respond as desired due to overcome-able objections. Those converted are those in a sellable state of mind at the time.
Remember sales is 90% emotion and 10% logic. If both strings are not methodically, systematically and sufficiently harped on, there is no sale.
Unfortunately internet presentation are unlike face to face sales presentation, where the pitch is actively adapted to the prospect's moods(emotions) and objections(logic).
Therefore huge looses of engaged prospects will always occur due to this inflexibility. And once a potential customer is lost, they are gone, probably forever. You will then have lost precious traffic. To get them again, if ever, you will need to pay for them again, if using PPC.
Repeated contact or follow up on prospects may actually increase the total CR and consequently sales. Follow up allows a 2nd, 3rd... chance to find a prospect in a sellable state of mind.
For first time buyers, it gives 2nd ,3rd... chance to sell them again on a different product. This increases the value of the customer from one product a year to two products a year.
The best means of follow up in the internet is email. A mailing list of your prospects makes it cheaper to market to them a 2nd, 3rd... time. It also increases the chances of selling more of them, a higher CR.
With this kind of opportunity, advantages further reflect on profitability. This is simply due to the fact that there is no further cost associated with customer acquisition every time there is need to to do a follow up. With customer acquisition costs down, there is significant reduction in the cost of doing business, resulting in higher profits.
Otherwise, with no mailing list, everytime you would want to do a follow up you would pay for the prospect. Everytime you introduce a new product to your first time buyers you would pay.
Email capture is therefore no trivial matter.
Email capture is the ability of your site to get name and email address of your prospect.
Indeed you will find successful internet businesses owning a mailing list and doing some sort of publishing.
Predictability of income of a site depends on number of customers, as well as the trust the customer have on that site. Numbers of customers are developed by CTR and CR. Trust on the other hand is not easily developed on the first sitting.
Repeat contact does offer a platform to subtly create this trust.
Publishing for mailing purposes may be a reservation for some. However email capture dosen't necessarily translate into publishing of an e-zine or a newsletter. There other ways of warming prospects to an offer. Use of sweepstakes, low price and promotion alerts etc. all of which are not periodicals. These can assist in building credibility and trust. At the same time, if well done, keeps your p[product "top of the mind" in the prospects mind. Next time the product is mentioned, it is no longer a stranger to them.
With an email list from email capture a chance is given to further develop perceived value of the product. This can incredibly increase sales. Majority of prospects take time to get convinced. They take more time to get converted. With their email addresses one can follow up on them until they are sold. Best of all there are cost of contacting the prospect, of course that is if the list is not rented.
In summary email capture allows for email marketing which can increase CR and profits, both by increasing sales as well as eliminating wastage of traffic and repeated purchase of same prospects.
Resources for opt-in mailing list for rentals such as PostMaster Direct are used by large organization. Other such resources include Me-mail, Advertising.com, Bullet mail, E-target and Ht mail.
Similarly there are innovative email capture systems. Below is an example of a free email capture system exclusivelly for internet business people, www.Opportunity.Com. Such a system can be used by netpreneurs to multiply their "paid for prospects". At the same time they could build a reasonable mailing list accesible for targeted email marketing.
Email capture is both an effective means of avoiding traffic wastage and if used correctly, an effective marketing tool.
Copyright (c) 2004 Mark Kimathi
Below is Mark Kimathi's recomendation for email capture,
How To Stay Cutting Edge In Online Business
Let's face it, there's just way too much information out there for any one individual to try to keep abreast of. And yet, if we shut ourselves off from the world, we risk building our businesses in a vacuum and suffering on the bottom line. So how can we put structures in place that help keep us plugged in, with the minimal amount of energy and effort on our part? Here's a few tips.
Make That 3 Billion
My previous article I wrote called "One Point Two Billion" attracted quite some attention, the downloads through all the article syndication services has been astronomical compared to any other articles I wrote which are still with them. It seems the numbers game is popular not only with the accountancy profession, but with just about anyone running a website who is interested in more sales from anywhere in the world. The internet has proved to be the great leveller, even a grandmother I know has made hundreds of thousands of dollars just from publishing a couple of e-books, business of that magnitude is not now confined to those people with large sums of investment capital, teams of accountants, planners, secretaries, swanky offices etc. Anyone, even you, can make money regularly on the internet, just aim for a goal and 'go for it!' The costs of setting up have never been lower, the ease of making web pages has never been easier, ( I make my web pages in Notepad, which is on every Windows computer), and the potential audience for your web pages has never been larger. So what are you waiting for? The sheer mountain of information available through e-books on any subject and especially on setting up a business on the internet would take you a lifetime to read through, so just be selective and read only what you need to know about and get started in that business. Businesspeople who have 'been there-done that', have written up an enormous amount of e-books to pass on their knowledge and experience, pitfalls to avoid, how to spend your advertising dollars, and just about everything else you need to know about to ensure success. So profit from their experience, avoid the pitfalls, do what they say you should do, and you should be in a profitable business in no time, just the way they did it. No large sums of investment are needed, just time and dedication. If you provide an excellent service that benefits all your clients, they will recommend you to their friends,if on the other hand you want to be a 'scammer' and a 'fly by night' operator determined to 'rip-off' as many people as possible, you will come to grief. You will find your web hosting account rapidly terminated, your e-mail account likewise, and your name plastered all over the forums and newsgroups. You get out of life exactly what you put in. There are still mysteries about life we still don't understand and this is the reason we come to grief, but on the other hand, if you work for the benefit of others, this 'mystery of life', for want of a better name,cuts in and helps us along, we go with the flow and good things start to happen. I could tell you of many experiences I have had, both good and bad, which I have learnt a great deal from, but space precludes that, maybe one day. All right, you win, I will tell you of one particular incident more recently and then move on with this article. I carried a St.Christopher medallion on a gold chain in my wallet for six years, given to me by the wife of a good friend overseas, 'it will keep you safe' she said. I received a new wallet for a Christmas present and changed everything in the old wallet into the new one, except the St. Christopher medallion, it was looking a bit 'worse for wear' and I decided to put it in the cupboard. That day I lost my mobile phone! For two whole days I felt a loss which can only be described as a 'bereavement'. I had lost touch with the network I was attached to night and day, seven days a week, I felt bereft. I did not know if someone was trying to ring me, whether something was urgent I had to know about, my sense of loss was total. Was this to do with the St. Christopher medallion? I thought surely not. That was on the Tuesday, by Thursday morning I had decided to put that 'good luck' St. Christopher medallion into my new wallet. My mobile phone turned up via a 'good samaritan' who would take no money as a reward whatsoever.I was never more pleased to see my mobile phone. So what happened here?Was it something to do with the St. Christopher medallion? Was it because I had 'bad thoughts' that it was the 'worse for wear'so discard it as inconsequential? I don't know the answer. There have been too many such incidents in my life it would take volumes to relate the details. We don't know these 'mysteries of life' but one thing is important -keep a positive outlook to everything and everyone and good things will happen for you. It's difficult to visualize how many people that are out there who can log on to your website. It's also difficult to understand what kinds of people they are, what background and education they have had. Why they are logging on to your new site. What do they expect to see, or learn, or buy? How will they benefit from visiting your site?. Will they buy a good product, or learn something, or get some amusement or entertainment from it?.
Selecting The Right Shopping Cart For Your Website
Shopping Cart Installation And Setup
One Point Two Billion
In this surreal world of the internet, anyone, even you, can put your point across to a staggering number of people in every country on the planet.
Online Florists - Send Flowers Online When Youre In a Hurry
You did it again, didn't you? Forgot until the last minute that birthday, anniversary, graduation, promotion, or fill-in-the-blank-here. No fear, online florists are here. No longer do you have to work in that lunch time stop at the florist shop. Now customized flowers are just a hop, skip, and click away. With the added bonus of being in an international market, most of these online florists offer same day delivery to cover up even the most forgetful patrons.
Accept Credit Cards Online Without A Merchant Account
It is often assumed if you want to accept credit cards on your website that you must have a merchant account. This is not the case. You can accept credit cards with a Third Party credit card processor.
Ten Reasons Why Online Surveys Are The Future of Marketing
Customers are tough cookies. They're extremely media aware and increasingly cynical ? it's a clever marketeer who can get under their skin. Online surveys reinvent the traditional format and offer a unique way of interaction ? all the benefits of the internet without the programming.
Is It Still Possible To Make Money On The Internet?
Many people are saying that the internet is dead. So is there still money to be made on the Internet?
Choosing an Ecommerce Shopping Cart
Choosing an online shopping cart is a big decision. Unlike a traditional brick and mortar business, your website is your only chance to impress potential customers. It needs to project a professional image to capture the trust of your visitors. The shopping cart is a particularly important part of your website because it deals with people's personal information and credit card numbers. People are nervous about online purchases and need to be assured that they are giving their credit card numbers to a reputable company.
Chinas IT Industry to Maintain Fast Growth
China's IT industry is expected to see a sales revenue of 2.68 trillion yuan (US$322.3 billion) in 2004, up 42.3 per cent year-on-year, becoming the country's leading driver for economic growth, MII(Ministry of Information Industry) sources indicate.
Government Buying and Selling on the Internet
Global Insight, a leading economic and financial forecasting company, (formerly DRI-WEFA), states that all levels of government (federal, state, and local) should see steady increases in the purchases of goods and services through the year 2009.
Why Arent People Buying From Your Ecommerce Website?
Your stock is tempting, your prices right - your ecommerce website is good to go, but somehow the customers just aren't buying. So where are you going wrong?
The Clickbank Crash of 2003: Lessons Learned
I had a rude awakening recently. I checked the days worth of sales from one of my sites and there were none. This had never happened before and of course I was anxious to find out what was wrong.
Ecommerce - Boost Your Business ROI
Did you know that over 90% of all online orders are processed by credit cards and that web sites that offer customers the ability to pay with credit cards can achieve up to 300% more sales than those that do not?
7 Suggestions for an i-Mom Friendly Web Site (e-commerce news and statistics)
The Internet began as a male dominated medium, but those days are long gone and merchants are advised to make sure their websites are female friendly to faciliate the rising surge of busy i-Moms shopping online for their family and friends.
Delivering Information Products Through Paypal Automatically
Paypal is one of the wonders of the web. Never has it been easier for individuals or small business to receive payments though the web & to be able to accept payment though debit or credit cards without having to own a merchant account. You can have a paypal account setup within minutes & accept payment straight away.
Guide To Safe Online Shopping
Online shopping can be a little frightening to people who are new to the internet,but as long as you follow a few easy rules you should have no problem shopping online.
Online Payments Make It Easy For Your Customers To Buy
In the last column we discussed the process of credit card enabling your brick-and-mortar business. I pointed out that research has shown that accepting credit cards can help increase revenue and speed up cash flow. This week we will look at setting up an online payment system for your business website. If you think hooking up a brick-and-mortar location with a credit card system stymies most bankers, try asking them how to do it on your website.
Alternative E-Commerce Solutions
Over the past several years, the Internet has emerged as a breakthrough technology that has and will continue to transform the way we live and communicate, and especially the way we do business.
Accepting Credit Cards For Your Online Business
Did you know that one of the best ways to increase sales for any online or offline business is to offer your customers the convenience of paying by credit card? As a merchant, you have several options available when it comes to becoming part of the credit card acceptance and processing chain. Here's a quick guide to get you thinking.
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